Free-market competition leads to better products and services. Check out what has occurred in the marketplace for banking customers.
Bank Of America is nixing its plans to charge a $5 debit card fee.
The news comes after other major banks, including JPMorgan Chase & Co. and Wells Fargo & Co., said last week that they were canceling tests of similar debit card fees.
Anne Pace, a spokeswoman for Bank of America, declined to say whether Bank of America’s announcement of the new debit card fee had led to a spike in account closures. She said the decision to scrap the fee was based partly on a “changing competitive marketplace.”
