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Bank of America Corp. is scrapping its plan to charge a $5 monthly fee

  1. Stacie L profile image88
    Stacie Lposted 5 years ago

    Bank of America Corp. is scrapping its plan to charge a $5 monthly fee for debit card purchases after outraged customers threatened an exodus.

    The about-face comes as customers across the country petitioned the bank and mobilized to close their accounts in favor of credit unions and community banks. The outcry prompted other major banks, including JPMorgan Chase & Co. and Wells Fargo & Co., to cancel trial tests of their own debit card fees.

    Bank of America, the nation's second largest bank, said it reversed course after listening to customers. Anne Pace, a spokeswoman for Bank of America, declined to say whether there was a spike in account closures following the September announcement that it would start charging the fee early next year.

    http://finance.yahoo.com/news/Bank-of-A … 3.html?x=0

    [b] looks like public outcry can work in public's favor for a change...[b/]

  2. paradigmsearch profile image85
    paradigmsearchposted 5 years ago

    Yes, how about that? There is still hope for our society.

  3. Mighty Mom profile image90
    Mighty Momposted 5 years ago

    Bowing to public pressure.
    Hmmm.
    Could it mean the OWS movement is having some effectBut not to worry about any negative financial impact on BofA.
    They'll just find another, sneakier way to make up the difference -- and more.

    roll

    1. Stacie L profile image88
      Stacie Lposted 5 years ago in reply to this

      one small step for the little people...roll

    2. profile image70
      logic,commonsenseposted 5 years ago in reply to this

      You are absolutely correct about that.  They will get it one way or another.  This way was just up front.

  4. AEvans profile image70
    AEvansposted 5 years ago

    That began because of one young woman and moveon.org. I am glad the banks banked down. smile

 
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