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Reuters: Bank Transfer Day saw 600,000 switch

BofA Gets Hit By $5 Debit Card Fee, Consumers Move Their Money
Mitch Lipka

"Moynihan said on the call that the bank had a 20 percent increase in account closings in the fourth quarter of 2011 compared to the same quarter in 2010. "So I'd say that yes, we had some impact from the $5 debit fee. That's why we made a decision to reverse it," he said, according to transcripts of the conference call published on the internet. That statement shows that the bank understands that consumers' voices count, says Ed Mierzwinski, consumer program director for U.S. PIRG, which advocates for consumers on a variety of issues including banking. "Bank of America got the message and did take a hit," he says, noting Moynihan's comments. "Bank of America and other big banks now know that unfair practices will and do result in consumers voting with their feet."

[Get more info at U.S. PIRG's Bank Fee Tips. Check out our April 2011 report Big Banks, Bigger Fees for more details.]

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