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Bank Of America Cancels Plan To Charge Debit Card Fee

NEW YORK (CBSNewYork/AP) -- Bank of America says it's getting rid of its plan to charge a $5 debit card fee.
The news comes after other major banks, including Chase and Wells Fargo, said last week that they were canceling tests of similar fees.

"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 said in a statement on the company's website. "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."

Bank of America had said last week that it would stand by its decision to roll out the $5 monthly fee starting next year.
The about-face by the banking industry comes amid growing public anger over higher fees. A movement to get customers to switch to credit unions and community banks had marked this Saturday as "Bank Transfer Day.''

Occupy Wall Street has also called for putting money into credit unions over banks.

Last week, protesters marched to Bank of America's headquarters in New York City and reportedly delivered 6,000 letters from angry bank customers.

Occupy Wall Street Marches To Major Banks In New York
Protesters associated with Occupy Wall Street unfurl a sign beneath Bank of America headquarters during a march in Manhattan on October 28, 2011 in New York City. (Photo by Mario Tama/Getty Images)

In October, demonstrators marched to Chase and Citibank branches in Lower Manhattan to close their accounts and transfer them to worker-owned banks and credit unions that support their movement.

(TM and Copyright 2011 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2011 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

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