I am not going to complain about Bank Of America’s decision of charging $5 to use their debit card, even though I’m a current card holder of the Alaska Airlines “Award Winning Mileage Plan”. The great thing about living in this country is that we have options, so yes, I will be cancelling my card this week. $5 isn’t a ton of money but it’s the principle that kinda bothers me.
The bigger question in my mind is if Bank Of America is listening to the conversation online about their business decision. Since last week, Twitter has blown up with conversation from outraged customers telling the world that they aren’t happy and will be switching banks; and others starting a petition (over 20K signatures). Their competitors are even joining the conversation and reminding their customers and the general public that their card services will remain free.
I have been talking a lot lately about the growing influence of the social customer; and how through “organic” conversations, they affect others’ purchase decisions – whether good or bad. One would think that after the Netflix issue last month, that business leaders would start realizing this.