Bank of America changed its mind about charging its customers to use their own debit cards, although analysts agree that banks will probably figure out how to make up for it by adding other sneaky charges to customer accounts. [Post-Gazette]
Bank of America followed the lead of four other banks by eliminating debit card fees in response to massive consumer outcry. [InvestorPlace] [Washington Post Opinions] These outraged customers didn’t just “occupy” Walk Street — they voted with their wallets by moving money out of banks that were charging extra fees.
If you are tired of being nickeled and dimed by your big corporate bank, consider observing Bank Transfer Day on November 5 by moving your money to a local credit union. At least one local credit union is offering an incentive for customers who do so. [Depositaccounts.com]