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Bank Of America Officially Ditches $5 Debit Card Fee, Avoids Pulling A Netflix
By
Christopher Robbins
Published Nov 1, 2011
Modified Nov 1, 2011
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By
Christopher Robbins
Published Nov 1, 2011
Modified Nov 1, 2011
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It appears that yesterday's rumors are true: Bank of America is dropping their plans for a $5 monthly debit card fee. A spokesperson for BOA declined to tell the AP whether or not the fee's announcement caused an increase in account closures or flaming bags of dog poop found inside BOA ATM vestibules. The flack noted that the decision to scrap the fee was based on a "changing competitive marketplace," and said, "Over the past couple of weeks, customer sentiment changed."
We're pretty sure that customers have always been against fees, but they're probably happy to take credit for preventing BOA from pulling a Netflix. However, BOA CEO Brian Moynihan said after the controversial plan was criticized, "I have an inherent duty as a CEO of a publicly owned company to get a return for my shareholders" and therefore the company has a "right to make a profit."
While Chase has decided—after 8 months of research—that it won't charge debit card fees, JPMorgan Chase CEO Jamie Dimon once said, "If you’re a restaurant and you can’t charge for the soda, you’re going to charge more for the burger." So look for them to start charging for those Dum-Dum lollipops that sit in the lobby. Or maybe they'll be able to squeeze more out of us at ATMs, where they already make as much as $3.00 on transactions that cost 20 cents. Failing that they can rely on their old standard: charging people for being poor.
Molly Katchpole, the 22-year-old who started a petition on Change.org to let BoA know their $5 fee was a terrible idea, said, "I knew that if enough people expressed their outrage to Bank of America, they would have to listen to their customers and reverse their debit fee plan. The American people bailed out Bank of America during a financial crisis the banks helped create. Bank of America paid zero dollars in federal income tax last year and thought they could squeeze more from the American people. The success off this campaign proves that ordinary people can successfully stand up to even the largest corporations."
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Christopher Robbins
Christopher Robbins is a New York City reporter covering transportation, affordable housing, local politics, and criminal justice. His work has also appeared in New York Magazine, The Village Voice and The New York Times. Chris is a graduate of Patrick Henry High School in Roanoke, Virginia, and enjoys biking to Fort Tilden in the summertime.
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