Debit Card Fee Cancelled by Bank of America

02 November 2011 - Which Way to Pay

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Debit Card Fee Cancelled by Bank of America

Bank of America have announced that will not be imposing a plan to charge customers $5 a month for making payments with a debit card after fierce opposition from its customers.

The bank attributed the move to the feedback they had received from customers, as many people who bank with Bank of America threatening to move banks should the charges be introduced. The bank did not release data on exactly how many accounts have already been closed due to the impending charges.

Over the last week Wells Fargo and JPMorgan Chase have also annulled plans for similar fees on debit card purchases. The plan had originally come into play in anticipation of new legislation curbing the amount banks can charge retailers for payments via debit card.

In 2010 the amount that banks can legally charge retailers a limit of 21 cents per transaction. This is less than half of the previous limit of 44 cents. The legislation came into play at the beginning of October.

The online petition against the plans from the Bank of America was signed by over 30,000 people, which seems to have been enough to halt the plans. A spokeswoman for the bank said that the ‘customers’ voices are most important to us’.

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