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Bank of America nixes $5 debit card fee

Bank of America nixes $5 debit card fee

Bank of America Corp. is scrapping its plan to charge a $5 monthly debit card fee. The bank's decision to drop the fee came after a roar of customer outrage in recent weeks over the fee. Other major banks, including JPMorgan Chase & Co. and Wells Fargo & Co., already canceled tests of similar debit card fees last week.

Senh: It's good to see that the banks are listening to their customers. It's also good to see that the public come together and have a positive affect on debit card fees. I only wish the airlines would do the same with their fees.

 

Bank of America Rethinking Controversial Debit Card Fees

Bank of America is reconsidering its plan to charge $5 monthly debit card fees after public outrage has caused several other large banks to drop their own plans to charge similar fees.

Senh: I think they need to get with the program and start flip-flopping. HP did it by not killing their PC business. Netflix did it by killing Qwikster. And Mitt Romney has already did it several times.

 

Some big banks back down from debit-card fee

Sometimes, the big banks can hear their customers. J.P. Morgan Chase & Co. has decided that it won't charge customers who use their debit cards to make purchases.

 

Obama chides banks, taps anger over Wall St

President Barack Obama launched a broad onslaught against banks on Thursday, tapping into public anger over rising fees to garner populist support ahead of his 2012 re-election campaign.

 

Obama blasts Bank of America debit card fee

President Obama slammed Bank of America’s $5 debit card card fee in an interview with ABCnews.com and Yahoo on Monday, calling the charge “not good business practice.”

 

How higher bank fees might actually help consumers

Few seem terribly pleased with Bank of America’s decision to charge its users $5 every month they use their debit cards. BofA blames Congress for passing the Dodd-Frank Act, claiming the law’s new regulations are responsible. The law, which was implemented in June, restricts the fees that banks can charge merchants when customers use debit cards to pay, lowering them from 44 cents to 24 cents.

 

B of A to charge $5 a month fee for debit card use

Bank of America will charge debit card customers a $5 monthly fee for using their plastic to make purchases starting next year, a move to recover recently reduced fees paid by merchants.

 

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