After widespread customer complaints, Bank of America announced yesterday that they are dropping its planned $5 debit card usage fee. Other banks, including Wells Fargo and JPMorgan Chase, have also scrapped their plans to charge fees on debit card transactions.
Activist Molly Katchpole, who started grassroots campaign against the fee, was one of the forces that influenced Bank of America's policy reversal. Three weeks ago, Katchpole canceled her savings and checking accounts with Bank of America and started an online petition against the fee that has garnered over 300,000 signatures.
Today on American Morning, Katchpole sits down with Carol Costello to discuss the role she played in influencing Bank of America to abandon the proposed fees.