Bank Fee Debacle 1st OWS Victory?

[jillian]

Bank Fee Debacle is the First Occupy Wall Street Victory
By Dan Freed - 10/31/11 - 4:02 PM EDT

NEW YORK (TheStreet) -- For a movement without an agenda, Occupy Wall Street is off to a pretty good start--scaring JPMorgan Chase(NYSE:JPM), Wells Fargo(NYSE:WFC) and SunTrust Banks(NYSE:STI) away from their plans to charge customers who use their debit cards to make purchases.
None of these banks cited Occupy Wall Street in explaining their reversal, and because Occupy Wall Street does not speak with one voice, it cannot be said to have demanded these banks reverse course on their planned fees.
Still, it does not take a genius to figure out that charging fees to consumers for their use of debit cards is exactly the kind of thing nearly all participants in Occupy Wall Street would be likely to oppose. What the movement is doing, as many commentators have pointed out recently, is changing the national conversation, much as the Tea Party did before dealing Democrats a resounding defeat in the Congressional mid-term elections.
JPMorgan CEO Jamie Dimon has been a prominent target of the protestors (see video above). Dimon, a defiant critic of many proposed financial services industry reforms, has been hinting at the fee increase ever since his famous statement in the wake of the passage of Dodd Frank financial reform legislation: "If you're a restaurant and you can't charge for the soda, you're going to charge more for the burger."

Still, it was Bank of America(NYSE:BAC) was out in front in announcing the new debt fee, drawing heaps of scorn upon itself, as TheStreet found out in a recent poll. Bank of America is now reported to be reconsidering aspects of its fee program, according to The Wall Street Journal. Bank spokespeople did not return an email message seeking to confirm the report.

Article Page | TheStreet

 

[imbalance]

No.

 

[Rat in the Hat]

Bank Fee Debacle is the First Occupy Wall Street Victory
By Dan Freed - 10/31/11 - 4:02 PM EDT

NEW YORK (TheStreet) -- For a movement without an agenda, Occupy Wall Street is off to a pretty good start--scaring JPMorgan Chase(NYSE:JPM), Wells Fargo(NYSE:WFC) and SunTrust Banks(NYSE:STI) away from their plans to charge customers who use their debit cards to make purchases.
None of these banks cited Occupy Wall Street in explaining their reversal, and because Occupy Wall Street does not speak with one voice, it cannot be said to have demanded these banks reverse course on their planned fees.
Still, it does not take a genius to figure out that charging fees to consumers for their use of debit cards is exactly the kind of thing nearly all participants in Occupy Wall Street would be likely to oppose. What the movement is doing, as many commentators have pointed out recently, is changing the national conversation, much as the Tea Party did before dealing Democrats a resounding defeat in the Congressional mid-term elections.
JPMorgan CEO Jamie Dimon has been a prominent target of the protestors (see video above). Dimon, a defiant critic of many proposed financial services industry reforms, has been hinting at the fee increase ever since his famous statement in the wake of the passage of Dodd Frank financial reform legislation: "If you're a restaurant and you can't charge for the soda, you're going to charge more for the burger."

Still, it was Bank of America(NYSE:BAC) was out in front in announcing the new debt fee, drawing heaps of scorn upon itself, as TheStreet found out in a recent poll. Bank of America is now reported to be reconsidering aspects of its fee program, according to The Wall Street Journal. Bank spokespeople did not return an email message seeking to confirm the report.

Article Page | TheStreet

I don't think it's because of OWS, more that it's a result of people pulling their accounts from BoA because of the fees. The other banks see this, and are reconsidering as they don't want to lose customers.

Even my small local bank has a sign out front inviting people to move their BoA accounts there to use their free debit cards.

 

[Soggy in NOLA]

Bank Fee Debacle is the First Occupy Wall Street Victory
By Dan Freed - 10/31/11 - 4:02 PM EDT

NEW YORK (TheStreet) -- For a movement without an agenda, Occupy Wall Street is off to a pretty good start--scaring JPMorgan Chase(NYSE:JPM), Wells Fargo(NYSE:WFC) and SunTrust Banks(NYSE:STI) away from their plans to charge customers who use their debit cards to make purchases.
None of these banks cited Occupy Wall Street in explaining their reversal, and because Occupy Wall Street does not speak with one voice, it cannot be said to have demanded these banks reverse course on their planned fees.
Still, it does not take a genius to figure out that charging fees to consumers for their use of debit cards is exactly the kind of thing nearly all participants in Occupy Wall Street would be likely to oppose. What the movement is doing, as many commentators have pointed out recently, is changing the national conversation, much as the Tea Party did before dealing Democrats a resounding defeat in the Congressional mid-term elections.
JPMorgan CEO Jamie Dimon has been a prominent target of the protestors (see video above). Dimon, a defiant critic of many proposed financial services industry reforms, has been hinting at the fee increase ever since his famous statement in the wake of the passage of Dodd Frank financial reform legislation: "If you're a restaurant and you can't charge for the soda, you're going to charge more for the burger."

Still, it was Bank of America(NYSE:BAC) was out in front in announcing the new debt fee, drawing heaps of scorn upon itself, as TheStreet found out in a recent poll. Bank of America is now reported to be reconsidering aspects of its fee program, according to The Wall Street Journal. Bank spokespeople did not return an email message seeking to confirm the report.

Article Page | TheStreet

Wrong as usual... mostly because of negative PR and push back from customers.

 

[The T]

Bank Fee Debacle is the First Occupy Wall Street Victory
By Dan Freed - 10/31/11 - 4:02 PM EDT

NEW YORK (TheStreet) -- For a movement without an agenda, Occupy Wall Street is off to a pretty good start--scaring JPMorgan Chase(NYSE:JPM), Wells Fargo(NYSE:WFC) and SunTrust Banks(NYSE:STI) away from their plans to charge customers who use their debit cards to make purchases.
None of these banks cited Occupy Wall Street in explaining their reversal, and because Occupy Wall Street does not speak with one voice, it cannot be said to have demanded these banks reverse course on their planned fees.
Still, it does not take a genius to figure out that charging fees to consumers for their use of debit cards is exactly the kind of thing nearly all participants in Occupy Wall Street would be likely to oppose. What the movement is doing, as many commentators have pointed out recently, is changing the national conversation, much as the Tea Party did before dealing Democrats a resounding defeat in the Congressional mid-term elections.
JPMorgan CEO Jamie Dimon has been a prominent target of the protestors (see video above). Dimon, a defiant critic of many proposed financial services industry reforms, has been hinting at the fee increase ever since his famous statement in the wake of the passage of Dodd Frank financial reform legislation: "If you're a restaurant and you can't charge for the soda, you're going to charge more for the burger."

Still, it was Bank of America(NYSE:BAC) was out in front in announcing the new debt fee, drawing heaps of scorn upon itself, as TheStreet found out in a recent poll. Bank of America is now reported to be reconsidering aspects of its fee program, according to The Wall Street Journal. Bank spokespeople did not return an email message seeking to confirm the report.

Article Page | TheStreet

Wrong as usual... mostly because of negative PR and push back from customers.

This^^ OWS had ZERO to do with it. And other lie by another leftist freak.

 

[jillian]

I don't think it's because of OWS, more that it's a result of people pulling their accounts from BoA because of the fees. The other banks see this, and are reconsidering as they don't want to lose customers.

Even my small local bank has a sign out front inviting people to move their BoA accounts there to use their free debit cards.

hence my putting the thread title in quotes. i don't know. i thought the article in The Street raised some interesting questions. I would have pulled my money out of BoA had I an account in that bank.

I'm glad your local bank took advantage of that situation. It was pretty vile for an industry posting those kinds of profits.

But ask if OWS helped. I don't know the answer.

 

[Mad Scientist]

Put Financial Terrorist JP Morgan out of business! Buy Silver!

[youtube]QCM7rMIqxmk[/youtube]

 

[pete]

Bank Fee Debacle is the First Occupy Wall Street Victory
By Dan Freed - 10/31/11 - 4:02 PM EDT

NEW YORK (TheStreet) -- For a movement without an agenda, Occupy Wall Street is off to a pretty good start--scaring JPMorgan Chase(NYSE:JPM), Wells Fargo(NYSE:WFC) and SunTrust Banks(NYSE:STI) away from their plans to charge customers who use their debit cards to make purchases.
None of these banks cited Occupy Wall Street in explaining their reversal, and because Occupy Wall Street does not speak with one voice, it cannot be said to have demanded these banks reverse course on their planned fees.
Still, it does not take a genius to figure out that charging fees to consumers for their use of debit cards is exactly the kind of thing nearly all participants in Occupy Wall Street would be likely to oppose. What the movement is doing, as many commentators have pointed out recently, is changing the national conversation, much as the Tea Party did before dealing Democrats a resounding defeat in the Congressional mid-term elections.
JPMorgan CEO Jamie Dimon has been a prominent target of the protestors (see video above). Dimon, a defiant critic of many proposed financial services industry reforms, has been hinting at the fee increase ever since his famous statement in the wake of the passage of Dodd Frank financial reform legislation: "If you're a restaurant and you can't charge for the soda, you're going to charge more for the burger."

Still, it was Bank of America(NYSE:BAC) was out in front in announcing the new debt fee, drawing heaps of scorn upon itself, as TheStreet found out in a recent poll. Bank of America is now reported to be reconsidering aspects of its fee program, according to The Wall Street Journal. Bank spokespeople did not return an email message seeking to confirm the report.

Article Page | TheStreet

I don't think it's because of OWS, more that it's a result of people pulling their accounts from BoA because of the fees. The other banks see this, and are reconsidering as they don't want to lose customers.

Even my small local bank has a sign out front inviting people to move their BoA accounts there to use their free debit cards.

I know many people personally that moved their accounts when the fee was announced and not one was part of the 99% ...
The stupid asses that are paid to gather and sit don't have an agenda that they know of ....
listen to the people when they announced it because there was not ONE that was happy and ALL knew if they got away with it more would try.
Myth Busted!!!

 

[jillian]

Article Page | TheStreet

I don't think it's because of OWS, more that it's a result of people pulling their accounts from BoA because of the fees. The other banks see this, and are reconsidering as they don't want to lose customers.

Even my small local bank has a sign out front inviting people to move their BoA accounts there to use their free debit cards.

I know many people personally that moved their accounts when the fee was announced and not one was part of the 99% ...
The stupid asses that are paid to gather and sit don't have an agenda that they know of ....
listen to the people when they announced it because there was not ONE that was happy and ALL knew if they got away with it more would try.
Myth Busted!!!

1. it isn't a myth, it was an opinion of a writer. i thought that writer raised interesting questions.
2. your "opinion" doesn't "bust" anything.

thanks for playing.

 

[pete]

I don't think it's because of OWS, more that it's a result of people pulling their accounts from BoA because of the fees. The other banks see this, and are reconsidering as they don't want to lose customers.

Even my small local bank has a sign out front inviting people to move their BoA accounts there to use their free debit cards.

I know many people personally that moved their accounts when the fee was announced and not one was part of the 99% ...
The stupid asses that are paid to gather and sit don't have an agenda that they know of ....
listen to the people when they announced it because there was not ONE that was happy and ALL knew if they got away with it more would try.
Myth Busted!!!

1. it isn't a myth, it was an opinion of a writer. i thought that writer raised interesting questions.
2. your "opinion" doesn't "bust" anything.

thanks for playing.

as yours doesnt confirm ... check

 

[Dr Grump]

I remember the days when there were no fees....banks made their money from interest on loans....a lot of money....

 

[Rat in the Hat]

I don't think it's because of OWS, more that it's a result of people pulling their accounts from BoA because of the fees. The other banks see this, and are reconsidering as they don't want to lose customers.

Even my small local bank has a sign out front inviting people to move their BoA accounts there to use their free debit cards.

hence my putting the thread title in quotes. i don't know. i thought the article in The Street raised some interesting questions. I would have pulled my money out of BoA had I an account in that bank.

I'm glad your local bank took advantage of that situation. It was pretty vile for an industry posting those kinds of profits.

But ask if OWS helped. I don't know the answer.

I can ask them the next time I go in, but i doubt they'll say it has anything to do with OWS.

As I said, my bank is trying to get customers by advertising that they don't charge people to use their debit cards. the reason we moved our accounts there was because they don't use the underhanded tactic of charging a fee on top of another bank's fee for using an outside ATM machine. We left our last bank because they would charge $1.50 on top of the outside bank's $2.50 fee.

Just as an aside, they also don't charge a fee if you use your debit card to purchase anything at the market or at any other location.

 

[jillian]

I can ask them the next time I go in, but i doubt they'll say it has anything to do with OWS.

As I said, my bank is trying to get customers by advertising that they don't charge people to use their debit cards. the reason we moved our accounts there was because they don't use the underhanded tactic of charging a fee on top of another bank's fee for using an outside ATM machine. We left our last bank because they would charge $1.50 on top of the outside bank's $2.50 fee.

Just as an aside, they also don't charge a fee if you use your debit card to purchase anything at the market or at any other location.

i suspect, more than anything specific, the tone being set by OWS helps increase consumer bargaining power. i never use outside banks for withdrawals (to be fair, i don't usually use my ATM card to get cash) and would never pay a fee to my bank for use of a card. i also don't get charged for using my card at the market or for other purchases.

 

[pete]

I don't think it's because of OWS, more that it's a result of people pulling their accounts from BoA because of the fees. The other banks see this, and are reconsidering as they don't want to lose customers.

Even my small local bank has a sign out front inviting people to move their BoA accounts there to use their free debit cards.

hence my putting the thread title in quotes. i don't know. i thought the article in The Street raised some interesting questions. I would have pulled my money out of BoA had I an account in that bank.

I'm glad your local bank took advantage of that situation. It was pretty vile for an industry posting those kinds of profits.

But ask if OWS helped. I don't know the answer.

Agreed after receiving even more from obama

 

[Rat in the Hat]

I don't think it's because of OWS, more that it's a result of people pulling their accounts from BoA because of the fees. The other banks see this, and are reconsidering as they don't want to lose customers.

Even my small local bank has a sign out front inviting people to move their BoA accounts there to use their free debit cards.

hence my putting the thread title in quotes. i don't know. i thought the article in The Street raised some interesting questions. I would have pulled my money out of BoA had I an account in that bank.

I'm glad your local bank took advantage of that situation. It was pretty vile for an industry posting those kinds of profits.

But ask if OWS helped. I don't know the answer.

Agreed after receiving even more from obama

Are there any banks that have not paid back their bail-out funds?

 

[jillian]

Agreed after receiving even more from obama

bush signed the bailout.

nice try. maybe you'll get something right next time. i hear third time's the charm.

i'm rooting for you.

 

[Zander]

I don't think it's because of OWS, more that it's a result of people pulling their accounts from BoA because of the fees. The other banks see this, and are reconsidering as they don't want to lose customers.

Even my small local bank has a sign out front inviting people to move their BoA accounts there to use their free debit cards.

hence my putting the thread title in quotes. i don't know. i thought the article in The Street raised some interesting questions. I would have pulled my money out of BoA had I an account in that bank.

I'm glad your local bank took advantage of that situation. It was pretty vile for an industry posting those kinds of profits.

But ask if OWS helped. I don't know the answer.

Personally, I don't think it helped. The backlash started the minute BOFA announced the fee increase as thousands of customers closed their accounts and moved their business elsewhere.

 

[jillian]

I don't think it's because of OWS, more that it's a result of people pulling their accounts from BoA because of the fees. The other banks see this, and are reconsidering as they don't want to lose customers.

Even my small local bank has a sign out front inviting people to move their BoA accounts there to use their free debit cards.

hence my putting the thread title in quotes. i don't know. i thought the article in The Street raised some interesting questions. I would have pulled my money out of BoA had I an account in that bank.

I'm glad your local bank took advantage of that situation. It was pretty vile for an industry posting those kinds of profits.

But ask if OWS helped. I don't know the answer.

Personally, I don't think it helped. The backlash started the minute BOFA announced the fee increase as thousands of customers closed their accounts and moved their business elsewhere.

i agree. but it took them a while to back down.

 

[jillian]

hence my putting the thread title in quotes. i don't know. i thought the article in The Street raised some interesting questions. I would have pulled my money out of BoA had I an account in that bank.

I'm glad your local bank took advantage of that situation. It was pretty vile for an industry posting those kinds of profits.

But ask if OWS helped. I don't know the answer.

Agreed after receiving even more from obama

Are there any banks that have not paid back their bail-out funds?

not that i know of.

 

[Zander]

hence my putting the thread title in quotes. i don't know. i thought the article in The Street raised some interesting questions. I would have pulled my money out of BoA had I an account in that bank.

I'm glad your local bank took advantage of that situation. It was pretty vile for an industry posting those kinds of profits.

But ask if OWS helped. I don't know the answer.

Personally, I don't think it helped. The backlash started the minute BOFA announced the fee increase as thousands of customers closed their accounts and moved their business elsewhere.

i agree. but it took them a while to back down.

It usually does. Most of the time the retract their bad policies after they get hit in the pocketbook. Then they announce the "policy change" on a late Friday afternoon.....I wonder who they learned that from?