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Tuesday, 1 November 2011

Breaking News: Bank of America drops Debit fee.

 I just received the following email from Consumers Union. 
Bank of America just announced that it will drop plans to charge its debit card holders a $5 fee to use their card.
That's because you, and tens of thousands like you, got fed up and said "no" to this final affront. You said, 'we can take our money elsewhere.'
Your public protest gave momentum to a growing movement among consumers to transfer their money from the big banks to credit unions and smaller community banks.
And the big banks heard you. Last week, JP Morgan Chase, Wells Fargo, SunTrust Bank, and Regions Financial halted plans to charge monthly debit fees. Bank of America was the only hold out. An hour ago, Bank of America cancelled its fee, too.
What an amazing victory!
And its more than just this one fee. The public backlash over debit card fees will serve as a wake-up call to banks that they can’t take their customers for granted. While banks may come back with other fees in the future, they’ll be gauging public reaction carefully.
Enjoy your victory.

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