Good Question: Why Did Bank Of America Drop Controversial Debit Fee?
By Christy Strawser
CBS Detroit Managing Editor
After the threat of debit card fees sent a steady trickle of customers from banks to the safety of credit unions — Bank of America did an about-face Tuesday.
Remember that $5 fee that was about to happen if you used your Bank of America debit card?
They cancelled it.
An announcement on the Bank of America website said, “In response to customer feedback and the changing competitive marketplace, Bank of America no longer intends to implement a debit usage fee.
“We have listened to our customers very closely over the last few weeks and recognize their concern with our proposed debit usage fee,” said David Darnell, co-chief operating officer. “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.”
The move follows a wave of outrage that came in the wake of the debit fee announcement. An online petition at change.org opposing the fee gathered 306,581 signatures — and plenty of comments.
Someone posting as David Brown wrote, “Are you serious? After the American People bailed you out you think you are going to bleed us like this. Please change your name to “Bank of F*** Y** America.”
So, what do you think: Will erasing the fee make you stick with your bank?