November 01, 2011

In a reversal of course, Bank of America (Charlotte, N.C., $2.2 trillion in total assets) announced today it would eliminate its proposed $5-per-month charge for debit card usage.

The controversial fee, and similar ones proposed by other banks, had set off a public outcry and criticism from some politicians after being announced.

Bank of America said in response to customer feedback and "the changing competitive marketplace," it would no longer implement a debit usage fee.

JP Morgan Chase and Wells Fargo last week both announced they are canceling or choosing not to continue test programs for debit usage fees. SunTrust Bank announced Monday they would end monthly charges and reimburse customers.

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

ABOUT THE AUTHOR
Bryan Yurcan is associate editor for Bank Systems and Technology. He has worked in various editorial capacities for newspapers and magazines for the past 8 years. After beginning his career as ...