Recent media focus concerning the price of brand loyalty—sparked in part by Bank of America’s decision to start charging fees for debit card users—recalls some interesting research from a few years back that suggests there’s …
Banking
Higher Prices: The Odd Reward for Being a Loyal Customer
New customers are routinely wooed with special discounts for services like pay TV and newspaper subscriptions. Existing customers, on the other hand, can expect regularly escalating bills unless they put up a fight or beg for a …
Raise Prices in a Slow Economy? Nice Try
Falling diaper sales and the mess at Netflix point up the risks that big banks are taking by boosting fees in a recessionary environment.
Struggling for Investment Answers? It Helps To Reframe The Question
Tom ran a public opinion survey a while back where some of the respondents were asked if they believed they could save 20% of their income. Only half said yes. But when the other respondents were asked if they thought they could …
How To Divorce Your Bank in 5 Easy Steps
With all of the ire Americans are directing toward big banks these days, a lot of people are talking about making a change. Protests like the Facebook-driven “Bank Transfer Day” urge consumers to pull up stakes and switch their …
ING Direct Account Openings Skyrocket After BofA, Citi Fee Hikes
After Bank of America and Citibank said they would charge for debit card use and raise fees and balance requirements, respectively, consumers went online to proclaim that they would change banks rather than pay. But talk is cheap (and switching banks can be a pain), so TIME Moneyland talked to Todd Sandler, head of product strategy at …
Wall Street Protests Get Specific: Could ‘Bank Transfer Day’ Pit Americans Against Their Big Banks?
The growing anger directed at U.S. banks (especially the big ones that took federal bailout funds) over recent fee increases coalesced this weekend into a Facebook-driven campaign urging Americans to close their accounts at large …
Three Alternatives to Paying Big Bank Fees
No one likes to pay for something they’re accustomed to getting for free. So, quite predictably, Bank of America customers are angry that using a debit card will soon cost them $5 a month. While consumers are outraged with the …
Are Debit Card Fees Meant to Get Consumers to Use Credit Cards More?
Why are Bank of America and other financial institutions charging new monthly fees for debit card usage? The move has predictably caused a backlash, and the net result may be that fewer customers will keep using debit cards at …
Credit Union Paying Customers to Use Its Debit Card
Just when you thought every bank in the country was tacking on as many fees as possible comes a Texas credit union that pays 15 cents every time its members make a debit card purchase.
Was Bank of America Hacked?
Seven days after Bank of America instituted a hugely unpopular $5 fee for debit card use and six days into widespread reports from customers about error messages, slow service and other problems accessing the home page or other …
Et tu, Citi? Bank Raises Balance Requirements and Fees
Bank of America wasn’t the only big national financial institution to announce some changes that might hit customers in the wallet. Citi was quick to bash Bank of America when it rolled out its hugely unpopular debit card fee, …