Bank Of America Backlash of the Day: Score 1 for the 99: Backlash from consumers has forced Bank of America to ditch its plan to charge a $5 monthly fee on debit card usage.
“We have listened to our customers very closely over the last few weeks,” said Bank of America Co-Chief Operating Officer David Darnell, “and recognize their concern with our proposed debit usage fee.”
BoA’s shares dropped 6 percent in the wake of the announcement. Several banks recently decided to scrap similar test programs, while others canceled existing fees.
“It’s a sign of consumer power in action,” Norma Garcia of Consumers Union was quoted as saying. “This is a sign of the marketplace working.”