Bank Of America Cancels $5 Debit Card Fee

This just in: Another victory for the Occupy Wall Street and Occupy the Boardroom movements? Unhappy customers persuade Bank of America to drop its plan to charge monthly debit card fee.

Chicago Board of Trade demo 10/26

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This just in: Another victory for the Occupy Wall Street and Occupy the Boardroom movements? Unhappy customers persuade Bank of America to drop its plan to charge monthly debit card fee.

Via:

"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.

About Diane Sweet

Diane Sweet's picture
Senior Editor, Lives in a gerrymandered district in Michigan.

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