Bank of America terminates their debit card fee plan

• $5 Bank of America debit fee to end over consumer outrage source

» Nickel and diming: You may remember that last month, Bank of America indicated they were going to start charging a $5/month fee for all their banking customers with debit cards. The ostensible justification for this was new regulation imposed by the Dodd/Frank financial reform bill, which some banks warned would result in hidden fees moving out into the open. This upset a great deal of people, though (the massive profits BofA continues to reap in a bad economy does make it seem questionable whether these are fees of necessity), and now the fee plan has been eliminated. Other banks considered following suit, then backed down, leaving BofA out in the cold.

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