When announced last month it would start charging customers a $5 monthly fee for use of a debit card, many consumers feared it was the beginning of a new trend in bank fees. They expected other banks would follow suit, and American consumers would see more money moving from their wallets to big businesses.
It never happened. In a surprise move, Bank of America announced it is dropping the controversial plan, according to The Washington Post. The Post wrote: "the debit charge drew a torrent of fury from customers, lawmakers and even President Obama. Faced with consumer backlash, Wells Fargo recently abandoned its own testing of a fee. Regions Bank and SunTrust have also dropped their charges."
Is this a victory for the American consumer? Or will the big banks seek another way to collect that money?