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Martin_Harris

Bank of America Abandons Monthly Debit Card Fee

 
By Martin Harris in Banking
November 1st, 2011

Due to the outpour of consumers voicing their opinion over a proposed monthly debit card usage fee, Bank of America has abandoned it’s plan before it started.

No FeesA little over a month ago, Wealth Watching brought you the news - Bank of America to Charge Customers $5 Monthly Debit Card Usage Fee and the response from banking consumers was overwhelming.

Read my lips… NO NEW BANKING FEES !!

Armed with the power of the internet, irate banking customers flocked to Twitter, Facebook, blogs and anywhere their voices could be heard to express disdain over Bank of America’s proposed $5 monthly debit card usage fee.

It seems Bank of America executives listened, but only after other large banks released statements that they would not impose similar fees. JPMorgan Chase, SunTrust, Wells Fargo and Regions have all scrapped their plans to charge fees for debit card use.

Bank of America released their official statement on Tuesday that it would be abandoning it’s plan to charge a $5 monthly fee to use their debit cards.

“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 at Bank of America, said in a statement. “As a result, we are not currently charging the fee and will not be moving forward with any additional plans to do so.”

The debit card fee was originally supposed to have gone into effect in January 2012.

Maybe these corporate ghouls learned a thing or two (very doubtful) from Netflix, who lost over 800,000 customer due to rate hikes. People just aren’t willing to pay for excessive corporate greed in these troubled economic times and people are tired of being fleeced for services that were initially offered for free.





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