BofA Scraps $5 Debit Card Fee

Score a point for enraged consumers. Bank of America dropped a plan to charge customers $5 monthly to use their debit cards, becoming the last major bank to ditch proposed debit card fees. "We have listened to our customers very closely over the last few weeks," the bank's co-chief operating officer said in scrapping the plan, which had been met with widespread derision. Last week, JP Morgan and Wells Fargo both cancelled test runs of charging the new fees, and SunTrust Banks and others dropped fees and reimbursed customers. Banks devised the new fees to make up for lost revenue from debit card swipes.