Bank of America Will Not Charge Monthly Fee for Debit Card Usage
As heard on you information update this morning with Jim Rondinelli, Bank of America is abandoning it’s controversial plan to charge customers a monthly debit card fee.
In September, Bank of America announced it would soon begin charging customers a $5 monthly fee for using their debit cards, saying it was recouping losses from new laws that limited how much it could charge merchants when debit cards were swiped during transactions.But after a firestorm of negative publicity, BofA waved the white flag of surrender and scrapped the controversial plan.
The proposal drew a huge backlash from customers. Bank officials said the fee was needed to make up for lost revenue but now, it seems they’ll have to look for others solutions. Other banks including Chase and Wells Fargo, already announced they wouldn’t be instituting debit card fees, while other banks that already implemented them, such as SunTrust and Regions, said they would no longer do so after this week.