BofA withdraws unpopular debit fee

Charlotte-based Bank of America announced Tuesday afternoon that it no longer intends to implement a debit usage fee.

The about-face comes less than a month after CEO Brian Moynihan defended the $5 debit card fee, saying the bank and its shareholders have “a right to make a profit.”

But in recent weeks, it became uncomfortable to move forward with the additional charge, especially after competitors like Wells-Fargo and SunTrust backed away from the charging a similar fee.

Here’s the complete statement from BofA:

“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. “Our customers’ voices are most important to us. As a result, we are not currently charging the fee and will not be moving forward with any additional plans to do so.”

2 Comments

  1. Rob Schofield

    November 1, 2011 at 3:45 pm

    Wow! Jeff Shaw writes an article taking Bof A to task and they fold up like a cheap suit.

  2. Jack

    November 2, 2011 at 12:36 pm

    To paraphrase Bette Davis “Fasten your seatbelts. It’s going to be a bumpy [ride].” Keep an eye out because this is only the beginning of big business working to pick our pockets of every penny it can.

    Since we’ve given them our tax dollars to save the “too big to fail guys” its natural for big business to think that all our money is their money.