As other financial institutions draw criticism for testing out new debit card fees, Evanston-based First Bank & Trust announced it will buck the national trend Wednesday.
In a news release, CEO Robert Yonahan announced his bank is “not hopping on the bandwagon” and will continue to offer a no-fee monthly debit card as well as reimbursement for eight surcharges for out-of-network ATM activities per statement period.
“There is no value added to the customer experience in relationship to service fees,” Yonahan said in the news release. “The fees merely serve a one-sided goal for the banks to recoup profits limited by the Durbin Act.”
In September, Bank of America announced it would start charging checking account holders a $5 monthly fee to use their debit cards. Wells Fargo began instituting a similar $3 fee Friday in select markets, including Georgia, New Mexico, Nevada and Oregon.
– Patrick Svitek