Students who are account holders with Bank of America no longer have to worry about being charged $5 every month for using their debit cards. The announcement came shortly after Bank of America’s competitors, Wells Fargo and Chase, announced they would not administer fees for their customers.
Bank of America spokeswoman, Anne Pace, said the decision came after listening to the opinions of Bank of America’s customers.
“[The customers] spoke loudly and we listened, and we decided not to move forward as a result,” Pace said.
Following the announcement of the added fees, many customers moved their accounts to other banks. Pace said customers have choices, and Bank of America offers some of the best banking technology around, especially for college students.
“If you look at our online and mobile banking offering, it’s one of the best in the industry, especially for students who may be coming from out of state or otherwise,” Pace said.
Many university students have accounts with Bank of America because of its convenient location near campus and accessibility all over the country. Junior strategic communication major Azim Hussain signed a national petition over the added debit card fee.
“I was outraged over the fee,” Hussain said. “I had every intention of moving my account to another bank if they didn’t do away with it.”
For now, Hussain will keep his account with Bank of America because the fee was eliminated. He said he was pleased they did the right thing and listened to their customers.
“It was the fiscally responsible thing for them to do,” Hussain said.
Other students, like junior supply chain major Russell Henderson, were not aware of the possibility of Bank of America adding a $5 fee every month.
“If I would have known, Bank of America would have gotten a pretty angry e-mail,” Henderson said. “Overall, I’m satisfied they listened to their customers and didn’t add that fee.”