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/]
Yes, how about that? There is still hope for our society.
Bowing to public pressure.
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.
That began because of one young woman and moveon.org. I am glad the banks banked down.
by Person of Interest5 years ago
I mean seriously."NEW YORK (AP) -- Bank of America plans to start charging customers a $5 monthly fee for using their debit card to make purchases. The fee will be rolled out starting early next...
by Susan Reid6 years ago
JP Morgan Chase is considering capping debit card transactions to $100 or even $50. It's all about fees they charge per transaction, currently $.44 and proposed to be slashed by Congress to $.12.That's a big hit for...
by Stacie L5 years ago
More ridiculous arrests coming out of New York today, as Citibank proves it's just as bad, or even worse than Bank of America in how it treats its customers. Earlier today, about two dozen people formed a queue inside...
Copyright © 2017 HubPages Inc. and respective owners.
Other product and company names shown may be trademarks of their respective owners.
HubPages® is a registered Service Mark of HubPages, Inc.
HubPages and Hubbers (authors) may earn revenue on this page based on affiliate relationships and advertisements with partners including Amazon, Google, and others.