Report: B of A will drop $5 debit card fee

This had been coming for some time, especially after the other major retail banks chose not to join B of A. The idea was to charge customers $5 a month for making purchases with their debit cards - not all that unreasonable, but coming at a time when everyone is after the banks for supposedly ripping off consumers. Depositors were livid, and many warned that they would switch over to another institution (kind of a challenge because of online banking). Announcement is expected later today; WSJ has the news, citing a source.

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Mark Lacter
Mark Lacter created the LA Biz Observed blog in 2006. He posted until the day before his death on Nov. 13, 2013.
Mark Lacter, business writer and editor was 59
The multi-talented Mark Lacter
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