It’s true. Consumers will vote with their feet

There’s no question that consumers, and advocates alike, have balked at Bank of America’s new $5 debit card fee. But instead of just bolstering opinions and staying angry, many have left the banking giant, making it a win-win for local credit unions and community banks.

One example is a local southwest Florida community bank that is offering to pay consumers $5 per month to open a checking account instead of charging for debit transactions. According to Bank Technology News, in just a couple of days, it’s become the most successful promotion in the bank’s two-year history, and the institution partly has the bad mood of consumers to thank.

“We’ve gotten dozens of account openings per day,” says Trevor Burgess, CEO of the bank holding company, which introduced the $5 reward program last Tuesday.

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