"Bank of America Corp. is dropping its plan to charge customers $5 a month for making purchases with their debit cards, a person familiar with the situation said."
"The move is a dramatic retreat following decisions by several rivals in recent days to drop customer tests of the new fees. SunTrust Banks Inc. and Regions Financial Corp. also said Monday that they will stop charging customers for debit-card transactions."
"Bank of America decided against the fees due to negative customer feedback on the plan and the moves by rivals, which left the Charlotte, N.C., lender as the only big bank planning to levy the fee on some customers next year."
A formal announcement by Bank of America is expected sometime later today.
EDITOR'S NOTE: Wow, BofA, nice gesture. Now you can pay your federal income taxes, not lay off 30,000 mid-level workers and then I'll care a little less that you're too big to fail/exist.
I'm sure this has nothing whatsoever to do with Occupy Wall Street, nor does it have anything to do with Move Your Bank Day (Nov. 2). No, the thoughtful people who run these fine banking organizations have simply decided more monthly fees would be Read more...
In other words, it's absolutely a given that Bank of America not only retain its current profit margin, it should be able to grow it off the backs of their overburdened customers. Free markets rock!
The nation's beleaguered banking industry, Read more...
Poor, poor bankers!
You know, fellas, we do remember how to use cash. It's bad enough that we let you guys charge us for the automatic cash machines that first allowed you to lay off thousands of bank tellers when you first came up with the idea. Read more...