In response to wailing public outcry, Bank of America is pulling a “Netflix” and axing the $5 debit card fee they had planned to implement next year.
“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, co-chief operating officer at Bank of America, said in a statement. “As a result, we are not currently charging the fee and will not be moving forward with any additional plans to do so.”
In September the nation’s second largest bank floated the proposal, which would have charged its customers five bucks each month to make purchases on their debit cards. The announcement received a resounding “hell naw!” by enraged cardholders, with the loudest outcry belonging to D.C. resident Molly Katchpole, whose online petition against the fee became quickly backed by more than 300,000 supporters.
“I’m living paycheck to paycheck,” explained the 22-year-old nurse. “And one more fee was just too much.”
We will have to see if the BofA’s fee cancellation arrived in the nick of time, as Bank Transfer Day arrives this Saturday.