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Letter to SunTrust Banks CEO regarding $5 Debit Card Usage Fee

Recent news accounts indicated that SunTrust Bank would charge Basic Everyday Checking Account customers a $5 per month fee in any month when they make a purchase with a debit card linked to the Basic Everyday Checking Account. This fee would be charged even when consumers use the card only once in that month. Consumers Union suggested the decision to charge consumers a new monthly fee to use their own money for debit card transactions was both ill-timed and unfair. Accordingly, on behalf of America’s financial services consumers, we urged SunTrust Banks to withdraw thex plans immediately.