Tuesday, November 1, 2011

Piggy Bank of America caves in: No $5 fee


(WP) In a rare reversal, Bank of America announced today that it will drop a highly criticized fee for customers who swipe their debit cards. The bank had intended to begin charging the $5 fee next year, citing new federal regulations that it says have hurt its bottom line. But the debit charge drew a torrent of fury from customers, lawmakers, and even Pres. Obama. Faced with consumer backlash, Wells Fargo recently abandoned its own testing of a fee. Regions Bank and SunTrust have also dropped their charges. More