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Annenberg School of Communication and Journalism University of Southern California
Nation/World

Bank of America Cuts Debit Card Charge

Bank of America nixed plan to charge customers $5 for card use.

The bank will not be charging customers for debit card use.
The bank will not be charging customers for debit card use.

After facing heavy criticism, Bank of America cancelled its plan to charge debit-card users $5 a month for use.

JP Morgan Chase and Wells Fargo had similar plans but cancelled their test programs last week. Sun Trust Banks Inc. and Regions Financial Corp. said they would also be ending monthly charges and would  reimburse customers.

Bank of America's initial motive for the program was to bring in more revenue after a law was passed that no longer allowed banks to receive fees from retailers when customers swiped their debit cards.

 

Related:

Bank of America Drops Debit Card-Fee Plan - Neon Tommy

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