Bank of America Folds Fees Like Wells Fargo and JP Morgan

After being criticized, Bank of America (NYSE:BAC) will not be going through with its plan to charge a $5 monthly fee for debit-card users. The decision comes after several competitors like SunTrust Banks Inc. (NYSE:STI) and Regions Financial Corp (NYSE:RF) said on Monday they would no longer charge for debit-card transactions.

Last week Wells Fargo & Co. (NYSE:WFC) and J.P. Morgan Chase & Co. (NYSE:JPM) dropped fees as well leaving Bank of America (NYSE:BAC) as the only large firm still charging. Negative customer feedback pushed them to back away from charging the fee.

Today Bank of America (NYSE:BAC) will formally announce their decision. Banks have been adding fees on services several services such as formerly free checking accounts after being hit hard by a soft economy and tightening regulations. The turnaround shows a rare acknowledgment of customer sensitivities over fees.

  • Bank of America Corporation (NYSE:BAC): The shares recently traded at $6.45, down $0.38, or 5.56%. Its market capitalization is $65.37 billion. They have traded in a 52-week range of $5.13 to $15.31. Volume today was 172,502,252 shares versus a 3-month average volume of 310,303,000 shares. The company’s trailing earnings are $-0.31 per share. The company pays a dividend of $0.04 per share for a dividend yield of 0.50%. 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.
  • SunTrust Banks, Inc. (NYSE:STI): The shares recently traded at $18.79, down $0.94, or 4.76%. Its market capitalization is $9.99 billion. They have traded in a 52-week range of $16.51 to $33.14. Volume today was 3,454,723 shares versus a 3-month average volume of 8,567,680 shares. The company’s trailing P/E is 17.84, while trailing earnings are $1.05 per share. The company pays a dividend of $0.20 per share for a dividend yield of 1.00%. About the company: SunTrust Banks, Inc. is a super-regional bank holding company. The Company’s subsidiary banks operate in Florida, Georgia, Maryland, North Carolina, South Carolina, Tennessee, Virginia, and the District of Columbia. SunTrust provides a wide range of financial services such as credit cards, mortgage banking, insurance, brokerage and capital markets services.
  • Wells Fargo & Company (NYSE:WFC): The shares recently traded at $25.15, down $0.76, or 2.93%. Its market capitalization is $132.57 billion. They have traded in a 52-week range of $22.58 to $34.25. Volume today was 19,936,278 shares versus a 3-month average volume of 47,149,500 shares. The company’s trailing P/E is 9.31, while trailing earnings are $2.70 per share. The company pays a dividend of $0.48 per share for a dividend yield of 1.80%. About the company: Wells Fargo & Company is a diversified financial services company providing banking, insurance, investments, mortgage, leasing, credit cards, and consumer finance. The Company operates through physical stores, the Internet and other distribution channels across North America and elsewhere internationally.
  • JPMorgan Chase & Co. (NYSE:JPM): The shares recently traded at $32.49, down $2.27, or 6.53%. Its market capitalization is $125.40 billion. They have traded in a 52-week range of $27.85 to $48.36. Volume today was 32,510,418 shares versus a 3-month average volume of 50,576,000 shares. The company’s trailing P/E is 6.92, while trailing earnings are $4.69 per share. The company pays a dividend of $1.00 per share for a dividend yield of 2.70%. 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.

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