Big Banks Backtrack on Debit Card Fees

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Following a public outcry after Bank of America (NYSE:BAC) announced its decision to charge customers a fee to use debit cards, other big banks have announced they have no intention of levying charges on customers who use debit cards.

Banks Pull Back on Debit Card Fees>>

Banks that have announced their intent to stay fee-free include: JPMorgan Chase & Co. (NYSE:JPM), U.S. Bancorp (NYSE:USB), Citigroup (NYSE:C), PNC Financial Services Group, Inc. (NYSE:PNC) and KeyCorp. (NYSE:KEY).

Following is some information on these companies’ stock price performance.

  • Bank of America (NYSE:BAC): The shares recently traded at $7.34, up $0.12, or 1.66%, on the day.  The shares have traded in a 52-week range of $5.13 to $15.31 and its market capitalization is $74.29 billion.  About the company: Bank of America Corporation accepts deposits and offers banking, investing, asset management, and other financial and risk-management products and services.  The Company has a mortgage lending subsidiary, and an investment banking and securities brokerage subsidiary.
  • JPMorgan Chase & Co. (NYSE:JPM): The shares recently traded at $36.69, down $0.33, or 0.95%, on the day.  The shares have traded in a 52-week range of $27.85 to $48.36 and its market capitalization is $139.38 billion.  About the company: JPMorgan Chase & Co. provides global financial services and retail banking.  The Company provides services such as investment banking, treasury and securities services, asset management, private banking, card member services, commercial banking, and home finance.  JP Morgan Chase serves business enterprises, institutions, and individuals.
  • U.S. Bancorp (NYSE:USB): The shares recently traded at $26.07, down $0.16, or 0.61%, on the day.  The shares have traded in a 52-week range of $20.10 to $28.94 and its market capitalization is $49.87 billion.  About the company: U.S. Bancorp is a diversified financial services company that provides lending and depository services, cash management, foreign exchange and trust and investment management services.  The Company also provides credit card services, mortgage banking, insurance, brokerage, and leasing.  US Bancorp operates in the Midwest and Western United States.
  • Citigroup (NYSE:C): The shares recently traded at $33.74, down $0.42, or 1.23%, on the day.  The shares have traded in a 52-week range of $21.40 to $51.50 and its market capitalization is $9.8.65 billion.  About the company: Citigroup, Inc. is a diversified financial services holding company that provides a broad range of financial services to consumer and corporate customers around the world.  The Company’s services include investment banking, retail brokerage, corporate banking, and cash management products and services.
  • PNC Financial Services Group, Inc. (NYSE:PNC): The shares recently traded at $55.13, down $0.84, or 1.5%, on the day.  The shares have traded in a 52-week range of $42.70 to $65.19 and its market capitalization is $29 billion.  About the company: PNC Financial Services Group, Inc. is a diversified financial services organization.  The Company provides regional banking, wholesale banking, and asset management services nationally and in the Company’s primary regional markets.
  • KeyCorp. (NYSE:KEY): The shares recently traded at $7.36, down $0.12, or 1.6%, on the day.  The shares have traded in a 52-week range of $5.59 to $9.77 and its market capitalization is $7.01 billion.  About the company: KeyCorp is a financial services holding company.  The Company provides a wide range of retail and commercial banking, commercial leasing, investment management, consumer finance and investment banking products and services to individual, corporate and institutional clients.

(Note: Selected financial data are sourced from Google Finance.  All data are assumed to be accurate.)

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