Bank of America is dropping its controversial $5 debit card fee, Bloomberg reported citing a bank spokesperson.
The proposed $5 dollar fee was first announced on September 29.
The Charlotte, North Carolina-based bank initially blamed the Dodd-Frank financial regulation bill on the $60 annual fee.
Following the fee announcement, there was a backlash from the bank's customers.
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The Wall Street Journal reported Tuesday morning that Bank of America will follow in the path of JPMorgan Chase and Wells Fargo, which announced Friday they would forgo fees for the popular service -- both of those banks had been testing $3 monthly fees.
Bank of America announced last month that it would begin rolling out a $5 monthly fee for basic checking account customers who wanted to use their debit card to make purchases. Customers reacted angrily, and a movement that sought to mobilize bank users to switch to credit unions on Nov. 5, dubbed Bank Transfer Day, had more than 70,000 RSVPs as of Tuesday morning.
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