NEW: Bank of America Won't Charge Monthly Debit Card Fees

NEW: Bank of America Won't Charge Monthly Debit Card Fees

In response to customer feedback and the changing competitive marketplace, Bank of America no longer intends to implement a debit usage fee, the bank has confirmed.

In a statement released today, Banks of America's co-chief operating officer David Darnell said after listing to customers, the bank opted against moving forward with the plan to charge a monthly debit card usage fee.

“We have listened to our customers very closely over the last few weeks and recognize their concern with our proposed debit usage fee,” Darnell said. “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.”

The original plan was to begin charging $5 per month for debit card fee users.

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The change of heart comes as the bank has faced sharp criticism in recent months after a decision to lay off 30,000 workers nationwide. Much of the Occupy Wall Street protesters' anger has been directed at the bank.