I am not going to complain about Bank of America’s decision to charge $5 to use their debit card, even though I’m a current card holder of the Alaska Airlines “Award Winning Mileage Plan.” The great thing about living in this country is that we have options. So yes, I will be cancelling my card this week. $5 isn’t a ton of money, but it’s the principle that bugs me.
The bigger question in my mind is if Bank of America is listening to the conversation online about their business decision. Since last week, Twitter has blown up with conversations from outraged customers telling the world AND Bank of America that they are cancelling their accounts. Also, Change.org even started a petition that has well over 120K online signatures and growing quickly. BofA’s competitors are even joining the conversation and reminding their customers and the greater public that their card services will remain free.
I am certainly a capitalist at heart and completely support companies that want to increase revenue. But the growing influence of the social customer and their outrage with this particular incident should make BofA think twice about the business decisions they make. Netflix learned the hard way, and apologized later. Now their stock price is dropping, and dropping and dropping.