In response to customer feedback and the changing competitive marketplace, Bank of America announced today that it no longer intends to implement plans for a $5 debit card fee.

The company had previously said it would begin making the charge starting in January.

"We have listened to our customers very closely over the last few weeks and recognize their concern with our proposed debit usage fee," said David Darnell, co-chief operating officer.

Both Wells Fargo and JPMorgan Chase recently announced their decision to not charge a debit card usage fee as some angry depositors moved their money from big national financial institutions into small, local, nonprofit unions.

Bank of America is one of the world’s largest financial institutions. The company says it intends to please their customers by making the change.

"Our customers' voices are most important to us. As a result, we are not currently charging the fee and will not be moving forward with any additional plans to do so,” the company said.