Bank of America Rethinks Fee: Reports

Bank of America(BAC) is rethinking its plan to charge customers $5 a month to use their debit cards, according to published media reports.

Customers have expressed outrage over the plans, which were disclosed late last month and which were to take effect early next year. In online comments, many have threatened to switch to another bank.

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Forbes reported Friday that Bank of America is reconsidering the plan after large rivals including JPMorgan Chase(JPM) have backed away from assessing similar fees.And The New York Times, citing bank officials, reported that they were "rethinking elements" of the fee plan. Although the officials hadn't reached a conclusion, the bank would likely increase the number of its customers who would be exempt from the fee, the Times reported. Shares of Bank of America Friday closed up 30 cents at $7.35.

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