Bank of America Cancels Debit Fee Plans
Bank of America said today it has cancelled its plans to start charging a $5 debit card fee to its lower-level checking account customers.
The announcement comes shortly after two national competitors, Wells Fargo & Co. and J.P. Morgan Chase & Co., announced they would scrap a $3 debit fee they had been testing in some markets.
The Charlotte-based bank has 45 branches in Central Massachusetts. Some competitors shifted their advertising focus to their free checking options after the fee was announced last month.
Bank of America announced the plans early last month, blaming recent federal regulations that have cut into its profits.
David Darnell, Bank of America's chief operating officer, said in a statement today that customer input and a "changing competitive marketplace" influenced the bank's decision to withdraw the fee, which was set to take effect in early 2012.
"Our customers' voices are most important to us," Darnell said. "As a result, we are not currently charging the fee and will not be moving forward with any additional plans to do so."
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