POSTED: Tuesday, November 1, 2011 - 1:44pm
UPDATED: Tuesday, November 1, 2011 - 3:49pm
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.