Bank of America Caves, Will Ditch $5 Debit Fee

Sources tells the WSJ an announcement will be made today

By Kate Seamons,  Newser Staff

Posted Nov 1, 2011 10:58 AM CDT

(Newser) – Score one for the little guys: Following in the footsteps of pretty much everyone else, Bank of America is backing off its plan to slap a $5 monthly fee on customers who use their debit card, a source tells the Wall Street Journal. The source says the decision, which was the direct result of an outcry from customers and the fact that Bank of America found itself the last man standing on the fee-front, will be announced later today. The Journal notes that it's quite the about-face for the company, which over the weekend said it was sticking by its plan, but loosening the terms.

A bank employee peals off a sign left by demonstrators on a bank teller, as part of the Occupy Wall Street movement protests, Thursday, Oct. 6, 2011.   (AP Photo/Damian Dovarganes)
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