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.

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