Chase drops debit card fee, BofA to adjust plans

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NEW YORK (AP) — Chase won’t be charging customers to use their debit cards, as the backlash over Bank of America’s planned $5 monthly fee continues.

The retail banking arm of JPMorgan Chase & Co. will stop charging $3-per-month fees when a pilot program is completed in November.

Such fees sparked a huge backlash, with vocal protests and customers flocking to credit unions and community banks in an effort to move their money to no-fee options.

The anger appears to be resonating.

On Friday, Bank of America bent. A source at the bank, who asked not to be identified because the policy is still evolving, said it likely it will offer ways for its customers to avoid debit card fees through using direct deposit, maintaining minimum balances or using Bank of America credit cards.