Breaking News: Bank of America Drops $5 Debit Card Fees

Bank of America has just disclosed that they will be dropping the $5 debit card fee they planned to begin charging due to customer outcry and dissatisfaction.

Millions of Americans voiced outrage when many of the nation’s largest banks, including Bank of America, Wells Fargo, JP Morgan Chase and SunTrust announced their intent to implement monthly debit card fees.

The added fees sparked national movements against big banks, like Bank Transfer Day, in support of transferring to a local credit union. At the threat of losing a significant number of customers, Bank of America–who has pioneered the recent debit card fee initiative–has opted to concede with the demands of their customers in the midst of struggling economy.

“We have listened to our customers very closely over the last few weeks and recognize their concern with our proposed debit usage fee,” David Darnell, co-chief operating officer at Bank of America, announced. “Our customers’ voices are most important to us. As a result, we are not currently charging the fee and will not be moving forward with any additional plans to do so.”

We will keep you updated on this development as details are disclosed.

UPDATE:

Customers of Bank of America have gained a victory today against impending 2012 debit card fees. A petition against the monthly fees received over 300,000 supporters, and with the addition of leading B of A competitors backing out from additional fees, Bank of America was pushed into surrender.

According to Javelin Strategy and Research, Bank of America would face up to $6.6 billion annually in lost revenue, not including their $5.6 billion loss from overdraft restrictions implemented in July 2010.

While many customers rejoice that they’ve won the battle against debit card fees, those who have already jumped ship to a credit union or local bank may still hold reservations. It remains unclear whether eliminating debit card fees can recoup the customers Bank of America has lost and regain trust from customers who’ve been wronged.