Bank Of America Rescinds Proposed Monthly Fees
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.