Bank of America gets rid of plans for $5 debit card fee

With the overwhelming customer disapproval of the $5 monthly debit card fee, Bank of America has decided to not charge its customers.

The Daily 49er reports a statement from David Darnell, co-chief operating officer in a press release, "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."

On September 30, 2011, Bank of America announced they would start charging a $5 monthly fee for the usage of your debit card. Many customers were outraged by this plan because many found it unnecessary. For Cal State Long Beach students, whom many work part-time or full-time to pay for school and commute, many felt upset and wanted to close their accounts.

According to the Daily 49er, Young Cho, a junior marketing major states, "I was one of the mad customers. I was even thinking of canceling the account."

Like BofA, many other banks such as JPMorgan and Wells Fargo, also got rid of plans for debit card fees.