Bank Of America Dropping Plan To Charge Monthly $5 Debit Card Fee

Source: Dan Fitzpatrick / The Wall Street Journal

Bank of America has decided against charging customers five dollars per month to use their debit cards to make purchases, according to the Wall Street Journal.

The move is a dramatic retreat following decisions by several rivals in recent days to drop customer tests of the new fees. SunTrust Banks Inc. and Regions Financial Corp. also said Monday that they will stop charging customers for debit-card transactions.

Bank of America decided against the fees due to negative customer feedback on the plan and the moves by rivals, which left the Charlotte, N.C., lender as the only big bank planning to levy the fee on some customers next year.

To read this article in its entirety visit The Wall Street Journal.