Bank of America Bows to Pressure on Fees

Bank reacts to outrage over plan to charge customers for debit card use.
2:34 | 11/01/11

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Transcript for Bank of America Bows to Pressure on Fees
And now we turn to that David vs Goliath story the victory of people power against a huge bank Bank of America announced today. It is reversing itself on those new five dollar customer fees. And we have been covering this since the beginning you remember the young woman who started the petition against the bank. Raising fees after of the taxpayer bailout customers -- again it spread like wildfire. We tracked down the head of the company to try to get answers. And ABC's Matt Gutman who did that has been on the story from the beginning and takes us inside the grassroots revolution and what happened tonight. -- 33 -- 300000 petitioners. And one -- cancel. I'm not in the hit it so exciting. When -- just 22. Its first featured on ABC news last month she had just launched an online petition demanding. Bank of America repeal its quote outrageous five dollar debit -- -- I think that -- today 306000. Signatures. I just happened in the person expectation but if it wasn't for that 306000. People and -- It wouldn't -- public outcry over the -- -- from the senate floor Bank of America customers. Vote with your feet all the way to the White House you're gonna see a bunch of banks who -- themselves -- or. This is actually not good business practice at first. The -- was at this and several other big banks say they too thinking about adding defeats and what if it doesn't answer a couple questions Forrester. So we tracked down bank CEO -- -- and in Washington looking for answers expect Americans need that money. -- ordered to stay on. The fear is that we brought a great service provider climbed to the outrage and the public outcry continued. Spurring other big banks like chase and Wells Fargo to kill plans to roll out the -- -- -- Forcing the -- -- to buckle. Our customers' voices are most important to us as a result we are not currently charging feet and will not be moving forward with any additional plans to do so. And all of it started with that quiet -- -- to protests. Eight petition. I really hope this inspires other people. Two. To try to change things on their unhappy and -- -- I mean even if it's something like starting a petition. Analysts say it wasn't just those voices that force that change but is silent army of people Diane. Marching the money away from the big banks traffic on the national federal credit union website is up a whopping 700%.

This transcript has been automatically generated and may not be 100% accurate.

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