NEW YORK — Bank of America Corp. is scrapping its plan to charge a $5 monthly debit card fee.
The bank's decision to drop the fee came after a roar of customer outrage in recent weeks over the fee. Other major banks, including JPMorgan Chase & Co. and Wells Fargo & Co., already canceled tests of similar debit card fees last week.
SunTrust Banks and Regions Financial Corp. followed suit Monday.
Anne Pace, a spokeswoman for Bank of America, declined to say whether the company experienced a spike in account closures since announcing the $5 debit card fee in September.
But in a statement Tuesday, Bank of America's co-Chief Operating Officer David Darnell said the decision was based on customer feedback.
"Our customers' voices are most important to us. As a result, we are not currently charging the fee and will not be moving forward with any additional plans to do so," he said.
Pace added that a "changing competitive marketplace" also played a role.
The about-face by the banking industry comes amid growing public anger over higher bank fees. A movement to get bank customers switch to credit unions — started by a Bank of America customer — had marked this Saturday as "Bank Transfer Day."
A separate online petition asking Bank of America to cancel the $5 fee also had gathered more than 306,000 supporters this week.
Unlike Chase and Wells Fargo, Bank of America's announcement that it would start charging customers a monthly debit card fee early next year had come without any testing in the marketplace.
The banking industry's retreat from a debit card fee doesn't mean customers aren't seeing higher fees elsewhere.
This past spring, for example, Bank of America raised the monthly fee on its basic checking account to $12, from $8.95.
The Charlotte, N.C.-based bank is also testing a new menu of checking accounts with monthly fees ranging from $6 to $25 in Arizona, Georgia and Massachusetts. Pace said the pilot program is seeing "good results" and that the bank plans to move ahead with its rollout sometime next year.