Bank of America realized that the potential of losing so many customers would not outweigh the money they might have made from the imposed fee. David Darnell, co-chief operating officer of Bank of America, said: "We have listened to our customers very closely over the last few weeks and recognize their concern with our proposed debit usage fee. Our customers' voices are most important to us. As a result, we are not currently charging the fee and will not be moving forward with any additional plan to do so."
Wow. Bank of America's surrender is significant on a larger scale, because it implies that big corporations actually listen to what people want--when they really join together and speak up. This is heartening news for the Occupy Wall Street protesters. Adam Green, co-founder of the Progressive Change Campaign Committee, says that this "shows that when the public fights back together against Wall Street, we can make progress--but the fight is nowhere close to [being] over."
Photo courtesy of AccountClient.com.