Bank of America Drops Outrageous $5 Monthly Debit Card Fee

Tuesday, November 1, 2011

Bank of America announced on Tuesday they are dropping plans to implement a $5 monthly debit card fee.

The reversal is seen as a major victory for President Obama and the Occupy Wall Street movement, both of whom have been critical of BofA for the proposed fee.

Bank of America’s announcement comes ahead of this Saturday’s “Bank Transfer Day”, a consumer-driven effort to urge customers to switch to local banks and credit unions.

Call me cynical but I do not trust Bank of America. I strongly urge consumers who still do business with B0fA to be on the lookout for other, even more odorous fees in the coming months.

This entry was posted in Bank of America, Corporate Greed, News and tagged , , . Bookmark the permalink.

9 Responses to Bank of America Drops Outrageous $5 Monthly Debit Card Fee

  1. Nicole in Chesepeake Bay says:

    NetFlix saw 900,000 vanish after the raised their fees. These customers aren’t coming back.

    I saw a report yesterday that said a credit union in Charlotte, NC saw its new accounts business skyrocket by 350% after Bank of America announced its ill-advised debit card fee. You have to wonder how many of those 350% are former BofA customers? You think they’re coming back?

    At the end of the day public opinion stills matters. Whatever executive at Bank of America proposed the debit card fee should be fired. This was utter stupidity.

  2. ajihani says:

    Why would anyone keep an account with B of A? There are so many better places to keep your money and establish a business relationship. I left them years ago for a regional bank.

  3. Mama Mia says:

    It’s too late, baby! I moved my checking to a teachers credit union who allows non-teachers who are county residents to be customers. Everything is free with direct deposit. Even a safe deposit box where I keep my deceased mother’s jewelry. They even reimburse out of network ATM fees if I ever incur any when I withdraw money. I can’t believe I put up with BofA for 32 years.

  4. Pechanga says:

    Someone said the projected profit from dinging customers with a $5 monthly debit card fee would be lost by the exodus of former bank customers who have taken their business elsewhere.

    I think that’s a fair statement. The damage is done. BofA stock could become penny stock by 2012.

  5. Carpe Diem says:

    Trying desperately to not be a douchebag, COO David Darnell said:

    “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.”.

    Watch other, more creative ways to fleece their customers in the future. Like charging for Bill-Pay, charging to step into a brick-and-mortar branch, and overdraft fees tripling.

  6. retahyajyajav says:

    What Carpe Diem said. Branches will begin charging for parking. BofA sucks.

  7. R.J. says:

    Too little, too late for B of A. I doubt anyone is stupid enough to open a new account with them and there’s no chance those who left will go back.

  8. feminazi says:

    They are doing away with “Free Checking.” As of Jan 1, 2012, Basic Checking with direct deposit will cost $8.95 a month and BofA is holding fast on this. So new customers, retirees and the poor should be prepared to fork over $107.40 a year for the privilege of depositing your own money in a Bank of America account. No thanks. BofA can go to hell.

  9. Jim says:

    Bank of America cannot be trusted. Soon, they’ll come up with an even more insidious fee. Change banks. I plan too as soon as I can.

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