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. snowdogg

    I don't got to charge you no stinkin fees !

    November 1, 2011 at 12:28 pm | Report abuse |
  2. SC

    You see. It is possible to make a company change the way it does business without the Fed stepping in.

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

      except that it took government action to get them to stop their nickle-and-dime fees to retailers in the first place.

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

      pretty naive of you to think they did the right thing out of principal. they did it out of greed. they knew like nexflix, there ewould be an exodus of customers. the ceo was covering his greedy out of touch a–

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

      There is already an exodus of customers. Too late, BofA.

      November 1, 2011 at 12:34 pm | Report abuse |
    • SmartrthnU

      The Nickle and Dime charges to retailers paid for the system that allowed retailers to accept something other than cash or personal checks. There are plenty of retailers that turned down that system and don't accept VISA, MC or AmEx. The marketplace worked fine without Barney Frank meddling in and deciding what was right.

      November 1, 2011 at 12:35 pm | Report abuse |
    • One Step A Time

      You're right, because every move these banks make is so evident and obvious as raising a $5 fee.

      November 1, 2011 at 12:37 pm | Report abuse |
    • Commonsense

      No SmartrthnU, the Niclel and Dime fees were MANY times higher than necessary to cover costs and make a nice profit ...it was a typical quiet but solid gouging of retailers. Without some sort of regulation or oversight, the corporate overlords will do it every time. It's just human nature, unfortunately, and we DO need a government to protect us from this kind of clandestine abuse. Gimme a break, please, and wake up to the realities of how our normally fine Capitalist system has been perverted...still the best system known to man, but must be protected from coruption and greed, ultimately.

      November 1, 2011 at 12:46 pm | Report abuse |
  3. JoshuaAss

    This a great day for the people. They have spoken and were heard. Congrats!

    November 1, 2011 at 12:28 pm | Report abuse |
  4. Marc Gendron

    Thank God, and while you are at it Bank of America.... why don't you open a branch in upstate NY....like in Plattsburgh, New York? The closest branch is Hanover, NH or Queensbury, NY. I have to mail my deposits to Tampa FL every month. There is another 1/2 of NY state north of Albany you know!!!! Why can't you do this instead of opening 300 branches in China???? How about the US of A first???? What is wrong with you people?

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

      Why don't you change to a local bank? BofA SUCKS and it's people like you who allow it to stay in business despite its total suckiness. Find a new bank that's closer to you and kill two birds with one stone.

      November 1, 2011 at 12:33 pm | Report abuse |
  5. Red

    They knew it was never going to work. They added the $5 fee for a couple of months knowing the people with BoA accounts would not like it, and then stop the fees to help their image saying "We have listened to our customers...". If they would have listened to their customers in the first place, they probably would have never been in this predicament to begin with. I think it was just a waste of resources and a loss of customers.

    November 1, 2011 at 12:29 pm | Report abuse |
  6. Peter Woop

    Tired of BofA and its shananagans. Tired of those big banks who don't give a hoot. Today I read about a big bank's firm making fun of evicted people: http://www.cnn.com/video/#/video/us/2011/11/01/nr-intv-bank-firm-laughs-poor.cnn?&hpt=hp_c2
    I was not surprised, I must say.

    November 1, 2011 at 12:29 pm | Report abuse |
  7. Chip

    You can never believe a publicly traded company that says its customers are the most important to them. The most important thing is shareholders. Period. The only reason this changed is that the shareholders were going to lose because of customer hostility. Caring about customers is secondary to caring about shareholders.

    November 1, 2011 at 12:30 pm | Report abuse |
  8. Brian

    I bailed out of Chase and went to credit union months ago. Didn't need OWS to do it. The is how capitalism works. If you don't like the banks, dont do business with them, simple.

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

      Brian, OWS is protesting how wall street, large corporations and the top 1% buy our political system for their own gain. They are not protesting band card fees. Kudos to you for stopping your support of a horrible bank, but don't try to connect it to OWS.

      November 1, 2011 at 12:37 pm | Report abuse |
  9. knd2000

    They may have dropped the planned $5.00 debit card fee, but they will make it up somewhere else, I guarantee you. This time they will just be more stealthy about it, but they will get their money one way or another.

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

      I thought they dropped the $5 fee for debit use but they still are applying the $5 fee if you don't hold your min balance and everything other min requirement they ask for.

      November 1, 2011 at 12:47 pm | Report abuse |
  10. Byrd

    Far too little and far too late. I closed my BoA accounts and cancelled their credit card two years ago and have never looked back. Credit unions are the only way to go in this day and age of unmitigated corporate greed. Stick it where the sun don't shine, BoA. You're soon to be toast.

    November 1, 2011 at 12:34 pm | Report abuse |
  11. Liza

    Great news. This is when the people have a voice without the government stepping in. You get millions of people kicking and screaming, people will listen in this case anyway. B of A made $6.2 billion in profits last quarter. I'm sure they'll survive without the stupid $5.00 monthly fee. I have been a B of A customer for 22 years. I was planning on leaving them if this fee incurred.

    November 1, 2011 at 12:35 pm | Report abuse |
  12. E-5 Army Pride

    #OccupyBofA
    Score one for the little guys

    November 1, 2011 at 12:35 pm | Report abuse |
  13. San Jose

    I work at the largest bank in the US and have had customers coming in regularly asking if we were going to start charging the same fees. Funny thing is, we were trying them out in other regions of the country. Once all the backlash from BofA came our way, we dropped the fees quick! Now my company is very loud about NOT charging fees for debit cards. I can't imagine how many customers BofA lost because of this.

    November 1, 2011 at 12:36 pm | Report abuse |
  14. Ken Brock

    This has nothing to do with capitalism. Large companies like Netflix and Bank of America are realizing (late) that the world has changed. In a Facebook, Twitter and You Tube world, customers take to the internet and make their feelings known LOUDLY.

    All companies should think twice before rolling out plans with new fees.

    November 1, 2011 at 12:39 pm | Report abuse |
  15. Paul

    You should still leave BOA and any other bank that was planning to implement the charge.
    Rest assured they will extract the fee somehow!!!

    November 1, 2011 at 12:40 pm | Report abuse |
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