Bank of America Drops Debit-Card Fee Plan
Following a nationwide backlash from customers, Bank of America ditched its plans to charge a $5-monthly fee for debit cards Tuesday.
"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, in a statement.
Last week, JP Morgan and Wells Fargo also dropped plans to charge new fees. SunTrust Banks announced yesterday it will stop charging check-card fees following similar criticism.
The plan to raise fees was an attempt to replace money lost after the U.S. capped fees on debit-card transactions earlier in the year.
With the announcement, BofA's stocks continued to drop on Tuesday. The bank's stock is down nearly 6 percent, according to the Wall Street Journal. The crisis in Europe also is to blame for driving bank stocks down.
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