Bank of America Fee Retraction Shows That Markets Work

The consumer is king.

Bank of America fee retraction shows effect of consumer rage – “Consumer rage in an electronic age has corporate titans doing something few have so willingly done before: back-pedaling. When Bank of America announced Tuesday that it was nixing its widely panned plan to charge consumers a monthly $5 debit card fee, it joined a handful of other familiar banks that also had back-pedaled. The unusual moves follow a recent, customer-instigated about-face by Netflix, which scrapped plans to split into two businesses and ultimately charge customers more. … There’s a considerable price to be paid in damaged reputation — and lost business — to companies that don’t pay heed.”

  • Becki Jacobs

    It is very interesting that there are two perfect examples of this recently.  I love it when the market works like this!