In early October, financial news outlets began reporting that a number of major banks planned to charge accountholders a fee every month for the privilege of using debit cards in order to access their own money. At that time, I suggested that we all had choices including “voting with our feet” and taking our money and our business elsewhere.
Today, it was reported that four of these major banks had rescinded their plans to impose these fees on their customers. One bank went so far as to state that it will refund fees that have already been collected.
While the banks have bowed to consumer pressure, it is no secret that they will continue to look for new ways to collect money from their customers in an effort to replace income streams that were denied to them in recent bank regulation laws. Consumer need to stay vigilant. Watch communications from your bank carefully. When your bank announces plans to impose new fees on you and your account, let them know how you feel. This retreat clearly shows that the banks DO listen to their customer complaints and respond to them.