NEW YORK (TheStreet) -- Bank of America (BAC) - Get Report 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.

Forbes

reported Friday that Bank of America is reconsidering the plan after large rivals including

JPMorgan Chase

(JPM) - Get Report

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.

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Shares of Bank of America Friday closed up 30 cents at $7.35.

This article was written by a staff member of TheStreet.