Inciting public outrage Bank of America cancels $5 monthly fee for debit cards

sparks public outrage Bank of America cancels $5 monthly fee for debit cards (Alberta Times) Bank of America said last Tuesday that it will...

(Alberta Times)

Bank of America said on Tuesday it would cancel a plan announced in September to charge a $5 monthly fee for debit card purchases starting early next year. Bank of America operating officer Darnell said that after listening to customer feedback, the bank decided to cancel the original decision. Prior to this, Bank of America had tried to provide users with some ways to avoid the fee, including direct deposit or maintaining a minimum balance. However, after several major competitors announced that they would not levy similar fees, they were eventually forced to cancel the fee. Last week, Chase and Wells Fargo each announced they were canceling so-called pilot programs in some states that had charged debit card users monthly fees. On Monday, SunTrust, a large regional bank headquartered in Atlanta, announced that it would no longer charge monthly debit card fees starting Wednesday. Subsequently, Regions Bank, headquartered in Alabama, also made the decision to cancel the $4 monthly fee.