Tuesday, November 1, 2011


This article summarizes how Bank of America has decided not to charge a $5 monthly fee for debit card usage.
They were trying to offset lost revenue that was caused by a law that lowered the fees they could charge retailers.

Many people are already starting to move their accounts out of Bank of America over this potential fee.  It seems that the big banks are trying to charge for anything these days.  Most local banks waive a fee for using your debit card.  It's less expensive for customers to use their debit card than to write checks.  This is the second time in a year that their CEO has disclosed plans that didn't follow through.  Definitely makes me think that current customers are not going to be confident with the company holding onto their money.  I think Bank of America needs to think things through a little more thoroughly before release information to the public, or I could see them being the next bank to go under.

1 comment:

  1. Netflix had this same problem. First they announced a new structure, then, after some complaints, they withdrew their plans. Their stock dropped a lot and they lost an incredible amount of customers. Basically, they looked like they didn't know what they were doing.