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.
“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.
