Durbin Takes Some Credit for BofA Decision to Rescind Debit Card Fee

Shortly after Bank of America announced Nov. 1 that it is rescinding its decision to charge a $5 debit card fee, Senate Majority Whip Richard Durbin (Ill.) took to the floor of the Senate to take some of the credit for sparking consumer reaction that resulted in the bank’s decision.

After the bank announced its decision in early October to charge the fee for certain checking account customers, Durbin said he “was asked at the time what should we do, and I said, customers of these banks should vote with their feet. Start looking for another bank. Find a bank ...