Small Business Finance News
Bank Of America Caves To Consumers, Drops Debit Card Fee
Written by Tim Morral
Published: 11/2/2011
Yesterday, Bank of America announced that it will drop a controversial $5 monthly fee for debit card users following a massive outcry from consumers.
In a move that is sure to catch the attention of corporate execs throughout the nation, Bank of America has announced that they will abandon $5 monthly debit card fees.
This move comes in response to a viral campaign on Change.org in which more than 300,000 consumers from all 50 states demanded the fee be dropped. The campaign was launched by Molly Katchpole, a 22 year-old Bank of America customer.
"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," said Katchpole. "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."
The Bank of America campaign was the largest campaign in the history of Change.org, a leading online campaign platform. At one point, the campaign was drawing in more than 3,000 supporters per hour and more than 40,000 supporters each day.
"With people struggling economically across the country, the level of interest in this campaign is simply unprecedented," said Change.org Founder Ben Rattray. "With no funding and while working two part-time jobs, a 22-year-old recruited hundreds of thousands of people from across the country to join her in challenging one of America's most powerful financial institutions. Not only did she win, but the success of her campaign drove all of the major banks into avoiding the same types of fees."
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