Bank of America and Suntrust Drop $5 Debit Card Fee

said on Tuesday due to, "customer feedback and the changing competitive marketplace," that it will not charge its customers a monthly $5 debit card fee.

The announcement follows this week's decision by to also drop its $5 debit card fee after the news that .

"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 in a company statement. "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."

According to Consumers Union, the advocacy arm of Consumer Reports, Bank of America’s decision demonstrates that consumers can have a big impact on banking industry practices by joining together and making their voices heard.

“Consumers have the power to make the big banks back down from unfair practices if they raise their voices and vote with their feet and their dollars,” said Norma Garcia, manager of Consumers Union’s financial services program. “In the end, Bank of America understood that it risked losing too many valuable customers by charging an unfair debit card fee.”

, grassroots activists, upset with rising bank fees, have organized a movement called "Bank Transfer Day" to be held on Saturday, Nov. 5. On their Facebook page they are urging consumers to switch their banking accounts to credit unions or community banks on that day.