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debit card fees: consumer pressure November 3, 2011

Posted by Bradley in : markets , trackback

Sometimes consumers can have an impact on the behaviour of financial institutions. But it takes a lot of effort to energise citizens around financial regulation and this was one very immediate issue of obvious direct relevance to bank customers. Other more fundamental, larger or more technical issues are much harder to deal with, and there’s a danger that citizens will just disengage from these issues. Molly Katchpole writes:

Despite this huge victory, there’s no way I’m ever going back to Bank of America, or any of the other big banks. The debit card fees were a tipping point for me, though I know that these fees aren’t the worst of the banks’ transgressions. Big banks are still behind the merciless wave of foreclosures rocking the country and providing virtually no help to struggling homeowners. They’re not lending enough to get the stagnant economy moving again; consequently, people like me can’t find full-time work. And they’re still spending millions upon millions to corrupt our government with their influence.

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