Bank of America cancels $5 debit fee, country of America celebrates

A man basks in the glory of a Bank of America ATM, secure in the knowledge that he did his small part in the fight against outrageous fees.

It is a rare thing that a person can affect real, lasting change in the world. But, ladies and gentlemen, we’ve done it! All of us, together. With every angry blog post, with every sneering Facebook comment, we have succeeded in taking back what was rightfully ours: the $5 fee Bank of America was going to charge for every month you used your debit card.

Yes we did!

From Reuters:

“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, the bank’s co-chief operating officer, said in a statement.

JPMorgan Chase & Co and Wells Fargo & Co last week decided to cancel test programs, while SunTrust Banks Inc and Regions Financial Corp said on Monday they would end monthly charges and reimburse customers.

Bank of America had planned to start charging customers next year. Banks began crafting the monthly charges to make up revenue lost to a law that slashes the fees they charge retailers when consumers swipe their cards. The fees sparked a firestorm of criticism from consumers and politicians, and many smaller banks and credit unions shunned the practice.

As we said before, that surcharge was the sort of thing that made us want to storm the barricades, so we are definitely happy! Everybody at Occupy Wall Street, you can go home! Corporate greed is over!


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