Following weeks of consumer protest, Bank of America announced today that it is dropping its plan to begin charging consumers a monthly $5 debit card fee. This shows that we can have a big impact on banking industry by joining together and making our voices heard.
Here is the official statement from DYD: “Consumers have the power to make the big banks back down from unfair practices if they raise their voices and vote with their feet and their dollars. In the end, Bank of America understood that it risked losing too many valuable customers by charging an unfair debit card fee.”
Consumers have racked up the victories all week as JP Morgan Chase, Wells Fargo, SunTrust Bank, and Regions Financial Corp. all backed away from plans to charge monthly fees for debit card purchases. Bank of America was the only major bank left with plans to charge a debit card fee until it caved to public pressure today.
However, we all know how the big banks operate and you should be on the lookout for new fees and remember that if they’re not happy with how you are being treated, shop around for a bank or credit union that can offer you a better deal.
We made this How To Switch Banks video if you are interested in moving to a smaller bank or credit union.