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30/09/2011 -
Thursday's announcement from Bank of America that it plans to initiate fees on debit cardholders was quick to elicit some hefty public outrage. Many BofA customers took to social media websites to call for a mass shift to local or private banks.The country's largest bank stated it plans to charge customers $5 per month for using their debit cards. Analysts have already likened the move to Netflix's recent hike on subscription prices for no apparent improvement in service or quality. That company quickly recanted the measure, suffered losses on Wall Street and then apologized to its dwindling consumer base.
As of Friday morning, shares of Bank of America were also falling. Meanwhile, anger among BofA customers was skyrocketing.
"Done. I don't have any loyalty to BofA," Andy Borowitz, author of the blog The Borowitz Report, told the Los Angeles Times. "It's not like they were doing anything particularly special for me. It's not like I have a relationship with a teller. The only time I have been inside a branch was to set up my account."
