6 issues for $14.97 Subscribe Now
Subscribe via RSS Feed

Update on Bank of America Debit Card Charge & Small Business

[ 0 ] Nov. 7, 2011 | SBO Editor

Small business owners across America are joining a popular campaign on Change.org with over 200,000 signatures demanding Bank of America cancel its new $5 monthly debit card fee.
The online petition campaign was created by Washington, D.C., resident Molly Katchpole, a  22-year-old part-time worker and recent college graduate who closed her Bank of America account in early October in protest of the debit card
fee.

A growing number of small business owners have joined the national campaign through Change.org, the world’s fastest-growing platform for social change.

“I
was frustrated and upset when I learned of the new debit card fee,”
said Leah Hennessy, owner of a boutique marketing and design firm in
California. “The last thing any small business needs today is a new
expense for the same services. I can’t run a business with a bank I
don’t trust, and I truly feel Bank of America’s actions are wrong.”

“Bank
of America is already charging $14 per month for my personal account,
plus $17 per month for my business account,” said Jill Liberto, who owns
a small computer repair business with her husband. “And now they want
to add $5 per month – per account, I assume, so another $10 per month
total – to use a debit card. $41 per month for the privilege of letting
them hold my money – almost $500 a year! This is absurd.”

“Bank
of America has been our business bank for thirty years,” said Lori
Hoyt, another small business owner. “If the fees are instituted I will
consider moving our business and personal accounts. What is unfortunate
is that these fees will affect people that cannot afford the extra
charge each month.”

Since the launch of the campaign on Change.org earlier this month, more than 200,000 Americans from all 50 states have joined.

Bank of America recently responded to the campaign,
telling petition author Katchpole that a reversal of the debit card fee
would be premature. CEO Brian Moynihan suggested Tuesday that the new
$5 fee will actually attract business by encouraging customers to use more services and thereby avoid the charge.

Live signature totals from Molly Katchpole’s Bank of America campaign:
http://www.change.org/petitions/tell-bank-of-america-no-5-debit-card-fees

ABC Nightly News coverage of Molly Katchpole’s petition:
http://www.youtube.com/watch?v=WIteRQg6cd8

Tags: , , , ,

Category: Features