If imitation is the sincerest form of flattery, then on the issue of debit card fees Bank of America isn't the belle of the financial services ball.
According to an article in today's edition of The Wall Street Journal, J.P. Morgan Chase has decided not to impose a monthly fee for customers that use their debit cards. This follows similar decisions by other large banks including U.S. Bancorp, Citigroup Inc., PNC Financial Services Group Inc., and KeyCorp.
According to the article, Chase has been testing a $3 monthly fee in two states but isn't going to renew it when the test period ends in November. Wells Fargo & Co. is testing $3 fees in five states.
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