Bank of America gets a clue -- late
Posted by Joni Balter
Even Bank of American can occasionally gauge public sentiment. The bank, which was hell bent on charging customers $5 a month for using their debit cards, has decided not to take that maddening step after all.
Call it peer pressure. Several other banks in recent days also decided not to charge such a fee.
Bank of America did not nix the charge out of the goodness of its heart. Saturday, Nov. 5 had been declared "Bank Transfer Day,'' the perfect opportunity to move one's account from Bank of America to a different bank or credit union.
It was not clear from Tuesday's announcement if Bank of America would find other ways to recoup money from customers. Keep an eye on the small print.
Bank of America should take a bow for adding to the rage at various Occupy Wall Street protests around the country, including Occupy Seattle. By itself, the $5-per-month fee was not a lot of money. But what enraged people was the idea that a bank could not abide pain from a recession or a new law limiting bankers' outlandish practices, but citizens would just have to tough it out.
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