It's a small victory, but a victory none the less. Bank of America announced today that they would not start charging their customers $5.00 a month to make purchases with their bank issued ATM card. They, and other banks considering similar charges, have received too many complaints and felt it wasn't in their best interest.
I want to call this a "Netflix Moment." You see, when Netflix recently split their service in two and started to charge separately for movie rentals sent in the mail and movie rentals downloaded over the Internet, they lost over 800,000 customers in a matter of one or two months. Their stocks took a nose dive. I think the banks want to avoid the same disaster.
November 5th is still slated as the day everyone is supposed to close their bank account at one of the mega-banks and move to a small, home-town bank or credit union. I haven't really pushed the date because Karen and can't do it, so I didn't feel right endorsing it. I wish we could though.
I'm sure all the hub-bub from "Occupy Wall Street" had something to do with Bank of America's decision today.
Note: I just heard on the Rachel Maddow Show that 71,000 people are signed up to close their accounts in mega-banks this Saturday.
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