posted on Nov, 1 2011 @ 02:44 PM
Well I don't know if it was the backlash from people, the "occupy" movement (kinda doubt it), or just profit loss from all the negative media, but all
the major banks are dropping their $3, $4, and $5 dollar debit card fees.
I think the most notable one is Bank of America because they were sticking pretty firm on it. Chase and Wells Fargo were just doing "pilots" in a few
states in which they are ending their programs early because all the unhappy people.
"What we have basically proven is that with transparency and competition, consumers will make a choice about where they want to do business and walk
away from those they think are not treating them fairly or are overcharging them," the Illinois Democrat [U.S. Sen. Richard Durbin] said. "I hope the
banking industry learns from this."
Ultimately though, they already did a lot of damage to themselves. Bank transfer day is still coming up, so I'm sure they will will continue to lose
more profits than normal over the next few quarters
One of the quotes from the article that I found pretty funny was
"I bailed out the banks and all I got was a $5 debit card fee" which was apparently on signs at occupy protests.
If you'd like to read the articles,
Bank of America drops $5 debit card fee plan
Chase, Wells Fargo drop debit fees
edit on 11/1/11 by QuantumPhysicist because: (no reason given)