After a nationwide backlash from consumers and lawmakers, Bank of America, said Tuesday that it was canceling its plans to charge a $5 monthly fee for debit card accounts.
The news of BoFA’s change of heart comes after rivals JPMorgan Chase & Co. and Wells Fargo decided against similar charges, leaving the Charlotte, North Carolina-based firm the only U.S. lender among the biggest five with plans to introduce the fee.
“We have listened to our customers very closely over the last few weeks and recognize their concern with our proposed debit usage fee,” bank Co-chief Operating Officer David Darnell said in a statement. “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.”
Citigroup Inc. and U.S. Bancorp had already rejected the idea, while SunTrust and Regions Bank eliminated their check-card fees yesterday.
Following BoFA’s announcement, Change.org, a political action group, claimed credit for the huge decision, saying, “300,000 people from all 50 states joined a viral campaign on Change.org started by 22-year-old Bank of American customer Molly Katchpole.
“Citi, Chase, Wells Fargo and SunTrust all dropped debit card fees after Molly’s popular campaign inspired others to launch similar campaigns on Change.org against their banks,” the group said.
Will you continue (or start) banking with BoFA now that they will not impose monthly debit card fees?