Bank of America nixes $5 debit card fee

By: The Associated Press
By: The Associated Press

NEW YORK (AP) - Bank of America is nixing its plans to charge a $5 debit card fee.

The bank says in a statement that the decision to scrap the plan came after listening to customer feedback in recent weeks.

The news comes after other major banks, including Chase and Wells Fargo, said last week that they were canceling tests of similar fees.

A Bank of America spokeswoman wouldn't say whether the bank saw a spike in account closures since announcing the fee last month, but in a statement, the bank's co-Chief Operating Officer David Darnell says the decision was based on customer feedback.

The about-face by the banking industry comes amid growing public anger over fees. A movement to get customers to switch to credit unions had marked this Saturday as "Bank Transfer Day."

(Copyright 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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