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. RC

    I think they should implement the fee as planned. It will force people to maintain a higher balance in their accounts to avoid having to pay the fee and it will make them think twice about spending money knowing they will have fee associated to banking. Doesn't anyone remember the 80s ... everyone paid fees at local banks and got great customer service because of it! We used to be so grateful for free checking, now we expect everyone to give us everything for nothing. Pay for what use, and stop expecting things for free.

    November 1, 2011 at 12:19 pm | Report abuse |
    • Scottish Mama

      They use our money to make money.
      I want to pay fees, I want to give them my money, could you pay mine also?

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

      I really think you missed the boat on this one. It's obvious you have no understanding of the issue at hand. BOA's proposed debit fee is not a commentary on America as a society and how we got to where we are today culturally. BOA's proposed fee has to do with the corporate culture of greed. Debit 'interchange' fees were banks making money out of air. Causing so called 'unseen inflation' because they always shaved a few percent off the back end of every debit purchase. When their ability to do so was limited, they decided to charge $5 a month to push people towards using the credit feature. Guess why? Because the credit interchange fees were not limited! They stood to make a whole lot more than $60 per year from this whole deal. I for one am proud that Americans finally stood up against this 'to big to fail' corporation and made it shutter. Imagine what else we can achieve with collective focus?

      November 1, 2011 at 12:27 pm | Report abuse |
    • SJ

      Hold on.. So you expect hard working people to pay a fee? I ask for what? A bank shouldn't charge their customers a fee just to use their own money we as customers are already doing them a favor and banking with them and putting our money in their banks.

      November 1, 2011 at 12:27 pm | Report abuse |
    • Realist

      Are you that dense? You're simply clueless as to how banking works. BOA, and all the other banks are getting the use of your money for next to nothing so they can lend it out at enormous interest rates. That should be enough. You should get great service because you're basically making them rich. Are you for real? You're okay with them charging you for using the money you put into their vaults so they can make even more and feed their greed? Unbelievable. These mega corporations proposed this criminal idea because they thought there were a lot more like you out there that would roll over for it. Thank God that wasn't the case and people with a brain spoke up.

      November 1, 2011 at 12:28 pm | Report abuse |
    • Hugo

      RC, you fail to understand that banks make money from people that have none. If you have money in the bank, the bank pays you interest. That interest is paid by people that have a loan from the bank. Of course the interest they pay you for having money is far less than the interest they collect from people that have a loan. Hence the bank makes money.

      November 1, 2011 at 12:28 pm | Report abuse |
    • SB

      HA! That's funny...thanks for the laugh, you made my day!

      November 1, 2011 at 12:30 pm | Report abuse |
    • Realist

      Does "RC" stand for "Republic of China"?

      November 1, 2011 at 12:30 pm | Report abuse |
    • Fallguy51

      No, RC, we didn't pay fees for good customer servce. Good customer service was part of a bank's reputation, particularly the small local banks. Once most of those went away because they were gobbled up by the likes of BofA, Suntrust, Chase, et al, customer servcie became a thing of the past. We all went from being customers to account numbers. The $5 fee BofA was going to charge was just another way to stick to the customer so they could pay their shareholders bigger dividends, their propoganda to the contrary. I am one of their soon-to-be former account holders who's decided to go back to my local credit union where they care about their member-customers and it shows.

      November 1, 2011 at 12:30 pm | Report abuse |
    • Franky

      You do realize that the only reason the banks want to have a higher balance is because they leverage your account balance to borrow and invest on their own behalf? They essentially make money on your money then return the money to you, you don't see these transactions , but essentially that's why we had the depression run on the banks couldn't pay out the peoples cash because the banks own investments had failed, thusly, they lost your money. The truth is you want to keep as little money in the bank as possible if you want it to be safe.

      November 1, 2011 at 12:31 pm | Report abuse |
    • ratnacage

      haha, you're so ignorant. It's true everyone expects something for nothing, but this is not the case here. The banks get the use of our money – they should be paying us, not the other way around. Without our money, they wouldn't exist.

      November 1, 2011 at 12:32 pm | Report abuse |
    • Steve

      RC, you must be a banker because no rational human being would even think of the things you are writing. I am an ex-banker, and there is no reason to charge fees to any customer regardless of the account. The very large accounts are actually more work to maintain. These "special" customers require that their accounts be monitored so that a maximum balance is maintained daily, and any amount above that is moved into investment accounts. These are the guys that require special maintenance.

      November 1, 2011 at 12:35 pm | Report abuse |
    • Franky

      RC , just to add,you are one of the clueless folks who don't understand the banking industry what so ever. Without deposits from people, banks would not make any money, in fact, people should start charging a fee to the banks for having the luxury of using our money to make money. The money you deposit with a bank, is then leveraged by the bank, to invest and make money for the bank, via investments such as loans, bond buying, and so on. The banks are not doing you a favor. This is the problem with America, somewhere along the line, people started believing very rich people were doing them a favor, from "job creator comments" ... to "dumb axx comments like this the banks should charge you a fee to make money off your deposits?" At one time, the privilege of the bank to use your money to make money was sufficient, now you have people arguing, the banks should charge you to use your money? When the h*ll did this kind of thinking start?

      November 1, 2011 at 12:37 pm | Report abuse |
  2. vinny

    This is the beauty of Capitalism. This happened because people started taking their money elsewhere. Not because a bunch of losers sat in a park and cried. the beauty of our system is you can always take your money elsewhere. Good for the consumers that wrre tired of BofA

    November 1, 2011 at 12:19 pm | Report abuse |
    • Scottish Mama

      Ows said to people close your accounts. Many people did. Now more repeals of the deregulation of 1999 and 2001. It is the start to show the power people have to change the banking bull.

      November 1, 2011 at 12:24 pm | Report abuse |
    • Taxpayer

      I closed my account because I wanted better service with less fees. Not because of a bunch of squatters who are too lazy to look for a job or take any job.

      November 1, 2011 at 12:27 pm | Report abuse |
    • martin74

      Actually pulling your money out of a bank because they are doing something you don't like is a form of economic protest not unlike what the 99% of the people are doing. You and them are more alike than you think.

      November 1, 2011 at 12:28 pm | Report abuse |
    • BoogieMan

      What do you think OWS should do then? When you protest, aren't you trying to change something? When you protest, isn't that making your voice heard, thus DOING SOMETHING ABOUT IT?

      November 1, 2011 at 12:29 pm | Report abuse |
    • Richiedread

      Vinny capitalism has nothing to do with BOA withdrawing the $5 fee. It is the threat to capitalism and the earthquake produced by the Occupy wall street movement which is causing business to reevaluate the master slave relationship between big businesses and their customers and the government and the American people. This is only the beginning. The American people need to take control of their government which has been bought out my 1% and their big business.

      November 1, 2011 at 12:32 pm | Report abuse |
    • Corvus1

      If you think OWS had no effect on this, you're kidding yourself.

      November 1, 2011 at 12:33 pm | Report abuse |
    • mother of four

      You obviously don't understand the protests, nor do you know who the protesters are. While the unemployed are numbered among them, they are not most of the members. A recent survey indicated that only 13% of them are unemployed. 33.3% are older than thirty-five. And–for what it's worth–another 13% make more than 75,000 a year. Of further interest, while most consider themselves to be independents, politically speaking, they aren't alone–there are some democrats and republicans among them too.

      While I recognize the power of the consumer and am so very pleased to see people standing up to banks who obviously have an inflated view of their own necessity in our lives, we must understand that there is a great deal more to be done. And it's not all going to be as easy as changing banks or voicing our disapproval on social networking sites.

      November 1, 2011 at 12:43 pm | Report abuse |
    • Franky

      OWS is doing alot more than just protesting. First of all , it's 1st amendment right, obviously people thought the right to protest was very important as they put it at #1 on their list. I mean what's happened to America where people feel that corporations and the very rich should have your rights. I've never seen so many people argue against their own interest. YOu better be happy OWS exists because those are the kind of people bsically exercising the rights so many died for. But you are so s****d that you feel it should be given up. No wonder the rich are making money hand over fist and basically the US is becoming an oligarchy of those who have the most and then everyone else. There has always been a divide in the US, but now, it's boardering on ridiculous where essentially you have people arguing for an elite class that controls everything and then everyone else. YOu do realize you won't have any opportunity to become elite yourself if this happens. The point is to make sure everyone has the opportunity to succeed in teh US, not that everyone does succeed, but that everyone can succeed, but if you concentrate all the power and wealth in the hands of a few, you basically are locking yourself out of opportunity. A simple example, you don't see Wal-Mart trying to keep mom-and-pop shops around, do you.

      November 1, 2011 at 12:43 pm | Report abuse |
  3. AZ boa guy

    I told BoA I was pulling my accounts, Mortgage, Checking, Savings, Money Market, and Safe Deposit box, because I was tired of being nickle and dimed to death by minor fees, the amount of interest they stand to loose if I move my mortgage to another bank is way more than the measly $5 fee per month.

    I know personally 10 people who have left BoA, way to go

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

      Its funny but I am in the same position as you. I am still moving my accounts to another bank and will make that one as my primary. I have a feeling bofa will try to get the fees via some other means. They have a right to make a penny but I thought their latest move was a slap in the face. But I agree with everyone the change was not a result of people taking their monies elsewhere.

      November 1, 2011 at 12:36 pm | Report abuse |
    • justuandi

      Correction+
      I meant to say the change of heart from bofa was a result of people taking their monies elsewhere.

      November 1, 2011 at 12:38 pm | Report abuse |
  4. Rick

    Move your banking needs to a credit union and let these morons sink.....

    November 1, 2011 at 12:21 pm | Report abuse |
  5. PJ

    This is how a capitalist society is supposed to work. Consumers respond with their wallets, which will drive the direction of the businesses. You have to act as a consumer. The whole corporate greed, Occupy Wherever movement has minimal influence. This is not about a company developing a moral conscience, it is about what will make the most money. That's reality.

    November 1, 2011 at 12:23 pm | Report abuse |
  6. ak2k

    I was planning on leaving BofA on the 5th due to that debit card fee. Good move BofA, you are saving me a lot of work. Way to listen to the people!

    November 1, 2011 at 12:23 pm | Report abuse |
  7. OGR99

    This is 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.

    Looks like a victory for the 53%.

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

      Now the 53% need to repeal some of the 1999 and 2001 deregulations that hurt the 53%.

      November 1, 2011 at 12:27 pm | Report abuse |
    • BoogieMan

      What do you think OWS should do then? When you protest, aren't you complaining about something? When you protest, isn't that making your voice heard, thus DOING SOMETHING ABOUT IT?

      November 1, 2011 at 12:27 pm | Report abuse |
    • SB

      The "53%-ers" come off as bigger morons than the OWS protesters. Drop the lame 53% crap. It's even more ridiculous than the 99% b.s.

      November 1, 2011 at 12:28 pm | Report abuse |
    • schlottk

      people only took their money elsewere because of the loud voices heard from OWS......so yes this is true capitalism, a message spread by the people who care enough to get the word out to the rest of us, OWS

      November 1, 2011 at 9:59 pm | Report abuse |
  8. donklos

    The damage is done BofA. Just remember. We know you are just waiting to pounce on us again the moment the coast is clear. You can't be trusted.

    November 1, 2011 at 12:24 pm | Report abuse |
  9. Jenn

    Hmm, too late. Just like thousands of other customers, I've already opened a checking account with another bank.

    November 1, 2011 at 12:25 pm | Report abuse |
  10. Taxpayer

    Too late Bank Of America. I closed my account.

    November 1, 2011 at 12:25 pm | Report abuse |
    • Scottish Mama

      You are also a voter.

      November 1, 2011 at 12:42 pm | Report abuse |
  11. Cincinnati girl

    How nice of you BofA however I'm still moving my money to a local bank. Your consideration of such a fee and the initial responses you gave after consumers complained proved beyond a shadow of a doubt that you don't have a true interest in the needs of your consumers. So, good for your for not imposing the fee but you already showed the world how valued your customers truly are.

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

    BOA may find other ways to fleece the public in "their right to make a profit" however, the kind of outrage expressed over these fees that got them to recall them...is the type of action we need to keep making whenever we believe as consumers we are not being "valued". No one objects to companies making a profit but just the obsecene increments some companies have made through simlar practices on the backs of those trying to get back on their feet. Hoew much is to much...10B, 20B 30B, 40B....to hit these markers is not just a matter of revenue but also cutting the expenses asssociated with those that are now looking to get work just to get by as not everyone is this situation is "freeloader" as some lay claim to. Change will only happen if we make our voices heard and not just hope for change to occur.

    November 1, 2011 at 12:26 pm | Report abuse |
    • Scottish Mama

      You have to hope or dream a change the take the step to change it.

      November 1, 2011 at 12:30 pm | Report abuse |
  13. donklos

    The coast will never be clear.

    November 1, 2011 at 12:26 pm | Report abuse |
  14. Nina

    They had no choice once all the other banks refused to implement the charge. They were the last to abandon the idea.

    November 1, 2011 at 12:27 pm | Report abuse |
  15. StillDisgruntled

    Doesn't matter. Still canceled my account.

    November 1, 2011 at 12:27 pm | Report abuse |
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