B of A drops debit card fee
After other big banks announced they will not charge monthly debit card fees, Bank of America follows suit.
Bank of America said today it's dropping plans to charge customers a $5-a-month fee to use their debit cards next year.
The second-largest U.S. bank announced the fee in late September, and customers responded with a flood of protests. Some threatened to leave en masse as part of Bank Transfer Day, Nov. 5. Post continues below.
"In response to customer feedback and the changing competitive marketplace, Bank of America no longer intends to implement a debit usage fee," Bank of America announced in a press release on the company website, adding:
"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."
"SunTrust Banks Inc. and Regions Financial Corp. said on Monday they would end monthly charges and reimburse customers," Reuters reported.
Too late to save customers
Bank of America's move may come too late to appease angry customers. One reader wrote on MSNBC:
Too little, too late. They no longer have my money, and the local credit union does. Good riddance, as far as I'm concerned.
Said another on SFGate's The Bottom Line blog:
(T)his had nothing to do with listening to customers. They just fell into line with the other big banks. I'm still moving my money.
Los Angeles Times Money & Company blog reader "Alejandro Sins"wrote:
It's too late. Customers will no longer accept BofA with their unscrupulous practices. Many of them are switching to their local banks which will benefit their communities as well. Enough of these "too big to fail" banks, and more real competition.
Some customers are relieved, however. One reader said on USA Today, "This saves me the trouble of changing my bank. Good news."
What do you think? If you are a B of A customer, are you happy it reconsidered the fee and will you now keep your account where it is rather than switch?
More on MSN Money:
VIDEO ON MSN MONEY
Take your money out of BoA people. They will come up with something else to charge you with. Do not trust BoA.
17 years ago when interest rates were climbing and the BIG banks were spreading across the country they began making horrendous mistakes and abusing their customers. I left both BofA and Wells Fargo and RAN straight to my local credit union. I had had enough. When Citi Bank started to raise interest rates on credit cards (I had a 7.99% rate at that time) I decided to wait it out and see where they went. I have excellent credit so I didn't expect to be abused. WRONG. My rate went to 12.99% and then 17.99%. I called and had to speak to a person in India (that really upset me). I asked why even if I had excellent credit. I was told and I quote "Because we can". I then said ok I can leave because I CAN. So I went directly to my credit union and changed accounts. I immediately went back to the 7.99% rate. I will never use a BIG bank again. I love the service I get now, I love the respect I get now and if I have a problem it is resolved quickly. I tell everyone...run don't walk to your local bank or credit union and enjoy a much better relationship experience and much better rates.
Im taking my money out of this ----- bank, They charge fees for everything. Ive been a customers for many many years and not happy anymore. The had the nerve to charge me $15 late fee for my credit card that i paid in full on line a day late and the reason it was late is because they had online problems and I couldnt get into their site.. Their fault and the little snot nose guy that answered when i called to complain said you could have found another way to pay. I always pay online and did not know they were having problems.
So forget Bof A. I hope everyone takes their money and runs.
Had an issue with them about 10 years ago. Wanted to add my new wife to my BoA account but they wouldn't add her until she paid for some 2 or 3 year old fee from another state where she was a BoA customer, even though she had already paid it and closed the account. I immediately closed my account and have never done business with them since.
Hmm. C D (LoyallyLOST4815162342) must be a BOA employee. "Stop nitpicking Bank of America." Really?
Hey, CD. How about Bank of America stop NIT PICKING (and nickel and diming) their CUSTOMERS? What's next in line for them? Are they going to start charging for a direct DEPOSIT transaction into your account of $1.00 each? Going to start charging you monthly management fees?
How many other banks paid 4.4 BILLION DOLLARS in BONUSES to their TOP employees in 2010? I'll wait for your answer.
I read this morning that Boeing Employees Credit Union (Washington) added over 10,000 NEW accounts in October alone. That's awesome!
These banks are all scum. First they lose a ton of our money for whatever reason, we the tax payers bail them out saving their butt's and then they want to steal you blind.
Everyone should be at credit unions instead. Let the banks just dwindle then disappear.
B of A was not really listening to their customers, they were looking at their bottom line and too many customers were planning on leaving B of A and that is why B of A changed its outlook on the charge.
Its all about the money they were going to lose by enforcing the charge.
Copyright © 2013 Microsoft. All rights reserved.
Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.