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Posted: November 01, 2011

BofA is latest to withdraw debit card fee


By Veronica Waters

ATLANTA, Ga. None —

 

The about-face of big banks who announced they were slapping customers with debit card fees or conducting tests of the fees has continued, as Bank of America today says it is killing the $5 monthly fee it was levying for debit card users.

 

No immediate numbers are available on how many customers may have left Bank of America and the other banks which instituted the fees, but many were outraged at the idea of having to pay fees to access their own money.

 

“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 statement from the Charlotte, North Carolina-based lender today. “As a result, we are not currently charging the fee and will not be moving forward with any additional plans to do so.”

 

 

 

Chase and Wells Fargo said last week that they were canceling tests of similar fees. Saying they were responding to feedback from customers, SunTrust and Regions revealed this week that they were backpedaling on the fees, too.

 

 

 

The about-face by the banking industry comes amid growing public anger over higher fees. A movement to get customers to switch to credit unions and community banks had marked this Saturday as "Bank Transfer Day."


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