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How things Work

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Balladeer
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0 posted 11-02-2011 12:31 AM       View Profile for Balladeer   Email Balladeer   Edit/Delete Message      Find Poems   Click to visit Balladeer's Home Page   View IP for Balladeer


Bank of America backs down on $5 debit card fee


Bank of America Corp. is scrapping its plan to charge a $5 monthly fee for debit card purchases after outraged customers threatened an exodus.
The about-face comes as customers across the country petitioned the bank and mobilized to close their accounts in favor of credit unions and community banks. The outcry prompted other major banks, including JPMorgan Chase & Co. and Wells Fargo & Co., to cancel trial tests of their own debit card fees.
Bank of America, the nation's second largest bank, said it reversed course after listening to customers. http://news.yahoo.com/bank-america-backs-down-5-debit-card-fee-211630432.html

That's the way it's supposed to be...by the consumers, not government edit or decree. Take note, Washington.

Local Rebel
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since 12-21-1999
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Southern Abstentia


1 posted 11-02-2011 01:02 AM       View Profile for Local Rebel   Email Local Rebel   Edit/Delete Message      Find Poems  View IP for Local Rebel

Anybody want some snakeoil?
Balladeer
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2 posted 11-02-2011 07:20 AM       View Profile for Balladeer   Email Balladeer   Edit/Delete Message      Find Poems   Click to visit Balladeer's Home Page   View IP for Balladeer

Please explain your comment, LR.
Sunshine
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Listening to every heart


3 posted 11-02-2011 11:46 AM       View Profile for Sunshine   Email Sunshine   Edit/Delete Message      Find Poems   Click to visit Sunshine's Home Page   View IP for Sunshine

Had a client come in today requesting a bank authorization change form...when we told her that BofA had changed its mind, she did, too.

Bob K
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4 posted 11-02-2011 05:07 PM       View Profile for Bob K   Email Bob K   Edit/Delete Message      Find Poems  View IP for Bob K




     And yet when we get fairly large protests about the way the system is being run overall, critiques of the banks anbd financial institutions that should provoke even greater changes the comments that Mike makes here and I think makes sincerely take on a very different tone.  I believe that the principle is much the same.  The difference is that the criticism being made is much more fundamental and would require roll backs in some of the laws that the banking industry and the financial industry has pushed for since perhaps the end of WWII.

     These industries wanted these changes, I believe, enshrined in law to prevent them from being rolled back as a result of mere comsumer pressure.  The de-regulation of gas and electricity prices which gave us Enron and the deregulation of the S & L industry, which gave us the S&L scandal show us what the purposes of these deregulatory pressures are all about.  The rising tide of anger at the criminal activites the various business interests have been willing to engage in at the cost of the Public good has fallen on deaf ears.

     I'm as happy as Mike is that this latest outrage has been at least temporarily halted.  It's long term promise of profits remains seductive for an industry that has indulged itself in an orgy of expensive consolidation which it must pay for.  I don't particularly want to pay for these banks to eat other banks, grow less competitive and raise my rates.  The prospect is unappealing, just as I was not thrilled at having to pay for Enron's speculative price inflation that cost California Billions which Callifornia is still stuck trying to pay.

     We need some regulation to keep these folks from entirely killing off the American middle class and turning us into a nation of renters once again.  The regular citizens need some protection.
 
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