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Wed 2 Nov 2011 11:38 AM

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Bank of America scraps plan for $5 debit card fee

Backlash from consumers and lawmakers forces lender to abandon plan to roll out card charge

Bank of America scraps plan for $5 debit card fee
Bank of America Corporation has announced that it will drop plans to charge customers a $5-per-month fee for making purchases with their debit cards. (Getty Images)
Bank of America scraps plan for $5 debit card fee
In a statement, the bank said it had scrapped the plans after a strong customer backlash. As well as threatening to bank elsewhere, 300,000 customers signed a petition protesting against the measures. (Getty Images)
Bank of America scraps plan for $5 debit card fee
The bank originally decided on the fee ahead of a new rule limiting charges for debit card transactions to 21 cents. Prior to the 2010 financial regulatory reform bill, they had been able to charge 44 cents. (Getty Images)
Bank of America scraps plan for $5 debit card fee
JPMorgan Chase and Wells Fargo also threatened similar charges, but recently changed their minds due to similar reactions for the public. (Getty Images)
Bank of America scraps plan for $5 debit card fee
The decision to scrap the fee can only be a positive move for\n Bank of Amercia, who was a target of the Occupy Wall Street movement last month.
Bank of America scraps plan for $5 debit card fee
The protests drew attention to Bank of America's original plans to impose the fee, and gave customers a platform through which to have their voices heard. (Getty Images)
Bank of America scraps plan for $5 debit card fee
Bank of America reported a third quarter profit of $6.2 billion this year, but lost it's status as the nation’s largest bank with JP Morgan Chase and Co taking it's spot. (Getty Images)