Bank of America cancels $5 debit usage fee implementation

By on Nov 2, 2011 in Banking, Business, United States Comments

Bank of America announced on Tuesday, November 1, 2011 that it will no longer implement its earlier plan to impose a $5 debit usage fee.

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As noted on a press release by Bank of America posted on its official website, it will not impose the $5 debit usage fee as its response to customer feedback and the changing competitive marketplace.

“We have listened to our customers very closely over the last few weeks and recognize their concern with our proposed debit usage fee,” Bank of America co-chief operating officer David Darnell was quoted on the report.

“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.” Darnell added, with the bank announcing the additional fee last month.

The debit usage fee, which was supposed to be implement this coming January, earned criticisms from various including President Obama, who stressed out that customers should not be ‘mistreated’ in pursuit of profit.

JPMorgan Chase decided to withdraw their $3-a-month charge, which has been reportedly testing the fee in two states, while Wells Fargo announced that it has canceled plans to test a debit card fee in five states. SunTrust and Regions Financial also said on Monday that they do not have plans to charge the fees.

According to US news sites, activists have declared this coming Saturday, November 5 as “Bank Transfer Day” and have been urging the big bank users to switch to small bank or credit union.

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