Bank of America has decided to back off from a controversial fee that it announced in September: a $5 ding every month for consumers who use their debit cards to make a retail purchase. The plan had endured sustained consumer outrage since it was publicly revealed. Bank of America, which did not return a call to CRM Buyer in time for publication, has cited customer concerns over the fee and a changing competitive marketplace as the reasons behind its about-face. After Bank of America announced its fee, a furor erupted among customers.
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B of A Backtracks on Debit Fees
Posted by: Erika Morphy November 1, 2011 02:31 PMBank of America has decided to back off from a controversial fee that it announced in September: a $5 ding every month for consumers who use their debit cards to make a retail purchase. The plan had endured sustained consumer outrage since it was publicly revealed. Bank of America, which did not return a call to CRM Buyer in time for publication, has cited customer concerns over the fee and a changing competitive marketplace as the reasons behind its about-face. After Bank of America announced its fee, a furor erupted among customers.