“Swipe…”
“Swipe…”
“Swipe…”
“Cha ching…”
“Cha ching…”
“Cha ching…”
What is that sound? It’s not only the sound of advertisers making money; it’s the sound of consumers swiping their debit cards at cash registers all over America. It will soon be the sound of Bank of America profiting off of users who make daily transactions with their debit cards monthly.
According to an article released by Reuters today, Bank of America will begin charging debit card users a monthly fee of $5 starting next year. (http://www.reuters.com/article/2011/09/29/us-bankofamerica-debit-idUSTRE78S4GQ20110929) Isn’t there something wrong with that? Consumers who use their debit cards not only to spend money without using cash are now going to have to pay to use their cards for a fee? There has to be something wrong with that.
Honestly, I’m a Bank of America debit card user and I’m even worried about being charged a fee to use it. Why should I be charged for money to be used that I store in their bank? It’s egoism at its best! There is no way that this is in the best interest of their consumer.
According to the same Reuters article, banks are looking for a way to increase profits in the dead-end economy. It is not fair that consumers who stand by Bank of America are going to be charged for using plastic the bank has given them to access their money.
Consumers will feel the effects using the cards to purchase items from stores, but will not feel it if they choose to access money from a Bank of America ATM. So if Bank of America isn’t charging us to take our money out of the bank at ATM’s, why are they charging us a fee at all?
I believe that Bank of America will begin to feel consumer backlash when the fee is put into place at the beginning of next year. Consumers are not going to want to be charged to access their money in an economy where they barely can afford groceries or the light bill. Consumers also don’t want the inconvenience of going to an ATM every time they need to access their money.
Bank of America did not handle the release of this information well. According to the article, Bank of America is taking advantage of their consumers. The consumers had little to no say in whether or not a fee would be acceptable. Can you hear the crisis management team running to Bank of America’s side in this situation? I can guarantee you that as soon as consumers begin to hear about the fee, Bank of America will surely be at the hands of their crisis management team trying to find a way out of what they started.
As a public relations major and a Bank of America consumer, they did not handle this situation well in the slightest bit. They should have come to an agreement with their consumers before even thinking about placing a fee on the use of debit cards. If I were their public relations consultant or on their crisis management team, I wouldn’t be sleeping at night until what I felt was best for the consumer was happening.
As public relations consultants, things about our clients will be leaked to the public the same way that it happened with Bank of America now. We, as their link to the media and the consumer, are going to have to grab the reins and make it right for both the client and the consumer.
Banks shouldn’t be profiting off of their consumer, unless the consumer is taking a loan out or starting an account with them. As their costumers, we have the right to our money and we shouldn’t be at their hand to use it. In an economy like this, I can assure you Bank of America will be the one feeling the hurt more than a $5 fee is worth to them in the long run.
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