NEW YORK (AP) — Bank of America is nixing its plans to charge a $5 debit card fee.
The news comes after other major banks, including Chase and Wells Fargo, said last week that they were canceling tests of similar fees.
Bank of America had said last week that it would stand by its decision to roll out the $5 monthly fee starting next year.
The about-face by the banking industry comes amid growing public anger over higher fees. A movement to get customers to switch to credit unions and community banks had marked this Saturday as “Bank Transfer Day.”
Here’s the statement from the company in which David Darnell, co-chief operating officer, says “we have listened to our customers very closely over the last few weeks and recognize their concern with our proposed debit usage fee. 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.”
- Bank of America Retreats on Fee, Stock Retreat Continues (Wall Street Journal)
- Bank of America’s $5 Debit Fee Shows the Danger of Transparency (The Atlantic)