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Arlington, Va. -- The Retail Industry Leaders Association on Tuesday issued a statement in response to Bank of America’s decision to abandon its plan to charge new fees on debit card users.
“Today’s news is proof-positive that consumers remain swipe fee reforms biggest winners,” said Katherine Lugar, RILA executive VP public affairs, in the statement. “Bank of America and its big bank peers are no longer free to fleece merchants and consumers at will. This outcome is just what consumers deserve, what reform advocates predicted and what we will fight to extend to the credit card market.”
The action by Bank of America follows decisions by competitors to drop customer trials of the new fees. SunTrust Banks Inc. and Regions Financial Corp. also said they will stop charging customers for debit-card transactions.