Bank of America makes U-turn, drops debit card fee

Bank of America has bowed down to pressure by customers and decided to drop its debit card usage fee after the bank had come under pressure. We have listened to our customers very closely over the last few weeks and recognise their concern with our proposed debit usage fee," said David Darnell, co-chief operating officer

Bank of America has bowed down to pressure by customers and
decided to drop its debit card usage fee after the bank had come
under pressure.

David Darnell, co-chief operating officer at BofA said in an
official announcement:

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“We have listened to our customers very closely over the last
few weeks and recognise 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.”

On 17 October, Cards International
had reported that BofA, alongside other banks that had decided to
implement the debit card fees, were under
facing an antitrust investigation following the introduction of
monthly debit card usage fees.

The investigation was called for by five US
House Democrats who claimed the banks may have worked together
improperly to charge their customers monthly fees for using their
debit cards.