Bank of America Ends Debit Card Fees After Customers Complain

POSTED: Tuesday, November 1, 2011 - 2:44pm

UPDATED: Tuesday, November 1, 2011 - 4:49pm

The five dollar monthly fee Bank of America planned on charging debit card users won't happen according to a statement released by the nation's largest bank on Tuesday.

The decision comes after a loud outcry from customers. The move follows suit with other large banks, which dropped similar fees on Monday. Some analysts aren't surprised by the reversal.

"Bank of America was out on a limb," says SmartMoney.com's Quentin Fottrell. "It was out on its own and it's far more difficult for a bank to stick to its guns on an issue like this when none of its competitors are doing the same."

Those same analysts won't be surprised if banks find other fees to raise, just not as conspicuous as the one for using a debit card.
 

Comments News Comments

I had an account with BOA a few month's ago! I opened it in hopes to start sending my pay checks there! I had not got hired at this perticliure job yet, and I had not used the debit card for anything yet and I already owed BOA $11.95, this is their fee a month, remind you, I have no job yet. I'm paying out before I put in. I knew it would be a fee, but not 11.95, I knew something was funny when I got a call from BOA asking how is everything going and if I ever have any questions to call them.

Post new Comment