New Checking Account Fees, Kicking The US Consumer When They’re Down

New Checking Account Fees, Kicking The US Consumer When They’re Down

Sometime in late October, Bank of America announced that they would start charging a monthly $5 debit card fee for their current and future customers. Once the word got around, many of the customers decided to close their account and go elsewhere for a checking and savings account. They lost 46% customers due to the news and they weren’t too happy about it. After realizing the error of their ways, Bank of America changed their mind and canceled the new plan. Bank of America did not do a test run before launching this idea to see whether people would accept this or not. When companies start listening to what their current customers want, they know they must do something real quick or else lose out on some of the best business deals that they could ever have and it is much harder for certain banks due to the other competition that they have against other banks.

Bank of America is starting to realize that all of their customers are valuable no matter what happens in any type of economic condition. Without them, it wouldn’t have lasted like it is at this very moment  even though they had been around for a long time. A few banks, within a couple of years, had to close down due to some slow businesses and had some money issues. In fact, this had happened within 5 years from now. Bank of America wanted to pride itself as one of the best banks to get a checking account at compare to most banks in your local area. At least, Bank of America is widespread and is all over the United States no matter where you live. With many loyal customers closing down their account, Bank of America didn’t want to lose more so they decided to forget the new plan and go back to not charging any money to keep it up. When a new plan is mentioned and many people are mad about it, some companies are willing to bend over backward for their loyal customers. When a company doesn’t realize how valuable they are, their other competitors will get that potential customer for more businesses to come their way.

Due to the fact that most people are having some money issues, some of these customers are currently unemployed. With an extra $5 tacked on top of other bills that most people owe, it makes more sense to try to respect the wishes from all of the customers that want to stay with them. It is bad enough that some decided to no longer be with Bank of America due to the announcement about the new fee. Despite that some decided to stay, it is a huge loss of customers that was with Bank of America whether as a long time member or not. The point is that Bank of America had learned something valuable here. Never go against what the customers want to keep getting businesses coming their way.