Bank of America says it won't charge a debit card fee

November 01, 2011|Eileen Ambrose

Bank of America, which caused an uproar when it said it would introduce a $5 monthly debit card fee, says it won't do so now.

“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, co-chief operating officer. “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.”

Reaction has been swift. Adam Green, co-founder of the Progressive Change Campaign Committee sent this email:

 "This shows that when the public fights back together against Wall Street, we can make progress -- but the fight is nowhere close to over. Bank of America and other Wall Street banks broke the law, ruined our economy, and cost people their jobs, their homes, and their life savings. Congress needs to restore Glass-Steagall and break up the big banks. But in the meantime, by moving our money, we will make these irresponsible banks less 'too big to fail.'"

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