BofA Drops Proposed Debit Card Fee
It seemed like such a good idea at the time -- to Bank of America. But on Tuesday, the banking behemoth announced that it would not, in fact, start charging BofA debit card owners $5 each month for the dubious privilege of simply using that branded piece of plastic to make transactions. Updated
It seemed like such a good idea at the time — to Bank of America. But on Tuesday, the banking behemoth announced that it would not, in fact, start charging BofA debit card owners $5 each month for the dubious privilege of simply using that branded piece of plastic to make transactions.
Politico called the bank’s move “a win for President Barack Obama and Occupy Wall Street,” and Change.org pointed to the online petition started by 22-year-old Molly Katchpole as the crucial piece of consumer feedback that led BofA to ditch the egregious fee plan.
Update: MarketWatch’s Jennifer Waters makes the sobering point that consumers shouldn’t get too excited about this victory, as BofA and its cohorts are likely to find ways to compensate for the $5 they’re not able to squeeze out of customers in this particular way.
Your support matters…Politico:
“We have listened to our customers very closely over the last few weeks and recognize their concern with our proposed debit usage fee,” said David Darnell, co-chief operating officer, in a statement Tuesday. “Our customers’ voices are most important to us. As a result, we are not currently charging the fee and will not be moving forward with any additional plans to do so.”
The move comes as banks generally recoiled at the public outrage that followed Bank of America’s announcement of the new fee.
Independent journalism is under threat and overshadowed by heavily funded mainstream media.
You can help level the playing field. Become a member.
Your tax-deductible contribution keeps us digging beneath the headlines to give you thought-provoking, investigative reporting and analysis that unearths what's really happening- without compromise.
Give today to support our courageous, independent journalists.
Africa
The war-torn country faces the destruction of its health infrastructure, widespread displacement and hunger.
Courts & Law
Some say the ruling points to a disconnect between what it takes for survivors of sexual violence to be believed and what the legal system demands.
In 'Knife,' his memoir on narrowly surviving a vicious attack, the acclaimed author interrogates a world where liberal principles have become old-fashioned.
Ear to the Ground
With summer on the way, advocates say access to cool air amidst stifling heat is a constitutional right.
Film
In “I Am Gitmo,” French director Philippe Diaz recreates the torture rooms inside the Guantanamo Bay Detention Center.
Editorial Cartoons
You need to be a supporter to comment.
There are currently no responses to this article.
Be the first to respond.