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Bank of America will drop its $5 monthly fee on debit card use that was expected to begin next year.

Bank of America has canceled its plans for a $5 monthly debit card fee in response to public backlash, making it the last major bank to retreat. Bank of America had proposed the fee in response to the 2010 Dodd-Frank financial regulatory bill.

With customers angry about new bank fees, credit unions have been trying to use the displeasure to gain more customers.

SunTrust Banks Inc said on Monday it planned to drop a $5 monthly debit card service fee, adding the Atlanta-based regional bank to the list of lenders dropping such maintenance fees amid rising public criticism of the industry.

Bank of America will keep the $5-a-month fee for debit card use that's scheduled to start early next year, while other banks, like J.P. Morgan Chase and Wells Fargo, announced Friday that they are shying away from the fees.

Diversified financial services firm Wells Fargo & Co. (NYSE:WFC) said it is cancelling its planned five-state pilot of a monthly $3 fee for users of its debit cards as a response to customer feedback the bank has received.

The Bank of America Corp., after receiving heavy public criticism for a planned $5-per-month debit-card fee, is likely to give customers more ways to avoid the fee, a person familiar with the bank's plans said Friday.

Bank of America Corp, after receiving heavy public criticism for a planned $5 per-month debit card fee, is likely to give customers more ways to avoid the fee, a person familiar with the bank's plans said Friday.

A controversial weapon could be deployed soon in the U.S. fight against the housing crisis as states and top banks near a deal in their dispute over mortgage abuses -- cutting the mortgage debt owed by homeowners.

Both Demi and Ashton tweeted the same news article

Title insurer First American Financial Corp posted third-quarter profit that missed market estimates, hurt by higher claims and lower orders.

The National Security Agency, a secretive arm of the U.S. military, has begun providing Wall Street banks with intelligence on foreign hackers, a sign of growing U.S. fears of financial sabotage.

Investors stayed cautious ahead of a summit expected to deliver pledges to tackle the euro zone's debt crisis rather than firm commitments, keeping the euro above $1.39 as stocks markets traded little changed.

Julian Assange is now announcing a temporary suspension of the website's publishing efforts. By the end of the year, WikiLeaks could face shut down due to financial blockades from several major banks and credit card companies, some of which include Visa, Western Union, MasterCard, and PayPal.

Wikileaks, a whistle-blowing Web site known for releasing secret government files, on Monday said it is suspending its publication in order to seek funding to sustain its work. Wikileaks has been forced to shift focus toward fundraising because 95 percent of its revenue has been destroyed.

WikiLeaks will have to stop publishing secret cables and devote itself to fund-raising if it is unable to end a financial blockade by U.S. firms such as Visa and MasterCard by the end of the year, founder Julian Assange said on Monday.

In a panel Friday, three startup founders discussed how their companies will challenge the large financial institutions.

“WikiLeaks has published the biggest leaks in journalistic history. This has triggered aggressive retaliation from powerful groups.”

The China hard-landing debate is a classic tail risk story -- an unlikely scenario, but if it materializes the consequences could be catastrophic.

With the majority of the banking industry by assets having reported third quarter results, FBR Capital Markets believes that some of the dire scenarios discussed may have hit bank valuations harder than underlying fundamentals indicate.

The United States will likely suffer the loss of its triple-A credit rating from another major rating agency by the end of this year due to concerns over the deficit, Bank of America Merrill Lynch forecasts.

A federal judge rejected American International Group Inc's request to move its $10 billion mortgage fraud lawsuit against Bank of America Corp back to a New York state court, where AIG believed the case belonged.

Are banks beyond repair? The largest U.S. financial companies did little to answer that question, delivering a mixed bag of quarterly results.

Occupy Wall Street has camped out at Zucotti Park in Lower Manhattan for weeks, but it probably isn't reaching as many bankers as it could. Which could have something to do with the fact that finance is no longer the area's biggest tenant.

The California state attorney general's office subpoenaed Bank of America Corp this week regarding the sale and marketing of troubled mortgage-backed securities to investors in the state, the Los Angeles Times reported.

The California attorney general's office subpoenaed Bank of America Corp this week about the sale and marketing of troubled mortgage-backed securities to investors in the state, the Los Angeles Times reported.

Unconventional times require unconventional measures. It is time for the American people to start a public, federal bank?

U.S. Sen. Dick Durbin, D-Ill, the No. 2 Democrat in the Senate, said banks' reasoning for imposing consumer debit card fees was "disingenuous."

Under the proposed terms of the settlement -- which could total $25 billion -- banks would get a broader relief from potential state civil lawsuits in exchange for refinancing underwater loans, those mortgages where borrowers owe more than their homes are worth, sources said.