Bank of America Backs Off Plans to Implement $5 Debit Card Fee

Bank of America is no longer planning to put in place a $5 monthly debit card usage fee, a company press release said today.

"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."

Here are a couple of reports from Bloomberg as well as the Huffington Post with more details about today's news.