November 1st, 2011
11:54 AM ET

Bank of America dropping planned $5 debit card fee

Bank of America is dropping its planned $5 debit card usage fee after widespread customer complaints.

"In response to customer concerns and the changing competitive marketplace, Bank of America no longer intends to implement a debit usage fee," the company said in a statement. "We have listened to our customers very closely over the last few weeks and recognize their concern with our proposed debit usage fee,” said David Darnell, co-chief operating officer. “Our customers’ voices are most important to us. As a result, we are not currently charging the fee and will not be moving forward with any additional plans to do so."

SunTrust, Regions latest banks to retreat on debit fees

Read CNNMoney.com's original piece on the planned fee here.

READ FULL CNNMONEY.COM STORY
soundoff (221 Responses)
  1. Stalwart

    BOA is one of the banks that were bailed out by Congress in 2008. Congress would not listen to the 95% of callers that said DON'T BAILOUT THE BANKS!!!

    This boycott should have nothing to do with the fees they charge and should have everything thing to do with the fact that their Credit Default Swap scheme has gone on un-punished to this day.

    The fact is that the "Too Big to Fails" are in fact simply too big to JAIL! The money junkies need an intervention. Congress wouldn't do it, the AG's office won't do it, the FBI won't do it, so it is up to We the People to do it.

    Please, please, please, America get your money out of the too big to jails. Stop giving them the resources to foreclose on your neighbors.

    November 1, 2011 at 6:46 pm | Report abuse |
    • sterart

      95% is just your made up percentage. i doubt the percent was so high.

      November 1, 2011 at 11:27 pm | Report abuse |
    • Kyle

      Regardless of the percent, you are right. I personally am going to move to a local Credit Union shortly, where I plan to stay. I thankfully never had to use BoA though and never plan to. Companies that make bad policy decisions should fail. That is the point of a corporation. If you aren't good enough to stay in the market, then you do not deserve to BE in that market. It is as simple as that.

      November 1, 2011 at 11:49 pm | Report abuse |
  2. Morgana

    The 53 percenters that bank with BofA can thank those lazy good for nothing Occupy leftist hippies for saving them 60 bucks a year.

    November 1, 2011 at 8:09 pm | Report abuse |
  3. LeAnna

    I'm pulling my money out anyway. A smaller bank is better , better business. We need to support small businesses, they are more honest. Everyone drop them. But ....OWS did something! Oh my god, interesting, the camping chanting hippies actually did something. Now I can use this money for gas.

    November 1, 2011 at 8:29 pm | Report abuse |
    • bp

      Agreeded, I can;t wait to pull my money from BoA. Just have to wait till I get back stateside to do so

      November 2, 2011 at 11:57 pm | Report abuse |
  4. taj

    That's Funny! See if we get angry we can move some big boulders

    [youtube=http://www.youtube.com/watch?v=j7tCLWu3ByI&w=640&h=390]

    November 1, 2011 at 10:22 pm | Report abuse |
  5. Bob

    One of the many reasons I do my banking at a Credit Union – Just don't have the time to deal with nonsense like this $5 fiasco.

    http://www.creditunionrevolution.com

    November 1, 2011 at 11:26 pm | Report abuse |
  6. Angie

    Close your bank account on NOVEMBER 5th, Guy Fawkes Day.

    http://www.wix.com/angelinarai/fifth-of-november#!

    November 2, 2011 at 12:27 am | Report abuse |
  7. Tim

    I wonder who will get fired at BofA for this stupid idea? Never mind.....silly question. They only fire tellers and low-level people, not the "genius" who makes decisions that costs them millions of customers and a public relations disaster.

    November 2, 2011 at 10:55 am | Report abuse |
  8. Claire

    I say keep your thinking caps on and your eyes open. Change banks now!!!! I bet BoA is just stalling to make some policy so that if you do change banks they can charge you and then reinstate their $5 idea. Don't trust them. Why do you suppose the "geniuses" think the public would have just stood by and taken it? I guess we look like a bunch of sheep complacently grazing and only putting our heads up when we hear gun fire. Get together and make change happen.

    November 2, 2011 at 12:16 pm | Report abuse |
  9. Mike

    People do you know why they where going to charge that fee to begin with?? Of course not so I will take the liberty of explaining it to you. See there used to be law that gave the banks 40 cents when you used your debit card at retail stores and The Osama admin took that away so they have to make that revenue up somehow after all they are a business. Oh that's right we should all have the same amount of money and business is the devil I forgot you liberals hate capitalism. Did you really think that checks were free and that your money in savings accounts collected interest they just pulled out of there a** yeah you probably did idiots!

    November 2, 2011 at 3:21 pm | Report abuse |
    • Jeff

      See, here's how banks were designed to work: You give them your money for "safe keeping" and to generate a small interest percentage (say .5% APY), then they loan out that same money at a higher interest rate (say, 5% APR) to people who need it. This causes the bank to generate revenue without any so called "fees" involved.

      November 2, 2011 at 5:59 pm | Report abuse |
  10. Jeff

    Here's a nice graphic for you to, ya know, learn something instead hiding behind a political philosophy. And, no I'm not liberal either. http://www.yesmagazine.org/issues/the-new-economy/how-banks-make-money

    November 2, 2011 at 6:06 pm | Report abuse |
  11. Nancy J Nagler

    A great victory for all of us. I was pretty sure BOA was one of those bailed out. Now to get them to PAY their customers for their boo-boo. Unfortunately, since I did once work for a bank, all-be-it a small one, I know that ain't gonna happen. As a scientist, I guess I never understood that they knew the answer (how much money they had) before the computer results were in. Maybe BOA should have tried that.

    November 3, 2011 at 8:39 am | Report abuse |
  12. outdoor tv

    Thanks for the good writeup. It actually used to be a amusement account it. Glance advanced to far brought agreeable from you! However, how could we keep up a correspondence?

    May 5, 2012 at 11:47 pm | Report abuse |
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