Report: Bank of America May Offer Ways for Customers to Avoid $5 Debit Card Fee
Posted on October 28, 2011CNN/Money is reporting that Bank of America is considering offering new ways for customers to avoid its $5 a month debit card fee. The $5 monthly debit card fee was announced in September and many customers were outraged. People even protested the fees in the streets of Boston.
Customers can currently only avoid the future fee if they have balances of maintain balances of $25,000 or more. CNN/Money says some new ways customers may be able to avoid the fee is if they deposit their paychecks with Bank of America or if they use a Bank of America credit card. Bank of America has not yet made any official announcement about ways customers can avoid its planned debit card fee.
The Wall Street Journal reports that most other big U.S. banks are no longer pursuing debit card fees. Most likely, they saw the rising fury aimed against Bank of America, and decided to beat a hasty retreat. For now.