Bank of America Corp. is scrapping its plan to charge a $5 monthly fee for making debit card purchases after an uproar and threatened exodus by customers.
The about-face comes as customers petitioned the bank and mobilized to close their accounts and take their business elsewhere. The outcry had already prompted other major banks, including JPMorgan Chase &Co. and Wells Fargo &Co., to cancel tests of similar debit card fees last week.
SunTrust Banks and Regions Financial Corp. followed suit.
Anne Pace, a spokeswoman for Bank of America, declined to say whether the company experienced a spike in account closures since announcing plans for the debit card fee in September.
But in a statement Tuesday, Bank of America’s co-Chief Operating Officer David Darnell said the decision was based on customer feedback.
Associated Press
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