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.
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