Tuesday, November 1, 2011
Bank of America Blinks!
Bank of America has dropped plans to charge a $5 monthly fee on debit cards.
“We have listened to our customers very closely over the last few weeks and recognize their concern with our proposed debit usage fee,” David Darnell, co-chief operating officer, said in a statement from the Charlotte, North Carolina-based lender today. “As a result, we are not currently charging the fee and will not be moving forward with any additional plans to do so.”
The Official Press Release is here.
According to Bloomberg:
Bank of America reversed course after competitors including Wells Fargo & Co. (WFC), the No. 2 debit-card issuer, decided not to charge similar fees. Atlanta-based SunTrust Banks Inc. (STI) and Regions Financial Corp., based in Birmingham, Alabama, said yesterday they will eliminate their check-card fees after customers rebelled.
Cedar Posts Take:
The Bank of America debit card fee, the worst idea since "new coke" is one of many issues driving the Occupy Wall Street movement which was quick to claim a victory. But several groups have vowed to continue the fight against Bank of America claiming the greed rules at the bank and that nothing short of bringing the once powerful bank to it's knees will be accepted.