Contact Us

Bank Of America Rescinds Proposed Monthly Fees

Source: Rainforest Action Network via flickr

Following a backlash from consumers, Bank Of America is pulling back on their plans to charge monthly debit card fees.

Bank of America said today it’s dropping plans to charge customers a $5-a-month fee to use their debit cards next year.

The second-largest U.S. bank announced the fee in late September, and customers responded with a flood of protests. Some threatened to leave en masse as part of Bank Transfer Day, Nov. 5.

The official press release concurs that the change in plans is a response to criticisms from the general public.

“In response to customer feedback and the changing competitive marketplace, Bank of America no longer intends to implement a debit usage fee,” Bank of America announced in a press release on the company website, adding:

“We have listened to our customers very closely over the last few weeks and recognize their concern with our proposed debit usage fee,” said David Darnell, co-chief operating officer. “Our customers’ voices are most important to us. As a result, we are not currently charging the fee and will not be moving forward with any additional plans to do so.”

Competitors JPMorgan Chase and Wells Fargo said Friday they would not impose monthly debit card fees on their customers, after both tested a $3 monthly fee in some states.

B of A drops debit card fee- MSN Money.

Best of Kool 101.7

Recommended for You

Best of the Web

Leave a Comment

It appears that you already have an account created within our VIP network of sites on . To keep your personal information safe, we need to verify that it's really you. To activate your account, please confirm your password. When you have confirmed your password, you will be able to log in through Facebook on both sites.

Forgot your password?

*Please note that your prizes and activities will not be shared between programs within our VIP network.

It appears that you already have an account on this site associated with . To connect your existing account just click on the account activation button below. You will maintain your existing VIP profile. After you do this, you will be able to always log in to using your original account information.

*Please note that your prizes and activities will not be shared between programs within our VIP network.

Please fill out the information below to help us provide you a better experience.

(Forgot your password?)

Not a member? Sign up here

Sign up for KOOL Gang quickly by connecting your Facebook account. It's just as secure and no password to remember!

Sign up to have exclusive KOOL Gang contests, events, coupons, presales, and much more delivered to you for FREE.