Bank of America, recently listed among the 18 Most Hated Companies in America, has scrapped a planned $5 monthly fee for customers who wanted to use their debit cards for purchases.
The banking giant says the decision was the result of listening to its customers “very closely over the last few weeks” and in recognizing their concerns with the fee.
But there may be another, more important reason: the fees were shunned by smaller banks and credit unions who hoped to attract — and likely were attracting — customers by promising not to impose such a fee.
The customers who were heard the most clearly are likely those who voiced their concerns by switching to other banks.
After all, a company will only listen to existing customers so much. But when people start leaving for competitors, that’s always going to get more attention.
That’s a message I wish people who are camped out in this whole “Occupy” movement would take the time to consider: if they’d spend their time moving their money rather than putting on a demonstration, the corporations they’re targeting would be a lot more likely to actually hear what they have to say.
And making themselves more and more self-sufficient — and helping others do likewise — so that they depended less and less on the corporate giants with whom they are so angry would surely have a bigger impact than carrying signs and screaming.