You may have heard today that Bank of America is canceling its plan to charge customers $5 for having a debit card.
My relationship with Bank of America started over a year and a half ago when I was on the road and was tired of paying cash withdrawal fees. It was a seamless switch from my collegiate Missouri bank and I have to say that I was more than pleased. I even moved my savings account and credit card over just to have it all in one place.
Unlike others, I wasn’t completely appalled when I first heard about the debit card fee since my confusion had me believe that the charge would only be applicable if I used my card to purchase something. After doing a little more research, I realized that I was still going to have to pay up, which essentially meant that I was paying my own bank to take my own money out of my own account. Not OK!
More people felt the same way and the popular outcry rumbled across the media landscape as consumers pledged to cancel their accounts and take their business elsewhere. Now, I’m sure Bank of America viewed these as empty threats but after crunching the numbers, they must have realized that the extra $5 they would charge, wouldn’t offset the loss of accounts they were hemorrhaging.
And that is why the people deserve a round of applause. It seems like in the past, consumers were resigned to absorb extra costs and be subject to the whims of those that control the supply of goods. However, enough is enough and they made their voice heard. Words transformed into actions and empowerment replaced complacency.
Americans love a success story, a David versus Goliath, and they’ve been giving us one after the other for the past couple of months. The laundry list includes companies like Netflix and Urban Outfitters that are having to bend the knee and take a step back from their accounting books to realize that their carte blanche is over. Maybe Redbox is next.
How do you feel about the price increases? Is it a necessary evil to bring back our economy or are we being taken advantage of?