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BofA debit fee plan led to 20% jump in closed accounts


By Susanna Kim and Matt Guttman
ABC News

The days of the easy fee grab may be coming to an end. Bank of America's failed plan to impose a $5 monthly debit card fee led to a 20 percent increase in closed accounts in the last three months of 2011 and a public relations headache, which other companies may be keen to avoid.

Asked about the fee debacle in a conference call with investors last week, Bank of America CEO Brian Moynihan said, "So I'd say that yes, we had some impact from the $5 debit fee. That's why we made a decision to reverse it."

The incident may lead to companies thinking again before levying fees on services that have traditionally been free. Verizon Wireless canceled a $2 fee for single bill-pay transactions online or via telephone in December, just one day after the telecommunications company announced the fee.

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Bank of America is a

Bank of America is a corporation in need of the Occupy movement. They are a bunch of crooks who don't give a hoot about their customers. It wouldn't hurt my feelings any if they lost all of their business and just went away.


Everyone that uses BofA would most likely love to jump ship. It is such a big hassle switching banks...when I started it was NCNB. The tellers have been the only thing keeping most of us customers. I wish I had been part of the 20%!!

Ken Lewis was probably the

Ken Lewis was probably the real master mind behind another BOA We stepped in it moment.