Bank of America Ends Debit Card Fee Plans Following Consumer Backlash
November 2, 2011
Episode Demonstrates Consumers Have Power to Shape the Marketplace
San Francisco, CA – Following weeks of consumer protest, Bank of America announced today that it is dropping its plan to begin charging consumers a monthly $5.00 debit card fee. Bank of America’s decision demonstrates that consumers can have a big impact on banking industry practices by joining together and making their voices heard, according to Consumers Union, the advocacy arm of Consumer Reports.
“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,” said Norma Garcia, manager of Consumers Union’s financial services program. “In the end, Bank of America understood that it risked losing too many valuable customers by charging an unfair debit card fee.” [Read more]
Regions Bank Eliminates CheckCard Fee in Response to Customer Feedback
November 2, 2011
Birmingham , AL – In response to feedback from customers, Regions Bank (NYSE:RF) announced that it has eliminated the monthly CheckCard fee for all accounts, effective November 1st, and will refund any CheckCard fees already incurred. [Read more]
