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Bank of America scraps $5 debit card fee

The outside of a Bank of America branch in Los Angeles is seen in this file photo.

November 1, 2011 12:00:00 AM PDT
Bank of America announced on Tuesday that it is scrapping its plans to charge a $5 debit card fee after listening to customer feedback.

The statement from the company came after other major banks, including Chase and Wells Fargo, said last week that they were canceling tests of similar fees.

"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," David Darnell, co-chief operating officer, said in the statement.

The Associated Press contributed to this report.