Updated Oct. 31, 3:30 p.m.
A month after Bank of America announced plans for a widely derided $5 monthly fee for debit card use, BofA, Wells Fargo and Chase are all backing off their plans to charge for debit card use. It’s a rare about-face prompted by a groundswell of consumer anger. Will it placate furious customers, or is the …
*What’s the asterisk for? Well, while several big banks say they won’t start charging monthly fees for debit cards a la Bank of America, in most cases they are adding other fees or changing account requirements to increase …
One reason people give for sticking with their bank even as it adds absurd debit card fees is that soon, all financial institutions are likely to charge for these services. So why bother going through the hassle of switching banks at all? Small banks, online banks, and credit unions understand that the absence of fees helps them woo …
In the aftermath of Bank of America’s new $5 monthly debit card fee, politicians, consumer groups, and plain old angry consumers have denounced such fees as unfair and arbitrary, and pleaded with BofA and other financial …
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 …
Falling diaper sales and the mess at Netflix point up the risks that big banks are taking by boosting fees in a recessionary environment.
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 …
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 …
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.
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 …
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, …
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 …
