Barely 72 hours later, it seems that Bank of America’s decision to charge customers $5 a month to use their debit cards is rapidly becoming a New Coke-level blunder. Consumers have taken to the blogosphere in droves to vent their displeasure, and the bank’s already-battered stock dropped by more than 3.5 percent on Friday.
Bank of America’s website was plagued with glitches through most of the day on Friday, and bloggers report continued sporadic outages throughout the weekend.
7 comments:
I have been in a credit union over 7 years now. I would never use BOA if that were to change.
Customers need not complain, simply change banks or use a credit card instead of debit. The wonderful thing about free enterprise is that we have the freedom to do business with whomever we choose.
@12:09
What if the customers would like to stay with their current bank but do not want to deal with the fees? They have every right to complain, plenty of business as struggling at this point I do not see them charging their customers $5 extra on every transaction. This is probably the most moronic move any bank could have made with the reputations they have at this point in the struggling economy.
Thank the Durbin Act and congress for this one. Banks were going to find a way to get their money. Your best bet is to stick with the community banks.
ATM cards were pushed by the banks in the beginning and they were free to use everywhere. Once people got accustomed to using the atm cards, the banks started charging fees for using them at other banks. Same thing now with debit cards...they got you hooked on using them and now they gotcha. I take their cards that they insist you take, cut them up and continue to use cash. If you need money on sat or sun, then plan ahead and have cash on hand.
It's 5 dollars a month, not every transaction.
If BOA has convenient locations,I would'nt have a problem with a $5 monthly fee.Until today I was actually paying a $10 a month fee at another bank.I've never dealt with BOA,but a fee that small would not deter me from it.
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