Customers Win Fight against Big Bank Fees

October 25, 2011

Score one for the consumer. It pays to protest! Customers who decided to fight back against big bank fees by complaining and changing banks have chalked up a big victory. Citing customer concerns and a “changing competitive marketplace,” Bank of America said it won’t charge customers a fee for using their debit cards, after all.

“We have listened to our customers very closely over the last few weeks and recognize their concern with our proposed debit usage fee,” said David Darnell, co-chief operating officer. “Our customers’ voices are most important to us. As a result, we are not currently charging the fee and will not be moving forward with any additional plans to do so.”

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The customer backlash started when big financial institutions like Bank of America, Chase and Citigroup announced they would begin charging monthly fees for debit card transactions. Debit cards are the convenient way to access your money electronically, and big banks want to charge fees to recoup losses from new consumer protection regulations passed after the financial meltdown.  But many customers are calling this corporate greed, and they aren’t going to take it anymore.  ABC News reports on the new trend  of customers leaving their big bank to sign up with smaller banks and credit unions.  Click on the video above for more on how customers fought back.