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Bank of America Scraps Plans for New Debit Card Fee

Bank of America has announced that it will not be proceeding with the proposed $5 debit usage fee

The people have spoken. announced today that it has abandoned plans to charge its customers for using their debit cards.

The bank released the following statement:

In response to customer feedback and the changing competitive marketplace, Bank of America no longer intends to implement a debit usage 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, co-chief operating officer. "Our customers' voices are most important to us. As a result, we are not currently charging the fee and will not be moving forward with any additional plans to do so."

In September, Bank of America said it will start charging $5 a month for debit card usage early 2012.

Last month, Bloomberg reported that about one-third of customers would switch banks if they had to pay a monthly fee, based on a survey by the Research Intelligence Group.

According to a on Mercer Island Patch, 81 readers said they would also move to another bank — a clear majority of the 123 who voted.

Other major banks, including Citigroup and , have also dropped their plans to implement a monthly usage fee, according to Huffington Post.

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