Last month we published a blog about the new debit card fees Bank of America was planning to charge customers. Today, Bank of America, which is the second largest bank in the United States, has announced that the company is dropping their plan to charge a $5 monthly fee for customers who use their debt cards to make purchases. The fee was set to begin in early 2012.
Bank of America has decided to abandon this plan after customer outrage throughout the country. One customer of Bank of America collected more than 200,000 signatures that called for the bank to abandon the debit card fee plan. The bank also decided to drop the fee because other competitor banks announced that they would not charge customers similar fees to use their debt card to make purchases.
The co chief operating officer of Bank of America, David Darnell stated that the company has been listening to their customers concerns over the past view weeks and that the customers voices are the most important thing to the company. Bank of America seems to following other companies who made similar announcements in the past few weeks. Both Wells Fargo and Chase called off programs that would impose debit card fees in certain states. SunTrust and Regions Financial also put on the breaks on fee plans.
The Occupy Wall Street movement is calling for this upcoming Saturday to be “Bank Transfer Day”. Those in support are calling for customers to drop their accounts at large financial institutions and to open accounts at credit unions and community banks. Many hope that, the public outcry over the Bank of America fee plan will be a clear message to banks that they cannot take their customers for granted. Hopefully, what the co chief operating officer of Bank of America David Darnell said is true, and the banks will listen and value their customers and not create excessive and unnecessary fees in order to utilize the banks services.
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