Bank of America kills plan for debit card fee
Reporter: Stephani Ruiz
TUCSON (KGUN9-TV) - It looks like the consumer finally wins in a classic showdown between big business and the little guy. Bank of America backed down in the face of consumer outrage. The bank will not charge a $5 debit card fee.
Bank of America originally said it would need the money to make up for revenue lost after new federal regulations went into effect- but when rivals Wells Fargo, JP Morgan Chase and Sun Trust scrapped similar plans for debit card fees- Bank of America followed suit.
"Our customers' voices are most important to us," the company said in a statement. "As a result, we are not currently charging the fee and will not be moving forward with any additional plans to do so."
Lawmakers who shared the public's outrage celebrated the news.
Since the Bank of America announced the fee there has been public backlash. A twenty-two year old woman from Washington DC launched an online petition demanding a repeal, which she said got 306,000 signatures.