Bank of America is backing down from the $5 monthly debit card charge.

[gaylasue]

I thought it was interesting to see that Bank of America has now decided not to charge the $5 per month debit card fee due to the outcry from us ordinary citizens!  I guess the Netflix mess showed them what could be in store for them.

[ladavia89]

Regions also backed down and refunded the charge. Now if only they would do something about the monthly bank fees

[kords21]

That's how the true "free market" regulates corporate behavior. If Bank A is doing something that people don't like, but Bank B is not doing that, then Bank A should fail/lose business for not giving the people what they want. Bad behavior should be punished (customers taking their business elsewhere) and good behavior should be rewarded. The strongest regulation in business is failure. Unfortunately all the bailouts and gov't proping up these companies has seriously muddied the waters and is just prolonging the pain.

[Abrupt]

That's how the true "free market" regulates corporate behavior. If Bank A is doing something that people don't like, but Bank B is not doing that, then Bank A should fail/lose business for not giving the people what they want. Bad behavior should be punished (customers taking their business elsewhere) and good behavior should be rewarded. The strongest regulation in business is failure. Unfortunately all the bailouts and gov't proping up these companies has seriously muddied the waters and is just prolonging the pain.

Well said!  I completely agree with you.

[Stealth3si]

I thought it was interesting to see that Bank of America has now decided not to charge the $5 per month debit card fee due to the outcry from us ordinary citizens!  I guess the Netflix mess showed them what could be in store for them.

IIRC, they would only charge this fee if the customers keep a minimum monthly balance and/or have DD. If this is the case, customers with eChecking accounts would suffer.

That said, is there a link you have that shows they have omitted this fee?

[monnee]

And other big banks are following them too and I've read that a lot of people are transferring their $$$$$ into credit unions and smaller banks in bank transfer day today.