Caving under the pressures of customers and the backing out of other banks, Bank of America has finally announced that they will not be implementing their plan to impose debit card fees on consumers. This means happier consumers and more opportunities for building credit!
Much to the delight of their customers and to the chagrin of their leaders, Bank of America has announced that they will no longer levy their proposed five dollar debit card fee on their customers, a fee which they announced only a month ago. Due to the extreme frustration that consumers subsequently expressed over these new fees as well as other factors, the corporation decided to forego the idea.
Bank of America had remained steadfast in their decision to impose the fee this coming January, despite the backlash from their customers, until last Friday when several other banks decided to drop their fees to face the demands from customers. Wells Fargo and JP Morgan Chase had decided to drop their plans for similar fees last Friday, at which point Bank of America’s high-ranking officers stepped in and recommended to the bank’s chief executive Brian Moynihan that they drop all plans to impose the new fee.
And even still, last Friday Bank of America remained steadfast in its plan to impose the fee on their customers, despite JP Morgan and Wells Fargo backing out. But the nail in the coffin came on Monday SunTrust announced that it would follow suit with the other banks, and dropped its plans as well. After that Bank of America was made the only back that still had its five dollar fee plan in place, and their announcement of its cancellation Tuesday was inevitable.
Bank of America officials insist that their reputation was more important to them than their profits. David Darnell, one of the operating officers at Bank of America released his statement, “We have listened to our customers very closely over the last few weeks and recognize their concern with our proposed debit usage fee. As a result, we are not currently charging the fee and will not be moving forward with any additional plans to do so.”
The fee would have been levied on those who used their Bank of America debit card but did not have at least twenty thousand dollars in their account nor held a mortgage with Bank of America. The fee would have cost many of Bank of America’s consumer five dollars a month for using their debit cards. As a result, many consumers closed their Bank of America bank accounts and as we’ve recently written many other banks have enjoyed a great increase in the amount of accounts that have opened in the last month. Regions Financial, another bank that had jumped on the debit card fee bandwagon, subsequently announced the cancellation of their fee plan and even pledged to reimburse any customers who had already incurred a fee.
Luckily customers will now be able to bank wherever they choose without worrying about any extra costs for the privilege of using their own money. This money can now go into the pockets of consumers who are already hurting from the damaged economy and help them get their lives back on track.
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