Consumers might feel like they’re playing Whac-A-Mole when it comes to shenanigans involving the banking industry. Just as one issue gets resolved, something else pops up.
Bank of America retreated this week from its planned introduction of a $5 monthly fee for many customers to use their debit cards. The bank said it “listened to our customers very closely” and decided that charging people money to access their money maybe wasn’t the best idea after all.
At the same time, Chase credit card customers are receiving a letter about their privacy preferences. The letter says that even though the bank’s records “indicate that you are not being mailed any offers from Chase,” the bank wants “to be sure that you know about available offers and that you have the opportunity to consider them.”