Bank Of America Drops Plan For $5 Monthly Debit Card Fee

LOS ANGELES (CBS) — Bank of America is dropping its plan to charge debit card customers a $5 monthly fee.

The fee was scheduled to go into effect in January as a way to raise revenue.

The bank nixed its decision after competitors, including Wells Fargo and Chase, announced the cancellation of similar fees.

Bank of America originally announced the fee last month.

  • Peacetrain

    Can we some how work this so that it looks like the Occupy groups can claim they got this because of their occupation of civic areas around the country. Maybe this will give them a sense of accomplishment and will go home.
    The only risk is that they might get new energy and will want to camp out longer. Oh well, best to wait until it begins to rain and they’ll most likely go home when they get cold and wet.

  • KeithS

    I love the anti-tech irony in all this-we all used to write checks which were replaced by the debit cards. All this fee would have done was made many people go back to checks, which, I assume, are more costly for B of A to process.

    My question is – I wonder if B of A is hurt by the fact the other banks didn’t applaud them and quickly follow their lead? Airlines and oil companies work in tandem yet the banking industry didn’t in this case. Seems like the other banks actually thought they could gain customers instead of abusing them. I hope this is trend.

    • Ron

      KeithS, you must not have been following the news. Other banks WERE going to raise their fees too, but they backed down after the public forced B of A’s hand.

      Now, we all need to switch from all the BIG BANKS to credit unions, to no longer support their attempts to squeeze all customers of every nickel and dime they can get. And if any of the various OCCUPY groups are reading this and have accounts at these banks, this is YOUR chance to stand together and CLOSEOUT all accounts !!!!

  • bigrandy

    They dropped the $5 fee… Now DROP B of A. Join a credit union!

  • Glenn

    I regularly bank at 3 different banks… CitiBank, Union Bank and B of A. By far, B of A is always the worst. No matter which branch I go to, the atmosphere seems to always be unwelcoming. I always detest going there. Just waiting until I can close that account. (I’ve found Union Bank has the friendliest staff, the most welcoming atmosphere, and are not out to nickle-and-dime everyone to death.)

    • Ron

      Glenn, stop waiting, DO IT NOW !!!!

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