A national uprising is causing banks to reconsider fees and tactics, but there’s no reason to limit a consumer flight to quality to just one day.
"Remember, remember the fifth of November.
Gunpowder, Treason, and Plot.
I see no reason why Gunpowder Treason
Should ever be forgot."
In the face of overwhelming ire, wonderfully bad publicity, and idealistic abandonment from its fellow mega-banks, Bank of America will no longer charge its customers a $5 monthly fee for debit card usage. Like a bad boyfriend who realizes he’s about to be dumped right before prom and suddenly starts showering you with flowers and roses, BOA hopes all is forgiven. It really, REALLY hopes consumers will put that whole “Bank Transfer Day” nonsense behind them.
But they shouldn’t. This movement demands expansion and continuation.
The past few weeks are notable because the voice of the consumer managed to reach the often-deaf ears of corporate America. Because of customer outrage, Netflix reverted to its original business model. Because of customer outrage, financial service providers are realizing they cannot fee their customers at whim.
Now is not the time to let off the pressure.
The looming November 5 deadline of the national grassroots movement is making mega-banks such as Bank of America sweat. It foresees a possibility that it could take a major financial hit from disgruntled customers, and the concession to forego the debit fee is its attempt to stem the tide. However, there are still a host of opportunities for such organizations to ding and fee your account. Stay alert and watch what happens a few weeks down the road after all the hubbub has faded and folks are caught up in the consumer cataclysm we call “holiday shopping season.”
The provocateurs behind Bank Transfer Day picked an important square on the calendar to mark this occasion. November 5 is still celebrated in Great Britain as the day of failed royal assassination scheme, and school children recite the rhyme above. Had the plan worked, the direction of Great Britain, the world’s superpower at the time, would have changed drastically.
Similarly drastic change is precisely what is needed to balance the scales in the financial marketplace.
Making sure that November 5, 2011, will be a day that banks around the country “should ever be forgot” is an important goal, it’s also key to remember that EVERY DAY should be Bank Transfer Day. Americans are waking up and realizing they have better options. They’re celebrating this awareness and freedom with their friends, family, and the world. This is a trend we all must support and foster. We cannot get to November 6 and allow this movement to fade.
Viva la revolucion!