|A $5 debit fee has sparked controversy|
NEW YORK ( TheStreet) -- Bank of America ( BAC) believes it would be "premature" to cancel its
new $5 debit fee , according to a press release by Change.org, a website that facilitates online petitions.
Andrew Plepler, Bank of America's global corporate social responsibility executive, told Molly Katchpole, a the 22-year-old Bank of America customer who launched an online petition asking the bank to cancel the fee that doing so would be "premature," but that "we constantly listen to our customer feedback," the release stated. An email to Bank of America spokeswomen seeking a response to the release drew no immediate reaction. Bank of America and other big banks such as JPMorgan Chase ( WFC), Wells Fargo ( WFC)and Citigroup ( C) are examining ways to recover lost revenues from a new rule known as the Durbin Amendment that limit the fees banks can charge merchants for debit-card purchases. Bank of America's $5 fee has drawn the most negative attention so far, however. Some lawmakers have responded to the fee by drawing up legislation that would reverse Durbin. -- Written by Dan Freed in New York