CHARLOTTE, N.C. — Bank of America has dumped its unpopular and much criticized plan to charge a $5 monthly fees to customers who use debit cards to make purchases. The bank announced the plan in September, citing reducing interchange income resulting from the Durbin Amendment, and was immediately met with criticism and complaints even as other banks were simultaneously implementing similar plans.
"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, Bank of America's co-chief operating officer, 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."
Bank of America¹s debit card fee was the primary impetus for Bank Transfer Day, scheduled for this Saturday, Nov. 5, when consumers are being urged to move their business to community banks and credit unions. Credit unions, in turn, have announced a number of responses, including paying members to use debit.
Prior to Bank of America¹s decision a number of other major banks, including Chase, SunTrust and Regions, said they were canceling previously announced monthly fees for their debit cards.
