Bank of America nixes debit card fees
The Associated Press reports that Bank of America has completely back-peddled on its its plans to levy $5 debit card fees.
The bank says in a statement that the decision to scrap the plan came after listening to customer feedback in recent weeks.
The news comes after other major banks, including Chase and Wells Fargo, said last week that they were canceling tests of similar fees.
“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,” David Darnell, co-chief operating officer, said in a release.
The about-face by the banking industry comes amid growing public anger over fees. A movement to get customers to switch to credit unions had marked this Saturday as “Bank Transfer Day.”
GOPers in Florida have said that the new regulations from Dodd-Frank are solely to blame for the banks levying these new fees. Senate candidate Adam Hasner and Sen. Marco Rubio, R-Fla., have both taken up the new conservative meme claiming that banks were “forced to charge customers new fees due to the negative and costly requirements associated with the Dodd-Frank financial overhaul law, in particular the ‘Durbin Tax.’” Dodd-Frank legislation was a response to the country’s financial crisis that many economists say was partially caused by the lax regulation of financial institutions.
State Rep. Jeff Clemens, D-Lake Worth, went as far as to file legislation that that would ban banks from charging fees on debit cards in Florida. He said he was “outraged” by the announcement of the fees.