Sanders Credits Consumer Backlash for Bank of America Dropping Debit Fee

WASHINGTON, Nov. 1 - Sen. Bernie Sanders (I-Vt.) today credited a consumer backlash with forcing Bank of America to abandon its plan to charge its customers a $5 monthly fee to use their debit cards.

"I want to congratulate the American people. You did it. You took on the largest financial institution in the United States of America, and you beat them," Sanders said in a Senate floor speech.

Other major banks, including Chase and Wells Fargo, said last week that they were canceling tests of similar fees.

Bank of America and the other banks withdrew their plans "because the American people said ‘enough is enough' in terms of the greed of Wall Street," Sanders added.