Remember last year, when Gap changed their logo, and then quickly changed it back when their Facebook fans hated it and said so? Bank of America should have paid closer attention.
BofA decided to institute monthly debit card fees. Turns out customers didn’t like the idea. They didn’t like it at all. So now the bank has decided not to charge those fees after all.
“The public backlash over debit card fees should serve as a big wake-up call to banks that they can’t take their customers for granted. While banks may come back with other fees in the future, they’ll be gauging public reaction carefully.”
–Pamela Banks, senior policy counsel for Consumers Union
Here’s the thing: we know that debit cards save the banks money, because they don’t have to hire tellers. So it shouldn’t take a rocket scientist to realize that people might just object to giving you money to use something that lowers your costs, particularly when you’re already holding a lot of their money in your accounts.