Bank Of America Reconsiders Plan To Charge Monthly Debit Fee

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(David McNew/Getty Images)

(David McNew/Getty Images)

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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.

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