We found a match
Your institution may have access to this item. Find your institution then sign in to continue.
- Title
WHAT CAN THE BIG BANKS DO TO ATTRACT SMALL RETAIL CUSTOMERS?
- Authors
Osland, Asbjorn; Wang, Chunlei; Pagani, Marco; Clinch, Nanette
- Abstract
On September 29, 2011, Bank of America planned to charge its customers $5 per month for debit card purchases starting in 2012. On September 30, Molly Katchpole initiated a petition against the charge collecting 100,000 supporting signatures. On October 4, Kristen Christian launched a Bank Transfer Day campaign, encouraging people to switch from commercial banks to credit unions. On October 28, JP Morgan Chase and Wells Fargo dropped the plan to charge consumers for purchasing with debit cards. SunTrust Bank was reported to drop debit card fees on October 31. On November 1, 2011, Bank of America announced it too would drop the planned fee. But these announcements failed to slow down the momentum of the Bank Transfer Day Campaign and credit unions reportedly gained 441,000 new members in September and October of 2011. The proposed debit card fee had become a public relations fiasco for the big banks.
- Subjects
CUSTOMER services; STRATEGIC planning; BANKING industry; J.P. Morgan Chase &; Co.; WELLS Fargo &; Co.
- Publication
Journal of Critical Incidents, 2012, Vol 5, p72
- ISSN
1943-1872
- Publication type
Article