The next bank to do away with free checking is SunTrust, and they’ve got their own unique twist on it.
Starting November 10th, if you have an Everyday Checking account and you use your debit card once for any reason during the monthly cycle, you will get charged a $5 fee. Besides not using the debit card, there’s no way to avoid the fee if you’re an Everday Checking customer.
However, if you go to a higher bracket checking option with at least a $5,000 minimum balance requirement, there’s no monthly fee for using the card. It’s part of the industry-wide push to get customers to commit harder to the bank if they want access to the same freebies and perks as before.
Back in March, SunTrust joined other banks in canceling its rewards program. Ever since the new regulation started hitting that cut the amount of fees banks could charge merchants every time a customer swiped a card, banks have been snipping free checking and rewards programs left and right, revealing the true costs of “free.”
Bank Your Way Options [Sun Trust] (Thanks to Chris!)