Bank of America drops $5 fee

Published 10:41 pm Tuesday, November 1, 2011

Bank of America no longer plans to implement a debit-card usage fee after its customers revolted.

“We have listened to our customers very closely over the last few weeks and recognize their concern with our proposed debit usage fee,” David Darnell, co-chief operating officer, said in a press release on Bank of America’s website. “Our customers’ voices are most important to us. As a result, we are not currently charging the fee and will not be moving forward with any additional plans to do so.”

The bank announced its plans to implement the fee in September as a way to recoup expected losses from federally imposed limits on the fees merchants pay to debit-card companies.

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Customers would have been charged the $5 monthly fee only in months they used their debit card. The fee was set to begin a phased rollout early next year.