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
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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)
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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)
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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)
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JPMorgan Chase and Wells Fargo also threatened similar charges, but recently changed their minds due to similar reactions for the public. (Getty Images)
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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.
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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)
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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)