Bank of America Cancels Debit Card Fee Plan

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.

 

Related Stories:

Bank Of America CEO To Activists: The Pressure Is Working

Banks Collude On ATM Fees, Lawsuit Claims

Goodbye, Bank of America! Church Divests $3 Million (Video)

Photo from crystalbat via flickr

46 comments

W. C
W. C4 months ago

Thank you.

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Marcillane Basso
Marcillane Basso5 years ago

common sense does exsist!!!

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Swadeep Reddy
Swadeep Reddy5 years ago

They might have started thinking

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Nessie K.
VENESSA K5 years ago

I am happy the cancelled the fee, I was stressing about where to put my money when they started charging the fee and how I could get around it.
There is no reason they should be charging us a stupid fee, especially long time customers.

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Bill K.
Bill K5 years ago

well it's a start.....

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Regina P.
Regina P5 years ago

They are still greedy & crooked..

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CG G.
Past Member 5 years ago

They knew they were going to lose soooo much money. They already started charging for most of their types accounts a monthly maintenance fee, I think this just pushed customers over the edge.

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Veronica C.
Veronica C5 years ago

THAT is how you protest. Hurt 'em in the wallets!

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Virginia Esquer
Virginia Esquer5 years ago

bank should not charge when is a competitive world, and now more than ever banks should be more lenient in catering the customers if they want business, ridiculous to charge fees really, money making business in this bad economy.

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Mark Sebree
Mark Sebree5 years ago

(continued)


There was no honest reason why BoA and other banks needed to charge their customers to have access to their own money. And they customers made their dissatisfaction known in the only manner that the banks understood, by leaving the bank and taking their money with them.

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