“The straw that broke the camel’s back”

As a follow-up to my earlier post about the Wall Street Journal’s article about Bank of America’s online banking upgrade snafu, besides the $8.95 monthly fee if one uses a teller, the article mentions how some local banks and credit unions have seen an increase in account openings since Bank of America announced the $5.00/month fee for using a debit card effective January 2012.  For instance, an official with Arizona State Credit Union claims, due to customers’ dissatisfaction with BofA, it has seen a 20% increase in account openings.  That official further stated,

For the first time, “we are seeing consumers . . . taking action on feelings they have had for a long time,” said Paul B. Stull, a senior vice president at the credit union, which has $1.3 billion in assets and 21 offices in Arizona.  He calls the new  debit-card fees “the straw that broke the camel’s back.”

Will be interesting to see what BofA customers will do between now and January 2012.


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