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. Too Little, Too Late

    Bahahaha....What a bunch of complete morons! I already changed my direct deposit to another bank and closed my account! As soon as they released their plan to implement the fee, I dropped them like a hot rock. Do they think I'm going to reopen a new account now that they've changed their minds? Nice try. I hope you choke on all of your fees and go out of business. Oh wait, you'll just get bailed out by my tax dollars. Welcome to the new America!

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

      Well you just played into their plan. BofA introduced the fee to get their low deposit, freeloader accounts – which the loose money on – out of their system and onto the books at other banks.

      November 1, 2011 at 12:11 pm | Report abuse |
    • Scottish Mama

      That is why we need to repeal some of the Gramm-Leach-Bliley Act and the Commodity futures modernization act.

      November 1, 2011 at 12:12 pm | Report abuse |
    • shamsky24

      Let me get this straight: if you have an account with a low balance, which most likely means you're subjected to monthly fees, that makes you a "freeloader," but those with high-balance accounts who are exempt from those fees are okay? That's some mighty twisted logic there, guy.

      November 1, 2011 at 12:18 pm | Report abuse |
    • Percy

      I agree completely as the freebie perks for the freeloaders cost the Banks money. Take care of the good/premium customers and jettison the losers.Here is hoping most are now gone :-).

      November 1, 2011 at 12:23 pm | Report abuse |
    • Adam

      @The Guy, the "little people" accounts make up 47% of a banks capital. Losing a bunch of people has really cost them alot of money.

      November 1, 2011 at 12:23 pm | Report abuse |
    • The Guy

      Yikes, you people really don't get how banks make money do you? From someone that works in a regional US bank I can tell you that we loose LOTS of money on low balance accounts. The money depositors puts into our accounts only yields a tiny bit of interest every month which doesn't even cover the monthly maintenance costs. A regional bank like us has only a fraction of BofA's depositors, and local banks have even less depositors, so we barely see the impact a few dollars makes up in the grand scheme. A bank of BofA's size is millions and millions of dollars in losses nationwide – a very real number that inhibits them from making another 80 small business loans or 400 home loans which actually yields them money.

      November 1, 2011 at 12:33 pm | Report abuse |
    • The Guy

      @shamsky24 im not saying its right. its how it works. high balance accounts have fees waived because the high balance yields the interest to cover the monthly maintenance costs. low balance accounts do not. simple as that.

      November 1, 2011 at 12:42 pm | Report abuse |
  2. Lenny

    I guess I'll keep my BoA account after all.

    November 1, 2011 at 12:10 pm | Report abuse |
    • Epidi

      I am confident that they will just find another way to gouge their customers.

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

      Why give your money to thieving banks? Put your money in a local credit union.

      November 1, 2011 at 12:17 pm | Report abuse |
    • mjinmd

      I think you should rethink that decision.

      November 1, 2011 at 1:19 pm | Report abuse |
  3. Scottish Mama

    @Dave how did they get a hold of your account? Hacking? Occupy it is a start of good things to come.

    November 1, 2011 at 12:10 pm | Report abuse |
    • Dave

      Skimming device used to create a duplicate of my debit card...

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

    Lol....a lot of people would like to see the big banks fold. That thinking is a testament to your lack of knowledge of how this economy works. If you think we're in bad shape now, it they fold, we will be doomed. This is a fact.

    November 1, 2011 at 12:10 pm | Report abuse |
    • Epidi

      They should have folded instead of getting a bailout. It's like extending the agony of an inevitable death. Fold and get it over with so we can begin to rebuild – hopefully wiser for it.

      November 1, 2011 at 12:16 pm | Report abuse |
    • amused123

      No; that is a prediction, and thus not a fact.

      November 1, 2011 at 12:20 pm | Report abuse |
    • Scratcher

      Regarding that "bailout".....it was actually a loan, with interest. A little homework would have told you that BofA paid back all TARP funds....early......with interest. As far as BofA is concerned, the tax payers made money of them.

      November 1, 2011 at 12:20 pm | Report abuse |
    • The Guy

      If the big banks folded, the FDIC would have to pay out far more in insurance to depositors than it did for the bail outs.

      People in this country are so naive about economics its scary. I guess that's why we had an idiot elected to the white house who's top economic advisers are ex-Fannie Mae execs with golden parachutes and a track record of complete failure. Great job, Prez.

      November 1, 2011 at 12:21 pm | Report abuse |
    • Scratcher

      Abused....think as you wish. You obviously underestimate their power. Who do you think financed the construction of Disneyworld?.....BofA. Who financed the construction of the Golden Gate Bridge?.....BofA. I don't think your small town bank has the capitol to finance such endeavors. Please, educate yourself on the matter.

      November 1, 2011 at 12:24 pm | Report abuse |
    • Kris' dog

      If it fails let's just say they are no longer "Too big to fail".

      November 1, 2011 at 3:57 pm | Report abuse |
  5. Clint04

    Bottom line,OWS, WINNING!!!

    November 1, 2011 at 12:11 pm | Report abuse |
    • sterart

      OWS had nothing to do with customers dropping BOA; it was talks of introducing a $5 fee.

      November 1, 2011 at 11:32 pm | Report abuse |
  6. Adrian

    Still dropping them. I don't want to support a bank that would cause me this much frustration and I'm sure they will find another way to pass costs to us.

    November 1, 2011 at 12:11 pm | Report abuse |
    • tffl

      As will the others, just in some more subtle way...

      November 1, 2011 at 12:14 pm | Report abuse |
    • Scottish Mama

      They do have to keep up appearances.lol BOA says,"it is the out pouring of loving support from our customers that we will have mercy on their souls.(while we pick pocket them blind.)

      November 1, 2011 at 12:16 pm | Report abuse |
    • Scratcher

      It cost money to bank. And unless you maitain a decent balance, they are going to charge you to bank.....one way or another.

      November 1, 2011 at 12:17 pm | Report abuse |
  7. The all potent one

    If all other big banks jumped on the bandwagon BOA wouldn't have changed because they'd be losing less customers

    November 1, 2011 at 12:13 pm | Report abuse |
  8. Thor

    Hey we won! How the heck did that happen?

    November 1, 2011 at 12:14 pm | Report abuse |
    • Bev b

      Thank Brian Moynihan. I think he is going to restore the good name of Bank of America which Hugh McColl and Ken Lewis tried to destroy.

      November 1, 2011 at 12:17 pm | Report abuse |
    • Steve

      Bev b, I think you must be Mrs. Moynihan.

      November 1, 2011 at 12:28 pm | Report abuse |
  9. Jj

    If it wasnt for the DEMS and them messing with BOA this wouldnt even be an issue. yes folks look it up Cuzz i dont have time to explain things you should already know

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

      Yes, under the Clinton administration deregulation began, but let's not forget the Republicans were more than happy to oblige.

      November 1, 2011 at 12:26 pm | Report abuse |
  10. Rob

    I guess they realized that while they have a right to TRY and make a profit(not a right to make a profit, like the CEO said), their customers have a right to tell them where to stick it and go somewhere else.

    November 1, 2011 at 12:16 pm | Report abuse |
    • Scottish Mama

      The power of the client.(voters)

      November 1, 2011 at 12:17 pm | Report abuse |
    • patrick

      What occurs in our times is the result of too much appathy for decades. Big business and the top 1% wanted to see how far they cvan push their way. Clearly this is backfiring now. BoA did not want to be the next Netfix and backed out. The signs were on the wall that they were losing customers.
      Morale of the story, fight back as a consumer for your rights in a group becasue as long as people take it, business will always push farther and farther for profits. That is their mission statement. consumers are to keep the balance right. They have the ultimate power: they buy stuff!.

      November 1, 2011 at 12:23 pm | Report abuse |
  11. Jim W.

    Sometimes even the greedy realize when they've made a mistake.

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

    @BofA:

    Way to stay behind the curve yet again. You thought we were mad about the $5 fee???

    See how mad we get when you move that massive block of risky derivatives over to your commercial banking side...putting the public's money DIRECTLY at Risk! BofA, you will have a revolt on your hands!

    November 1, 2011 at 12:16 pm | Report abuse |
    • Scratcher

      Unless you have over a hundred grand with them, (snicker), then your money is safe, regardless of what they do with it.

      November 1, 2011 at 12:18 pm | Report abuse |
    • Scottish Mama

      Glass -Steagal reinstated but updated?

      November 1, 2011 at 12:18 pm | Report abuse |
    • SteveO

      blah, blah, blah....

      November 1, 2011 at 12:19 pm | Report abuse |
  13. Tony

    In other words... After finding out our customer's would seek other places to put their money... We decided the $5 fee would actually create a loss instead of profit.... They stink... I left them a long time ago... If BOA can legally charge a fee... they will.

    November 1, 2011 at 12:17 pm | Report abuse |
  14. PJ

    The original announcement told the story of where their focus is....it's not customers, it's shareholders. I left BOA last month, before this fee was announced. I left when I went in to replace my debit card on the first day of their new $5 fee to replace a damaged (overused) card. My response was that instead of charging me they should be thanking me for my loyal patronage. I closed my 24 year old account and went to a credit union. The difference is amazing from a shareholder run bank to a member run bank.

    November 1, 2011 at 12:17 pm | Report abuse |
  15. Steve

    That's not the tune they were singing when we first threatened to jump ship. The CEO was quite arrogant about justifying the fee. I hope we all proceed with plans to drop the big banks from our lives. They have shown little empathy with the millions of people struggling in the aftermath of what the banks created.

    November 1, 2011 at 12:17 pm | Report abuse |
    • Scottish Mama

      Locally owned and operated?

      November 1, 2011 at 12:20 pm | Report abuse |
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