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.