Bank of America drops $5 debit fee

Under pressure from protesters and consumers, Bank of America scrapped its plans to charge a $5-per-month debit fee. Rival banks backtracked on similar plans to impose fees in light of the decision. The event marked a victory for those frustrated with big banks. “It’s a sign of consumer power in action,” said Norma Garcia, manager of the financial services program for Consumers Union. “This is a sign of the marketplace working.”

Protesters with Occupy Wall Street counted the move as a win, among other anti-banking initiatives they share. One of the moves is the Bank Transfer Day campaign, which encourages people to close accounts at big banks and move money to credit unions.