That was quick.
After an immediate outcry from consumers and politicians regarding Bank of America’s proposal to charge a $5 monthly fee for debit card usage, they are now rescinding this proposal.
When Bank of America first went public with this there were little signs of it not becoming a realty, and in fact, more likely becoming an industry standard. Following B of A’s decision to charge for debit card usage other big name banks (ie Chase, Citi, Wells Fargo, etc) began to follow suit with their own plans to test such fees. However, within hours of these announcements, the internet and social media outlets erupted with negative sentiment leading even President Obama to go public with his concern over the matter.
As we noted last week, many big banks then freaked out over the threat of losing consumers en masse and responded with immediate retractions of these plans. Subsequently this lead the reluctant Bank of America to finally, as of late last week, decide not to impose such fees out of fear that they would be the only one doing so.