Bank of America announced a five dollar monthly fee for debit card purchases last month. JP Morgan Chase, Citigroup, U.S. Bank, PNC Financial, and Key Bank have confirmed they are not planning to follow suit mainly due to customer preferences.
Even Bank Of America is changing its tune. According to a source close to the bank, Bank of America is considering softening its policy. Customers started leaving the big banks and opening accounts at credit unions to avoid paying the fees.