Bank Of America Reconsiders Plan To Charge Monthly Debit Fee
LOS ANGELES (CBS) — Bank of America is reconsidering its plan for a controversial new debit fee.
The bank will reportedly drop a $5 monthly charge for customers who use direct deposit for their paychecks and maintain a still-to-be determined minimum balance.
Other big banks, including JP Morgan Chase, are backing down on their plans to charge monthly fees.
Band of America sparked a firestorm of controversy when it announced the fee late last month.