Bank of America backs down from its plan to charge debit card users a $5 dollar a month usage fee.

FOX News Radio’s Jared Halpern reports from Capitol Hill:

The much criticized fee was to hit customers next year; a response to the Dodd-Frank Financial Overhaul Law cutting the amount banks are allowed to charge merchants for debt card purchases.  Before the passage of that law, banks warned of new customer charges to make up for swipe-fee losses.  Other banks also scrapped plans for debit card fees including JP Morgan Chase, Citigroup, and PNC.

On Capitol Hill.  Jared Halpern, FOX News Radio.