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.

Comments

One Comment

  1. alg says:

    Perhaps bank of america should change their name to BAND OF AMERICA.
    Thank you CBS NEWS for the typo. You have so many of them. etc.

    1. Jim snith says:

      Yes change the name to Band of criminals,,Lol

  2. Paul says:

    Yeah after majorly upsetting there customers. If this bank was even a little bit about customer service & valued its customers they would quit figuring out ways to get into the customers money. Especially now when the times are by far more hard on us everyday Americans. If they had a hart they would relize this fact & understand they are in a better situation then us EVERYDAY AMERICANS, & share in the hardships, as they are more able to do this then we EVERYDAY AMERICANS. But it goes to show you one major thing, & that is they do not honestly care about there customers, it is about $$$$$ MONEY ONLY, forget who is making them rich. Kick them while they can !!

    OH, now they are reconsidering ??? yeah after the customers told them how much of a greedy BANK they are, & there stocks do a number on them.

    There name should be taken away from them as they are not truely 4 the AMERICAN PEOPLE. Honestly since they carry the American name you would think they would show a since of duty to the American Customers.

    GOT TO SHOW MORE PROFIT EACH AND EVERY YEAR ABOVE THE LAST YEAR , SO IN 20 YEARS THEY ARE MAKING 1,000 % MORE THEN THE FIRST. This system has a time frame in which it will work sooner or later the bottem will appear & the system will fail. ARE WE SO TRUELY STUPID WE CAN NOT SEE THIS TYPE OF GREED HAS ITS ENDING DAY ????

    WHAT IS WRONG TO SHOW A PROFIT & SO WHAT IT IS IS NOT QUITE WHAT LAST YEAR WAS, AT LEAST IT IS A PROFIT. PROFIT IS GOOD, BUT WHEN YOU ADD GREED TO THE EQUASION THEN, IT IS DOOMED TO FAIL AT SOME POINT….

    1. alg says:

      PAUL – your heart is in the right place, however, your spelling is worse than a passing eight grade student. You need to do more practice if you really want to communicate with the world.
      Many B of A customers wrote letters and emails and threatened to leave this bank. That’s the only thing that impresses that 1% of our wealthiest people.
      Let’s hope it works.

      1. Paul says:

        I am do not type much & yes maybe my spelling is a few words off so what.. Are you my spelling teacher ??

  3. Victory says:

    One word prompted this change of heart…NETFLIX!

    This is how we triumph over greed people, vote with your feet. BofA is not going to release how many customers they’ve lost thus far. I know personally many people that dumped them for another bank after their announcement…They are just trying to stop the bleeding at this point.

    THIS is democracy at work, THIS is the free-market keeping its self in check…And this is accomplished by NOT sitting on the lawn at city hall, but rather by paying attention to events that affect you and acting accordingly.

    Voting with your mouth falls on deaf ears, Vote with your wallet…big-business pays attention to that.

    1. Donna says:

      Excellent point! Loss of customers and income is what big business really understands! We need to keep it up! Hit them where it hurts-the pocket book!

  4. NotBofA says:

    A revamp of the debit card fee buried in the fine print somewhere is not good enough, BofA simply needs to drop the fee like other banks. This move is too cute by half. Moynihan’s ego is too big to let go and give us a simple mea culpa. BofA customers, vote with your feet. Learn how to make the change easier at http://www.notbofa.org

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