Bank of America Pulls $5 Debit Card Fee

Facing tremendous scrutiny from customers, Bank of America has reportedly decided to do away with its plan to charge a $5 monthly fee for people making purchases with their debit cards.

According to The Associated Press, angry customers had petitioned the bank's decision by closing their accounts and choosing new companies, with other major institutions such as JPMorgan Chase & Co. and Wells Fargo & Co. deciding to cancel tests of similar moves.

Customers such as 22-year-old nanny Molly Katchpole, who established an online petition against the debit card fee, said that something needed to be done.

"When I heard about the fee, it was the last straw for me," Katchpole noted. "I'm living paycheck to paycheck and one more fee was just too much."

The Chicago Tribune reports that social media likely played a critical role in Bank of America's decision to scrap the monthly debit card fee, as consumers' concerns can be louder and more effective via tools such as Facebook and Twitter.

David Darnell, Bank of America's co-chief operating officer, alluded to this in a statement when he said "customer feedback and the changing competitive marketplace" were key factors in the decision, according to the news source.