Maybe, just maybe, the
customer is always right.
After overwhelming negative response from consumers, mega banks Bank of America, Wells Fargo and JPMorgan Chase are all dropping or tweaking monthly fees aimed at customers using debit cards.[...]
Finally this weekend the bank bowed to angry customers—and no doubt the strong response from smaller competitors in recent weeks that wooed customers with aggressive marketing promising no debit card fees. BofA is now considering plans to implement easier ways for customers to avoid the fee, sources say, including simple steps such as having direct deposit at the bank or opening a credit card account with BofA.
Rivals Wells Fargo and Chase took things a step further. The banks both announced over the weekend that they would suspend pilot programs testing similar debit card fees.
This likely has something to do with it, too.
In the past month, the National Association of Federal Credit Unions recorded a 350 percent increase in Web traffic to its online credit union locator, CUlookup.com. The portal matches visitors with institutions they might be eligible to join based on affiliations, such as school, employer or church.
"There is a growing awareness of credit unions because of consumer anger at the big banks," said Karen Tyson, senior vice president of marketing and communications at the trade group.
Ya think? None of this means that BoA, Chase, or Wells Fargo won't find some way to get their money, because they will. But it does show that consumers are not powerless, all it takes is a little hell-raising. Of course, moving your money works, too.