In the biggest victory for consumers since the recent Netflix mea culpa, Bank of America said today that it was abandoning its plan to charge customers a $5 fee every time they use their debit cards.
The reversal, which came just a month after announcing the new fee, follows a huge backlash from customers.
The bank relented, but only after other large banks had indicated that they would not impose similar fees. Wells Fargo, JPMorgan Chase, SunTrust and Regions Financial have all pulled back on their plans.
(READ the story in the New York Times)