BofA Drops Debit Card Fee due to Change.org Campaign
Bank of America (BofA) will drop its US$5 debit card fee after more than 300,000 people from all 50 states joined a viral campaign started by 22-year-old BofA customer Molly Katchpole, according to Change.org.
The news follows a series of victories in copycat campaigns on Change.org calling on other major national banks to drop similar debit card fees. Citi, Chase, Wells Fargo and SunTrust all dropped debit card fees after Katchpole’s popular campaign inspired others to launch similar campaigns on Change.org against their banks.
“I knew that if enough people expressed their outrage to Bank of America, they would have to listen to their customers and reverse their debit fee plan,” said Molly Katchpole. “The American people bailed out Bank of America during a financial crisis the banks helped create. Bank of America paid zero dollars in federal income tax last year and thought they could squeeze more from the American people. The success of this campaign proves that ordinary people can successfully stand up to even the largest corporations.”
Change.org said that the campaign serves as the latest evidence that social media platforms can match the power of major institutions like BofA.