Bank of America drops $5 debit card fee plan

(WGHP) - Bank of America Corp is dropping plans to charge a $5 monthly fee for debit card use, a source familiar with the matter said on Tuesday.

The second-biggest U.S. bank becomes the last big bank to backtrack from plans to charge customers a monthly fee for using their debit cards.

JPMorgan Chase & Co and Wells Fargo & Co last week decided to cancel test programs, while SunTrust Banks Inc and Regions Financial Corp said on Monday they would end monthly charges and reimburse customers.