This has been a big news across the US. Bank of America added a new $5 fee to all of their debit card users. It's call the debit card fee. Anybody who used the card within the month is obligated to pay it. "Pay" as in "automatically deducted from one's account". We've talked about BOA in class also, but it is evident that they are on their last legs to be upsetting its customers in such a way. The damage from the housing crisis remains visibly on America's #1 deposited bank.
Maybe they are assuming that other banks would follow their paths and activate a charge that is similar to what BOA have done. Then, it would be like gas price. No matter how much they charge, most of us are going to submit to their decisions. In this theory, BOA would not lose a substantial number of customers.
It may only be a temporary solution, but I know I'm switching.
http://www.washingtonpost.com/business/economy/bank-of-america-faces-outrage-over-debit-card-charge/2011/09/30/gIQAp8zGAL_story.html
I think this is horrible to them and any customers they keep, they will not like them. Not only is BOA adding a debit fee but they also plan on laying of 30,000 employees. I know that they are trying to cut costs but add a fee to everyone and cut all of those employees. I think they should do one or the other and keep at least the little respect they already have. It may be a temporary solution but I know that I am not keeping my money at BOA.
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