By Amanda Blas Staff Writer blas13@up.edu
Bank of America has reversed its decision to charge the $5 monthly debit card fee it previously announced in late September.
According to Bank of America's Nov. 1 news release, the bank decided against the fee because of customer feedback.
"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, Bank of America's co-chief operating officer, said in the news release. "Our customers' voices are more 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."
Recent college graduate and part-time nanny Molly Katchpole is credited for spearheading the campaign that reversed Bank of America's decision. The 22-year-old Washington, D.C. resident started an online petition soon after Bank of America announced the proposed $5 monthly debit fee.
"The American people bailed out Bank of America during a financial crisis the banks helped to create," Katchpole said in her petition. "How can you justify squeezing another $60 a year from your debit card customers? This is despicable."
Junior Brennan Bredl believes it was in Bank of America's best interest to drop the debit fee.
"In these economic hard times, I don't understand why they think they can implement fees and not lose business, especially when it comes to students," Bredl said. "A lot of us don't have an extra $5 a month to blow on something like simply using our debit cards."
With its decision, Bank of America now joins other national banks - such as JPMorgan Chase, Citigroup, U.S. Bank, PNC Financial and Key Bank - that have decided against charging customers debit card fees because of consumer pressure.
