US Bank has announced it will not charge customers for debit card usage, according to Minnesota Public Radio.
US Bank predicts revenue will decrease by $300 million annually due to the new swipe fee caps. Even so, spokesman Tom Joyce said the new debit charges are not justified.
“We really don’t think that turning around and instituting a fee right now is the right move. Obviously, we were against the debit interchange law that passed,” Joyce said. “But moving forward we’re not just going to simply turn around and institute a fee at this point.”
Bank of America plans to assess a $5 monthly debit charge for purchases made via debit. Wells Fargo is also testing debit fees in various states.