Bank of America Corp. has caved in to customer pressure and the competition and will not charge a $5 monthly fee for debit card use after all, the bank announced Nov. 1.
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“We have listened to our customers very closely over the last few weeks and recognize their concern with our proposed debit-usage fee,” David Darnell, the bank's co-chief operating officer, said in a statement.
BofA announced its plans for next year to start charging customers $5 per month in September, a few days before new federal rules took effect and essentially halved issuers’ debit card interchange revenue.
The Charlotte, N.C.-based bank joins major issuers JPMorgan Chase & Co., Wells Fargo & Co. and SunTrust Banks Inc. in forgoing what became controversial fees.
