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.”