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. AJ

    "We listened to our customers..." Please. Anyone with half a brain would have known what the customers would say about a $5 fee–they just thought the customers were too lazy to do anything about it. I hope people will continue to see the value in moving their money out of these huge banks into smaller, local banks.

    November 1, 2011 at 12:41 pm | Report abuse |
    • MOVE IT NOW

      I agree AJ. They are part of the problems we share in this great country

      November 1, 2011 at 12:50 pm | Report abuse |
  2. 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 |
  3. vincent

    30 years ago I used to bank with bofa, and even then I was just a "number" I quit the bank and never went back, no regrets.
    I saw the CEO stating "the bank has the right to make money" and yes, that is a true statement. But, not on the backs of people struggling in this bad economy. The CEO was dressed in a nice suit, and I don't suspect he got it at good will either. Banks make mistakes, and BOFA made a big one taking over country wide.

    Perhaps the CEO should take note that Ken Lewis, the former CEO was kicked out or "resigned" but he was given a golden parachute of 50 million. Perhaps, BOFA can regroup, and make money the old fashioned way. But please, BOFA, don't do it on the hardworking customer!!!!

    November 1, 2011 at 12:42 pm | Report abuse |
  4. Down w/ BofA

    I hope that this false act of compassion doesn’t stop anyone who was planning to close their B of A account. This company doesn’t give a sheet about the working person. Moving your money to a local bank or credit union is good for your local economy.

    November 1, 2011 at 12:42 pm | Report abuse |
  5. Ed Zumar

    too late you greedy SOB's – still changing

    November 1, 2011 at 12:42 pm | Report abuse |
  6. Bert

    You'll be on probation B of A for your selfish actions !

    November 1, 2011 at 12:42 pm | Report abuse |
    • Sarah

      On probation? Move. I did. My new credit union pays me 2.2% interest on my checking account, no fees on anything, ever. Big banks exist to support big business – the average person matters about as much to them as the average driver matters to the big oil companies. BofA dropped the debit card fee because no other bank was going to do the same. They'll find another way to charge you fees, never fear.

      November 1, 2011 at 12:50 pm | Report abuse |
  7. Scottish Mama

    Will the CEO'a still get their bonuses?

    November 1, 2011 at 12:44 pm | Report abuse |
  8. Sean Kelly

    "Our customer's voices are most important us." Please – what about the millions of voices for the past few years, screaming, refinance my mortgage!

    November 1, 2011 at 12:44 pm | Report abuse |
  9. Lloyd

    Too late – changed my direct deposit and moved my accounts out last month. They clearly indicated they did not want my personal banking business any more.

    November 1, 2011 at 12:44 pm | Report abuse |
  10. mort

    paying someone to come up with this stupid idea in the first place – a few thousand $$
    cost to create and distribute information about this stupid idea – tens of thousands of $$
    cost of negative publicity from this customer service debacle – Priceless.

    November 1, 2011 at 12:45 pm | Report abuse |
  11. Bert

    what was name of that lady who began the internet survey and gathered signatures to change banks if B of A went through with the debit card fee? IT WORKED BABY! THANKS FOR YOUR HARD WORK !

    November 1, 2011 at 12:45 pm | Report abuse |
  12. DMDubey

    Never should've been a plan to make a $5.00 debit card fee. From the articles I read about the purposed plan, the reason was to recoup the money lost on bad mortgages. Hey man, I didn't tell you to hand out money to people who live above their means. Why should I have to pay for that stupidity/irresponsibility?!

    November 1, 2011 at 12:46 pm | Report abuse |
    • schlottk

      a lot of people that were foreclosed on COULD and WERE paying their mortages

      than the banks who are now allowed to own investment firms and insurance companies, say, "hey you dont make 150k a year, paying your mortage is risky, we are placing you in forced insurance." (they either own this 2nd insurance company outright, or make commissions)....this added insurance on a 100k-200k loan is killer

      and thats how quite a few "losers" lost their homes

      November 1, 2011 at 10:16 pm | Report abuse |
  13. Meofree

    Banks are sharks. I already left BoA for a more decent bank.

    November 1, 2011 at 12:46 pm | Report abuse |
  14. Thanks OWS

    Thanks to the OWS folks for bringing this to everyones attention. Had it not been for OWS it's likely that very few would have closed accounts. The bad publicity from OWS surely contributed to BoA changing their minds on the fees.

    November 1, 2011 at 12:47 pm | Report abuse |
    • sterart

      OWS had nothing to do with people closing their BoA accounts; the fact that the bank started talking about a $5 fee caused people to take action. OWS are protesting the scale of national balance of wealth and how large corporations are increasingly becoming wealthier compared to the rate of the average family income. The interesting point is that while OWS is based on good points (although not organized or in unison about their message); people really don't care about the movement, but when their bank talks about charging them $60 a year – millions jump ship.

      November 1, 2011 at 11:43 pm | Report abuse |
  15. Patricia D

    They will just find another way to steal our money. In January, 2012, Union bank will start charging $8 a month for the free checking account that I now have. I'm going today to close that account. I already have a Credit Union checking account and that is where I will do all of my banking from now on.

    November 1, 2011 at 12:47 pm | Report abuse |
    • Scottish Mama

      And a little to make your mattress softer, just in case.

      November 1, 2011 at 12:49 pm | Report abuse |
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