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Bank of America nixes $5 debit card fee

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NEW YORK (AP) -- Bank of America is nixing its plans to charge a $5 debit card fee.

The bank says in a statement that the decision to scrap the plan came after listening to customer feedback in recent weeks.

The news comes after other major banks, including Chase and Wells Fargo, said last week that they were canceling tests of similar fees.

A Bank of America spokeswoman wouldn't say whether the bank saw a spike in account closures since announcing the fee last month, but in a statement, the bank's co-Chief Operating Officer David Darnell says the decision was based on customer feedback.

The about-face by the banking industry comes amid growing public anger over fees. A movement to get customers to switch to credit unions had marked this Saturday as "Bank Transfer Day."

(Copyright 2011 by The Associated Press. All Rights Reserved.)

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Debit Fees

We shouldn't lose sight of how this whole thing started. All these debit fees banks are now rolling back were introduced in response to the fall in bank revenues from debit card transactions that was the consequence of the passing of the Durbin Amendment to the Dodd-Frank bill and the subsequent Federal Reserve ruling to limit debit interchange at $0.22 + 0.05% of the transaction amount.

Those of us who were paying attention to what was happening knew that this was coming and warned against it. Here is one of the things we wrote at the time: http://blog.unibulmerchantservices.com/banks-may-limit-debit-card-transa...

What happened was that the government decided that a substantial portion of the banks' revenues would be collected by retailers. The banks then decided to make up for the shortfall by creating new revenue sources. Is that surprising?

The bottom line is that the banks will find a way to make up for their lost revenues and their customers (i.e. us) will foot the bill.

So do any of you....

...have anything to say about the Durbin Amendment to Dodd-Frank, that started the banks down this road to consumer paid fees? Does the governmnet get a pass on creating this whole issue?

When did public opinion ever

When did public opinion ever stop any big business from ripping us off? They were afraid of losing business. I have never had any desire for a debit card. Too much chance for double charges. I use my credit card for everything and pay in full every month.

Comment on BOA

Everyone hould dump these clowns and go to your credit union. You will save time money and help the local economy.

Tough One

Boy, this was a tough one. Let's see now....rotten economy, people losing their homes and not getting salary increases....gee, let's make our customers pay a $5 debit card fee.

Wow. It must have taken a real genius to figure this one out.

Guess the lines at their ATM

Guess the lines at their ATM locations became over whelmed once and for all...where they needed their own crossing guards which ran into another expense to hire them.
It's as though the Big Bailouts that occurred a few short years ago never happened with banks. They forget where that money came from to bail their tails out!
We quit dealing with this bank YEARS ago due to a hike in credit card rates...and the fact they issued credit cards to illegals with a credit line somewhere around $1,500. Who would pay on the default on those cards? "Not I said the Magpie"

Name change

They need to change their name to Bank of Non-America. I currently have one mortgage with them and hope to have move it elsewhere shortly. They are the most difficult bank to deal with.

To Late

That's cool BoA Corp but it hasn't changed my position. You tried to bend us over and break it off in us after we bailed you out. If you tried it once, you will try it again simply by find other ways to take our money. I do agree that you are entitled to make a profit, however, since your profits shouldn't consist of all of my little bit of money, I moved it away and I'm not giving it back for you to try again. "Fool me once, your fault. Fool me twice, my fault".

Too late B.O.A.

Too many bad decisions from catering to illegals and more greed from a group of people that have already been bailed out by the taxpayers. You made your bed, now sleep in it.