It took just a little over a month for Bank of America to reverse its decision to charge $5 a month for using a debit card to make purchases, The Wall Street Journal reports. It's a Netflix-like about-face for the huge bank, who now joins several other financial institutions who raised debit fees--and then didn't. Bank of America will formally announce on Tuesday that the move wasn't a great idea due to the backlash it received, The Journal writes: it was "due to negative customer feedback on the plan and the moves by rivals, which left the Charlotte, N.C., lender as the only big bank planning to levy the fee on some customers next year." When the charge was announced, Bloomberg News noted that the move was a response to lost revenue stemming from the Dodd-Frank Act that capped debit card swipe fees.
This article is from the archive of our partner The Wire.