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. Jason

    W00T!!!!

    November 1, 2011 at 12:02 pm | Report abuse |
    • michaelfury

      http://michaelfury.wordpress.com/2010/09/10/ghosts-in-the-machine/

      November 1, 2011 at 2:23 pm | Report abuse |
  2. Anchorite

    THIS is why we need Occupy Wall St. THANK you, guys.

    November 1, 2011 at 12:03 pm | Report abuse |
    • tcp

      You are so grossly misinformed. BofA's customers and shareholders are the ONLY people who influenced this decision...

      November 1, 2011 at 12:08 pm | Report abuse |
    • d

      Occupy had nothing to do with this at all. All you had to do was write a check and avoid the check card fee. Itt was the millions of people who called and raised hell with BoA and threatened to leave. When will you guys realize wall street is not the problem. Its the government. You know, the people arresting the protesters, the ones making the laws the banks operate legally under.

      November 1, 2011 at 12:22 pm | Report abuse |
    • OGR99

      No, this was a victory for capitalism. People took their money and walked to other places that would treat them better. All OWS did was complain. That's the difference between taking responsibility for yourself or crying about your lot in life.

      More like a victory for the 53%.

      November 1, 2011 at 12:25 pm | Report abuse |
  3. bao

    Thinking about dropping them for them even thinking about doing it. They will find another way to stick it to you.

    November 1, 2011 at 12:03 pm | Report abuse |
  4. LauraJ

    Too little, too late. B of A deserves to loose all its deposit customers. They have been outed for the usury they commit daily.

    November 1, 2011 at 12:04 pm | Report abuse |
  5. Dave

    This is why Bank of America is and will be MY BANK!!!! They helped me when I needed to buy my home and they protected me when crooks got a hold of my accounts... I'm sticking with them and I'm sure many customers closing accounts, will soon be in their banks opening them again... I LOVE BOA!!!

    November 1, 2011 at 12:04 pm | Report abuse |
    • stvnkrs10

      Whatever. Any bank will do that. They have no loyalty to you.

      November 1, 2011 at 12:08 pm | Report abuse |
    • Andy

      What bank do you work for?

      November 1, 2011 at 12:09 pm | Report abuse |
    • Chaosnmotion73

      So did mine but mine never even considered doing it because they knew it was a disaster in the making. Banks are finally waking up to the fact that the sleeping giant that was America is now awake and it's very angry and the days of just telling us what your going to do whether we like it or not is over. Big banks can charge these fees if they want but it's going to cost them one way or the other, just like their decisions always cost us. And the beneficiary is going to be all the small banks that have just quietly been going about serving their customers. They will be reaping the benefit of large banks blind commitment to making obscene profits. Banks have a right to make a profit, I agree but they don't have the right to rob you blind to do it. It isn't like the Durbin took all their profit away, just some of it... they are still making money no doubt, but they aren't satisfied with making just a profit, they want it all... and as they say pride goeth before a fall.

      November 1, 2011 at 12:13 pm | Report abuse |
    • Debra

      Lol, good try BofA, oh.... I mean Dave, wink, wink.

      November 1, 2011 at 6:58 pm | Report abuse |
  6. Randyl

    I don't care. I'm still canceling my account with them. The only time we get treated right is if their wallet is in jeopardy. I'm ****ing sick of it!

    November 1, 2011 at 12:05 pm | Report abuse |
    • Sedona

      Good for you!! In any abusive relationship, it's always a good thing to dump the abuser.

      November 1, 2011 at 7:01 pm | Report abuse |
  7. Booboo Bear

    YEAAAH BUDDY

    November 1, 2011 at 12:05 pm | Report abuse |
  8. John

    "I LOVE BOA!!!"

    Especially when you receive your biweekly paycheck.

    November 1, 2011 at 12:06 pm | Report abuse |
  9. stvnkrs10

    Dot plan on refunding those customers who were charged during their experiment? I hope BoA fails miserably!!!! I root for bank failures especially ones like this that are driven by greed!

    November 1, 2011 at 12:07 pm | Report abuse |
    • stvnkrs10

      Dot = Do they.... lol

      November 1, 2011 at 12:07 pm | Report abuse |
  10. Kimberley Maslowski Photography

    Too bad their Customer Service reps had to take the abuse along with the complaints before they decided to not go forward with the fee.

    November 1, 2011 at 12:07 pm | Report abuse |
  11. Bev b

    Thank you BofA. I really didn't want to move banks after 25 years.

    November 1, 2011 at 12:07 pm | Report abuse |
  12. Mike

    So first they say the fees are needed because the costs of doing business are going up but now apparently those costs of business have gone back down because the fees aren't necessary. How many more corp goons are going to get caught trying to needlessly raise fees and prices only to backtrack because the people call their bluff? Looks like the 99% are having a little more impact than the pundits would like to let on.

    November 1, 2011 at 12:07 pm | Report abuse |
    • tffl

      Banks are far from the only ones to do that. Airlines frequently play the "raise rates and see if all the other companies go along – if not, lower them again" game. In this case, they couldn't get the other banks to go along, so they backed off. Don't expect that there won't be other attempted fees, until they find one that doesn't get this level of backlash...

      November 1, 2011 at 12:12 pm | Report abuse |
    • Bev b

      No, they still need the revenue but will have to come up with something else. I suspect it will be business accounts that see higher fees.

      November 1, 2011 at 12:15 pm | Report abuse |
    • The Guy

      Occupy is a joke and had absolutely nothing to do with this. If you knew anything about the banking industry you would know that moves like introducing a new debit fee don't go un-calculated. BofA introduced the fee to weed out the freeloaders and push those accounts which money is lost on to other banks.

      November 1, 2011 at 12:16 pm | Report abuse |
  13. MS

    Too late BoA, I've already begun my transition to a credit union.

    November 1, 2011 at 12:08 pm | Report abuse |
  14. Really??

    THere is power in numbers. Now only if that type of stuff would work with the Rest of Big Business and the Govt. But the ppl who have BoA and live check to check...........who run down to a few dollars or change at the end of the month or half way through will not have to worry about getting over drawn due to a ridiculus fee for having a debit card. Banks need to realize that checks are not always an option..........so many places do not take checks anymore.

    Power to the People!

    November 1, 2011 at 12:09 pm | Report abuse |
  15. jnpa

    Hard to believe, but I guess consumers can make a difference! I hope these banks and other corporations learn from this, but somehow I doubt it!

    November 1, 2011 at 12:09 pm | Report abuse |
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