The bank says in a statement that the decision to scrap the plan came after listening to customer feedback in recent weeks.
The news comes after other major banks, including Chase and Wells Fargo, said last week that they were canceling tests of similar fees.
"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," David Darnell, co-chief operating officer, said in a release.
The about-face by the banking industry comes amid growing public anger over fees. A movement to get customers to switch to credit unions had marked this Saturday as "Bank Transfer Day."