Bank of America decides against $5 fee

Bank of America has decided against charging a fee for debit card users after many customers voiced concern and anger about the new policy.

The fee would have charged customers $5 per month, except for select groups — including the military and student users, said Tony Allen, a spokesman for Bank of America.

Tuesday’s press release by Bank of America stated that customers’ negative opinion of the new policy was the reason for eliminating the fee.

“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 in the press release.

“Our customers’ voices are most important to us,” he said. “As a result, we are not currently charging the fee and will not be moving forward with any additional plans to do so.”

More than 306,000 people signed an online petition calling for Bank of America to reverse the decision.

Allen said other banks, including JPMorgan Chase & Co., planned to charge a similar fee, but they have since decided against it.

State employees’ credit unions have seen an increase in membership that could be a result of the fee, said spokeswoman for the N.C. State Employees’ Credit Union, Leigh Brady.

“We are currently working with about 25,000 members who are switching their accounts to SECU,” she said. “This is about a 30 percent increase in just the past month.”

Brady said there is value in joining a SECU because they do not exist to make a profit and are owned by their members, which leads to lower rates and fewer fees for members.

Bank of America is not considering any new fees at the moment, said spokeswoman Anne Pace.

“There is value to the products, services and access we offer and we need to consider how we continue to offer it at a fair price,” she said.

“We intend to stay true to our commitment of clarity and transparency, while rewarding customers who do more business with us.”