In September, Bank of America announced it would soon begin charging customers a $5 monthly fee for using their debit cards, saying it was recouping losses from new laws that limited how much it could charge merchants when debit cards were swiped during transactions.
But after a firestorm of negative publicity, BofA waved the white flag of surrender and scrapped the controversial plan.
In response to Bank of America’s recently announced $5 monthly fee for debit card usage, Florida-based Community Bank is doing the reverse — it’s paying customers to bank with them.