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After announcing new fees for 2012, Bank of America changed its mind. It will now drop the idea of new debit card fees in 2012.
If you’ve been in a coma for a while, you may not have heard about the Bank of America debit card fee. Bank of America recently announced that they would impose a $5 debit card fee in 2012. The company has seen a huge backlash in the media and from customers, leading other companies to reconsider or abandon their plans for similar fees.
Forbes is reporting that Bank of America has decided to cancel the $5 fee. According to Forbes, BOA co-Chief Operating Officer David Darnell said that the company is “…not currently charging the fee and will not be moving forward with any additional plans to do so.”
This is likely in response to the overwhelming backlash that didn’t seem to be going away. The Internet was abuzz with angry BOA customers.
Also, the fact that the company has received billions in taxpayer bailouts didn’t sit well with many people.
With angry customers and a media firestorm, a hobbling Bank of America really had to pick their poison.
They could have kept the fee and risked a continued backlash, lost customers and incurred a heavily-damaged corporate image. Or they could have cancelled the fee, lost out on potential revenue and angered some investors. They chose the second option.
In the end, this was about more than just a $5 monthly fee. That would have come out to $60 per year – not the end of the world. The ethics of a company taking massive taxpayer bailouts and charging a questionable fee during tough economic times likely drove many to become angry with them.
As always, the simple solution is to vote with your feet.
If Bank of America has angered you to the point of no return, you can just laugh all the way to another bank. Otherwise, this fiasco will die down and BOA customers will save $60 per year that they would have spent on debit card fees.
If you are a BOA customer, will you stay with them? And, if you will, will you fee differently if they try to re-intoduce this debit card fee in a year or two?