Bank of America’s announcement that it would be charging its debit card customers $5 a month to be able to use their cards turned the institution into a pariah among banks. Although other banks had been quietly (or not so quietly) testing out the same policy in a few areas, none managed to draw the ire of customers in the way BofA managed to.
Now, in an attempt to leave behind their image as the poster child of modern financial greed, the company has announced that it will no longer proceed with their plans, dropping the $5 fee as quickly as they plotted it in the first place.
Via Politico, a spokesman for the the company stated, “We have listened to our customers very closely over the last few weeks and recognize their concern with our proposed debit usage fee. 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.”
BofA wasn’t the only bank to crumble under the pressure of frustrated, angry customers. Noting the backlash that they received, Wells Fargo also decided to quietly drop plans to expand their own fee program, which was being tested out in a few markets.
Now, to watch and make sure they don’t simply incorporate their monthly fees into higher charges and penalties on consumer accounts.
Thanks to all the Care2 members who signed the petition and took part in speaking out against Bank of America.
Photo from crystalbat via flickr