Business, Finance & Economics

It's official: Bank of America cancels plans for $5 monthly debit card fee

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According to a report from Reuters out this morning, Bank of America has called off plans to implement a $5 per month fee for customers who use their debit cards to make purchases.

The proposal sparked considerable outrage and led to repeated calls for protests and boycotts.

“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, co-chief operating officer, said in a statement, according to Bloomberg. “As a result, we are not currently charging the fee and will not be moving forward with any additional plans to do so.”

The decision from Bank of America comes on the heels of Chase and Wells Fargo banks rolling back their plan for debit card fees, Reuters said.

Bank of America had already backed somewhat away from the fees last week by saying it would give customers more ways to avoid the fees.

 

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"The Takeaway" is a national morning news program, delivering the news and analysis you need to catch up, start your day, and prepare for what's ahead. The show is a co-production of WNYC and PRI, in editorial collaboration with the BBC, The New York Times Radio, and WGBH.

 

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