BofA, Feeling the Burn, Dumps Debit Fee Plan

In a very Netflix/Qwikster-like move, Bank of America has decided to drop its plan to charge $5 per month for debit card purchases after customers (also in a Netflix/Qwikster-like move) got completely pissed off and let the bank know about it. That is awesome.

The bank said in a statement, “In response to customer concerns and the changing competitive marketplace, Bank of America no longer intends to implement a debit usage fee.”

“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,” co-COO David Darnell also said.

Catching a hint, other banks, like J.P. Morgan Chase, have also ditched their debit fee plans.

BofA has met with push back, not just from consumers, but also from lawmakers. We noted the tone-deafness of the bank’s CEO Brian Moynihan and its social media outlets previously. But, as we also noted, all businesses at some point have to answer to consumers. BofA reached that point.