Bank of America Bows to Pressure, Does Away with $5 Debit Card Fee

By CANDICE CHOI | November 1, 2011 | 11:55 AM EDT

This photo taken Friday, Oct. 14, 2011, shows the Bank of America logo at a local branch office in Hialeah, Fla. Bank of America said Tuesday, Oct. 18, 2011, it earned $6.2 billion in the third-quarter largely from accounting gains and the sale of a stake in a Chinese bank. (AP Photo/Alan Diaz)

New York (AP) — Bank of America is nixing its plans to charge a $5 debit card fee.

The news comes after other major banks, including Chase and Wells Fargo, said last week that they were canceling tests of similar fees.

Bank of America had said last week that it would stand by its decision to roll out the $5 monthly fee starting next year.

The about-face by the banking industry comes amid growing public anger over higher fees. A movement to get customers to switch to credit unions and community banks had marked this Saturday as "Bank Transfer Day."