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.
A lot of people have been asking, when will the bank fees stop?
Many banks have been slowly raising debit card fees. Last week we spoke to Molly Katchpole who started an online petition calling for Bank of America to cancel its $5 a month debit card fee. But even after the petition, Bank of America says that it would be "premature" to cancel the debit card fees. So what are customers to do?
This morning on American Morning, Christine Romans talks to Molly Katchpole and North Carolina Representative Brad Miller about a new bill that could make it easier to switch banks without paying a fee.
Recently, Bank of America sparked outrage after announcing that it plans to start charging its customers $5 dollars a month to use a debit card.
In response to this announcement, Bank of America customer Molly Katchpole, 22, started an online petition protesting the fee. She delivered the petition, withmore than 153,000 signatures, to a bank branch in Washington D.C. where she closed her account and cut up her debit and credit cards.
Bank of America responded to Katchpole's actions by writing, "We don't have a comment on the petition itself, but will add that over the last two years, we have been more committed than ever before to being clear and transparent with our customers to help ensure they know exactly what they are getting and how much it costs."
Katchpole joins Carol Costello on American Morning today to discuss her effort and to weigh in on whether or not she thinks the petition will make a difference in Bank of America's policy.