|Bank of America has faced an angry customer backlash since it disclosed the debit-card fees in September. The bank was also under pressure from smaller lenders that promoted no-fee debit cards to lure customers away from their larger rival. (Scott Olson/Getty Images)|
After outcry, debit fee dropped
Bank gives in to rivals, consumer pressure
Facing a backlash from angry customers, Bank of America Corp. scuttled plans to start charging them $5 a month to make debit card purchases. The move comes after several other banks, including SunTrust Banks Inc., Regions Bank, JP Morgan Chase & Co. and Wells Fargo & Co. cancelled or backed off plans to impose similar fees. Analysts said the move effectively spells the end for monthly debit card fees, but consumer watchdogs warned banks could look for new fees to boost profits.