Breaking: Bank of America Cancels $5 Debit Card Fee
Bank of America has dropped its planned $5 monthly debit card fee, in a complete reversal of its announcement late September that attracted a maelstrom of customer anger.
“We have listened to our customers very closely over the last few weeks and recognize their concern with our proposed debit usage fee,” David Darnell, co-chief operating officer, said in a statement today. “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.”
After Bank of America, based in Charlotte, N.C., announced the planned fee, customers expressed outrage, including a petition signed by 300,000 customers across the country threatening to leave the bank if the fee were implemented.
The company said Friday it was planning to offer more choices for customers to avoid the fee, although it was still planning to charge it next year. A person familiar with the matter had said customers could avoid the fee if they maintain minimum balances, deposit paychecks directly or use Bank of America credit cards.
