Bank of America Blinked

Bank of America blinked: Two weeks ago, one of the largest banks in the world announced they would start charging a $5 fee for debit cards. We talked about it, because I believe what happens in the US comes to Canada.

But Bank of America actually blinked. When the heat and negative feedback got so bad, Cit, Wells Fargo and a number of other banks who were also testing a debit card fee stopped it. Yesterday, Bank of America decided to withdraw that idea as well.

Ah, the power of the consumer. We don’t get mad very often, but when we do, it has powerful consequences. It’s too bad we don’t get mad more, instead of just tolerating higher and higher fees for less and less service. Apparently the impetus for their reversal is the Wall Street protest movement that’s now spread to so many cities, including some here in Canada. Their spotlight is partly on large corporations, and in this case, we all benefit.

When will you have an ah ha! or ENOUGH! moment with your personal finances in one way or another? At what point is the pain level of everybody getting rich from your pay cheque be high enough where you’ll do whatever it takes to turn it around and get out of your personal financial nightmare? What’ll it take? Because I hope it comes soon – it’ll be so worth it!

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