Summary Box: Bank of America scraps $5 debit fee

The Associated Press
November 1, 2011

NEW YORK (AP) -- THE NEWS: Bank of America says it is canceling a plan to charge customers $5 a month for making purchases with their debit cards.

THE EXPLANATION: The bank says the decision was based on customer feedback over the past several weeks.

THE BIG PICTURE: Customers had petitioned the bank online to drop the fee and mobilized to close accounts and take their business to credit unions and smaller community banks. Bank of America declined to say whether it saw a spike in account closures since its announcement in September.