Hoping to head off a customer uprising, Bank of America became the latest U.S. banking giant to drop plans for charging customers monthly fees for debit card use.
The Charlotte financial services company had planned to initiate a $5 fee at some point in 2012. But after Wells Fargo, Chase, SunTrust and Regions eliminated fees in the past few days they had recently initiated, Bank of America decided to join the crowd.
“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.”
Bank of America is one of the world’s largest financial institutions, with 58 million customers, including 17,500 ATM users. The bank’s plan was to charge the monthly fee for using the card to make purchases. No charges were contemplated for ATM use.
Bank of America has 5,700 retail locations, none of which are in Mississippi.