|Updated: 11/01/2011 10:43 pm
||Published: 11/01/2011 8:12 pm
LITTLE ROCK, AR - The big backpedal by major banks on debit card fees is gaining momentum.
Good news for Bank of America, SunTrust, Regions Bank, J-P-Morgan-Chase and Wells Fargo customers. Banks will no longer charge the proposed monthly debit card fee, apparently having a change of heart after customer revolts. News that several competitor banks also called off plans to charge debit card fees consumers did not react well to it, using the power of social media to express their opinion.
Bank of America customer William Dean says he was willing to switch banks over the fees. "People complaining about it caused the change. People didn't want that. We'll stay with them now that they've retracted that fee."
Other corporations, like Netflix, also recently changed policy after customers using the power of social media expressed outrage. Grant Heard says social networking is getting opinions spread easier and faster. "I'm sure all company's have to do is check out facebook and see there are a lot of disappointed costumers."
Indication, UALR Sociology Professor Terry Richard says is an interesting time, where emerging technology is impacting and promoting significant change in society. "We might call it a social media death spiral because if they make decisions without really understanding what their customers or clients really like, it can result in a dramatic down turn in their sales and in their customers. The by product could actually make that company go bankrupt."
While customers may have the upper hand on holding on to their money for the moment, Professor Richard says corporations will soon catch on and impose fees in others ways, hoping the consumer won't notice.