This just in…
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.
For example, Molly Katchpole, a 22 year-old recent college graduate, started a petition that received 300,000 signatures demanding that the bank end the fee on debit card holders.
Bank of America’s proposed debit card fee also received criticism from President Barack Obama during an interview on ABC.