Bank of America Decides to Scrap $5 Monthly Fee

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Just about a month after Bank of America announced they’d start taxing the poor with a five dollar monthly charge to use a debit card at retailers, the financial giant has decided to pull the plug on that plan, thanks in large part to a petition on and the Occupy Wall Street movement. reports, “Chase and Wells Fargo – two of Bank of America’s biggest consumer banking competitors – have promised not to levy debit card fees on customers, and Bank of America is suggesting they will ‘soften’ their fee.”

ABC News covered the story of Molly Katchpole, a 22-year-old “who said enough was enough and started a campaign against Bank of America’s $5 fee.”  Take a look: