Bank of America cancels debit card fees
November 2nd, 2011 - 12:17 am ICT by Aishwarya BhattWashington, Nov 1 (THAINDIAN NEWS) Bank of America has canceled its debit card fees. The bank announced that the decision was influenced by the request of the numerous customers. The bank’s decision follows similar ones by other financial institutions.
The co-chief operating officer of Bank of America, David Darnell, announced that, “We have listened to our customers very closely over the last few weeks and recognize their concern with our proposed debit usage fee. 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.”
Charging fees on the use of debit cards is one of the controversial decisions by financial institutions. Activists have slated the 5th of November as “Bank Transfer Day.” The activists say participants should switch their accounts to smaller banks from the established financial institutions. The action seems to have moved some of the banks to action.
Last week, Wells Fargo announced that they have waived the fee on the use of the institution’s debit cards. Earlier this week, SunTrust and Regions Bank said they will not go ahead with their plans to charge fees on the use of their debit cards.
JPMorgan Chase is currently testing debit card fees in two states. The bank has given the indication that when the program expires at the end of the month they will not continue with it.
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