Bank of America reverses their fee on checking accounts

Bank of America reverses their fee on checking accounts after severe opposition to the idea. The Bank was going to charge customers $5 a month simply for holding a checking account with the bank. Many account holders had already moved off bank of america and into other banks.

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Originally Posted by Derrick

Bank of America reverses their fee on checking accounts after severe opposition to the idea. The Bank was going to charge customers $5 a month simply for holding a checking account with the bank. Many account holders had already moved off bank of america and into other banks.

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It was the right decision to cancel this fee. Also it may have come at a point too late, the damage to their brand has already been done and many people have transfered their account to another bank. Do you think the damage has already been done or is Bank of America going to be able to save their image?

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Originally Posted by Andrew

It was the right decision to cancel this fee. Also it may have come at a point too late, the damage to their brand has already been done and many people have transfered their account to another bank. Do you think the damage has already been done or is Bank of America going to be able to save their image?

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The damage has already been done to the business image of Bank of America. It was right of them to cancel this fee in light of all the controversy surrounding this fee. If Bank of America were to go through with this then other large banks would follow too.

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Originally Posted by Inspires33

The damage has already been done to the business image of Bank of America. It was right of them to cancel this fee in light of all the controversy surrounding this fee. If Bank of America were to go through with this then other large banks would follow too.

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I think BAC will be able to save their image over time. It was a very negative thing to do, but news will take them out of the spotlight eventually. Over time the fee will be forgotten about and they will just be another bank.

I'm just really glad to see this. Banks should not be taking money from the poor/middle class simply for having a checking account open.

It is best close account which are not useful to us.