CNNMoney (NEW YORK) — Bank of America said Tuesday it’s axing its plan to charge a $5 fee for customers who use their debit cards to make purchases.
In September, the bank announced that it would begin charging most customers the fee early next year.
But after widespread customer revolt and announcements by several of its rivals that they won’t charge debit-card fees, Bank of America (BAC, Fortune 500) backpedaled on its plan. Customers who use their debit cards will no longer incur a fee in January.
“We have listened to our customers very closely over the last few weeks and recognize their concern with our proposed debit usage fee,” said David Darnell, Bank of America’s co-chief operating officer. “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.”