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BofA Customers May Start Taking Their Business Elsewhere

Speaking of people who are angry at financial organizations, it looks like people don’t like all these bank fees that are cropping up, like Bank of America’s $5 debit card use fee. Shocker.

According to BofA’s CEO Brian Moynihan, the bank provides “great service” (last week, the bank’s site was down for about six days) and because it believes “in clarity, in fairness, and transparency to customers,” the fees will be staggered for new and existing customers. We’re not sure what this has to do with anything, but that’s what comes out when you’re talking nonsense.

Moynihan maintains that people are fine with the fees even though they’re crowing on one of the bank’s Facebook pages about changing banks out of frustration (whoever is moderating the page seems largely oblivious to the complaints). And Sen. Dick Durbin (D-Ill) went on the Senate floor and told the debit-card-using public across the U.S. to “get the heck out of that bank” and choose one that won’t “gouge you for $5 a month.”

This morning, Netflix responded to customer anger by changing course while BofA will continue with its policies while willfully ignoring its angry customers.

As though seeking to provide evidence to the Occupy Wall Street protesters of the impunity with which banks operate, Bank of America is tacking on a fee with no regard to the recession that’s hurting people around the world and the outrage driving people (including Kanye!) into the streets across the country.

But according to Daily Finance, the number of people turning to online banks has spiked. Online banks offer fewer fees (Citibank is also guilty of trying to add a new one) and higher interest returns. However, customer service and the use of paper checks are an issue.

A number of factors are shielding banks at the moment — attempts by GOP presidential candidates to redirect Occupy Wall Street anger at President Obama’s policies rather than at the banks themselves; and the lack of alternatives that customers will take advantage of en masse; for example. But that won’t be the case for long. Every business (and banks are a business) has to answer to its customers. When Netflix said it had to charge more because it needed to make more money, people didn’t like it and they quit the service. Consumer banking services may find themselves in the same situation in the not-so-distant future.

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