Bank of America Nixes Plan to Charge $5 Debit Card Fee

Customers spoke and it looks like may be listening. Last month, Hazelwood Patch brought the for using debit cards to make purchases. Well now the company is bowing to a national protest and threats of mass bank account closures, and is calling off its plan to charge customers the debit card fee.

Bank of America announced its decision on the debit fee Tuesday morning asserting the decision to "customer concerns and the changing competitive marketplace."

“We have listened to our customers very closely over the last few weeks and recognize their concern with our proposed debit usage fee,” David Darnell, BofA's co-chief operating officer, said in the statement. “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.”

Many articles throughout the past month were quoted as saying that other banks would fall in line and do the same thing, but as customers expressed immense disdain, one-after-one bank either or announced they never intended to do so.

In what appears to be fallout from backlash, the L.A. Times is reporting that Bank of America lost its No. 1 ranking in asset size to JPMorgan Chase & Co. at the end of September. But the company still holds strong to having the most total deposits.

If you think this is the end of fees, don't. Bank Think is reporting that other fees may be looming like higher account maintenance fees.

More than 80 people participated in our last poll on the matter with an overwhelming amount saying they planned to close their Bank of America account, so voice your opinion on this as well.