Bank of America Cancels Plan for New Debit Card Fee

Nov 2, 2011, 11:04 by R.E. Christian

Bank of America said Tuesday it was canceling plans to implement a monthly $5 fee for debit card accounts.

"We have listened to our customers very closely over the last few weeks and recognize their concern with our proposed debit usage fee," bank Co-chief Operating Officer David Darnell said in a statement.

"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," he said in a three-sentence company statement., a political action group, claimed credit for the bank's decision, saying, "300,000 people from all 50 states joined a viral campaign on started by 22-year-old Bank of American customer Molly Katchpole.

"Citi, Chase, Wells Fargo and SunTrust all dropped debit card fees after Molly's popular campaign inspired others to launch similar campaigns on against their banks," the group said. quoted Katchpole as saying, "I knew that if enough people expressed their outrage to Bank of America, they would have to listen to their customers and reverse their debit fee plan.

"The American people bailed out Bank of America during a financial crisis the banks helped create. Bank of America paid zero dollars in federal income tax last year and thought they could squeeze more from the American people. The success of this campaign proves that ordinary people can successfully stand up to even the largest corporations," Katchpole said.

Source: UPI