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Poll: Bank of America Backs Down; Do Consumers Win?

Bank of America announced Tuesday it is dropping its controversial plan to enact a $5 monthly debit card fee.

When announced last month it would start charging customers a $5 monthly fee for use of a debit card, many consumers feared it was the beginning of a new trend in bank fees. They expected other banks would follow suit, and American consumers would see more money moving from their wallets to big businesses.

It never happened. In a surprise move, Bank of America announced it is dropping the controversial plan, according to The Washington Post. The Post wrote: "the debit charge drew a torrent of fury from customers, lawmakers and even President Obama. Faced with consumer backlash, Wells Fargo recently abandoned its own testing of a fee. Regions Bank and SunTrust have also dropped their charges."

Is this a victory for the American consumer? Or will the big banks seek another way to collect that money?

mark henricks November 04, 2011 at 06:41 PM
A degree in Biochemistry indicates to me that you are smart in the books and ignorant in street smarts and common sense. I never had much use for the intellectual professor type liberal. Then again, I'm sure they never had much use for me. As a member of MENSA, I run into your kind often. I always walk away shaking my head.
Erin B. November 04, 2011 at 08:26 PM
In my opinion, if you're the type of person making statements containing the phrase "lower people," you evidence a lack of common decency. This isn't Nazi Germany. Additionally, by assuming that going to college makes you an enlightened person and then immediately treating another who also went to college (regardless of degree) as unenlightened, you've debased your premise. Your arguments are based on arrogant assumptions and a dismissive attitude towards anyone who stands in disagreement, not facts. Being a member of MENSA doesn't mean much if you can't use all those smarts to negotiate a simple debate without resorting to the "I'm right, you're wrong, and you're stupid" tactic.
nunya November 04, 2011 at 08:28 PM
Ha you don't know me at all. I am so not what you stereotype me to be. Keep your ignorant comments to yourself.
trudy1 November 05, 2011 at 12:06 AM
I always thought anyone who joined MENSA was displaying their insecurity. Like wearing a badge, ohh, I'm so smart, when the really smart people wouldn't be caught dead in MENSA.
David Bouchard November 05, 2011 at 01:54 AM
Folks, I think you should ignore Mr MH, he's just messing with you. You are arguing with a parody. The more insensed you become the funnier he finds it; he's probably giggling to the point that he's wetting himself.

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