Yes, Bank of America blinked
To answer this morning's Venture blog question -- Will Bank of America blink on the $5 debit card fee? -- well, yes. here's the AP story:
NEW YORK (AP) — Bank of America is nixing its plans to charge a $5 debit card fee. The news comes after other major banks, including Chase and Wells Fargo, said last week that they were canceling tests of similar fees. Bank of America had said last week that it would stand by its decision to roll out the $5 monthly fee starting next year.The about-face by the banking industry comes amid growing public anger over higher fees. A movement to get customers to switch to credit unions and community banks had marked this Saturday as "Bank Transfer Day."
And here's Bank of America's own statement, just out, quoting former Tampa Bay banker (now BofA executive) David Darnell:
"In response to customer feedback and the changing competitive marketplace, Bank of America no longer intends to implement a debit usage fee. 'We have listened to our customers very closely over the last few weeks and recognize their concern with our proposed debit usage fee,' said David Darnell, co-chief operating officer. '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.'"
Here is the complete BofA release.
-- Robert Trigaux, Business Columnist, St. Petersburg Times