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Bank of America no longer plans to charge debit fee | Business

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Bank of America no longer plans to charge debit fee
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Bank of America now says it no longer plans to charge its customers a fee to use their debit cards.

“In response to customer concerns and the changing competitive marketplace, Bank of America no longer intends to implement a debit usage fee,” the company announced Tuesday.

Bank of America had planned to introduce a $5 monthly fee for customers who used their debit cards for purchases through a phased rollout beginning in 2012.

“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.”

Wells Fargo Bank also recently announced that it would not follow through on plans to implement a fee for debit card use.

KOB Eyewitness News 4 will have more much on this story tonight in its evening newcasts.

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