Bank Of America WON’T Charge $5 To Use Debit Card
Bank of America is nixing its plans to charge a $5 debit card fee.
The news comes after other major banks, including JPMorgan Chase & Co. and Wells Fargo & Co., said last week that they were canceling tests of similar debit card fees.
Anne Pace, a spokeswoman for Bank of America, declined to say whether Bank of America’s announcement of the new debit card fee had led to a spike in account closures. She said the decision to scrap the fee was based partly on a “changing competitive marketplace.”
The about-face by the banking industry comes amid growing public anger over higher bank fees. A movement to get customers to close their bank accounts and switch to credit unions had marked this Saturday as “Bank Transfer Day.” The movement was started earlier this month by a Bank of America customer who said she was fed up with fees.
