After being rightfully pegged as the poster child of Wall Street greed in a lousy economy, Bank of America is reconsidering that whole $5 a month debit card fee for its customers.
Bank of America is considering softening its controversial policy of charging some customers for making purchases with their debit cards, according to a person familiar with the bank’s plans.
In September, the bank announced that it would begin charging most customers $5 a month if they used their debit cards to make purchases.
The fee, which would begin in January, set off a barrage of public outrage at the bank.
Now, under proposals being considered by the bank, Bank of America would offer customers new ways to avoid having to pay the fee.
Currently, only customers with certain premium accounts would be exempt from the fee.
Unless one of the ways B of A is planning to have customers avoid the fee is “are you a customer?” then the damage is already done. The whole concept of knifing people in the back for $5 a month was the best thing to happen to efforts like the Move Your Money project since the financial crisis, and hey, let’s remember that a week from today is Bank Transfer Day.
They must be scared if they’re backtracking already on the plan.