Bank of America has decided that it won't charge its customers a monthly fee to use their debit cards. David Darnell, co-chief operating officer at Bank of America, said the company decided to forgo the fee after listening "to our customers very closely." The announcement comes after JPMorgan Chase, Wells Fargo, SunTrust Banks, Regions Financial and other banks decided against similar charges. CBA President Richard Hunt said that the fees were a response to the Durbin amendment, which limits interchange fees.
"The Durbin amendment cost our banking industry $8 billion," Hunt said. "We have to do one of two things: raise revenue or reduce costs."