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November 1st, 2011 11:54 AM

NEW YORK (AP) - Bank of America Corp. is scrapping its plan to charge a $5 monthly debit card fee.

The bank's decision to drop the fee came after a roar of customer outrage in recent weeks over the fee. Other major banks, including JPMorgan Chase & Co. and Wells Fargo & Co., already canceled tests of similar debit card fees last week.

SunTrust Banks and Regions Financial Corp. followed suit on Monday.

Anne Pace, a spokeswoman for Bank of America, declined to say whether the company experienced a spike in account closures since announcing the $5 debit card fee in September.

Posted by Russell Rowe on November 1st, 2011 11:54 AMPost a Comment (0)

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