Consumers ultimately rule the market, and if they want something bad enough they can change businesses’ behavior. And the proof is in the pudding.
Today Bank of America, after several weeks of back lash from its announcement of its $5 debit card fee starting in January, has announced that the banking giant is going to drop the fee.
“We have listened to our customers very closely over the last few weeks and recognize their concern with our proposed debit usage fee,” David Darnell, co-chief operating officer, said in a statement today. “Our customers’ voices are most important to us. As a result, we are not currently charging the fee and will not be moving forward with any additional plans to do so.”
The decorum in yesterday’s hearing was a little more cordial, though some news organizations are focusing on the intensity of the questions that were asked of her.
Adam Levine ABC op-ed: “We are at war against financial predators and financial illiteracy. And the rules of engagement are as muddy in Maine, New York, Kentucky, Indiana, Montana and California as they are half a world away, because it’s getting harder to distinguish the good guys from the bad guys.”
We want to make it easy for you to choose a payday advance provider that demonstrates responsible lending practices and ensures strong consumer protections. Make sure you look for this seal. If you see that, it means they follow CFSA’s Best Practices.
These scam artists have been using phony bank names, Internet lending sites, and even the names of celebrities in an outrageous debt collection scheme. ABC News has the story:
The scammers operate under names such as U.S. National Bank, Federal Investigation Bureau and United Legal Processing, said West Virginia Assistant Attorney General Norman Googel.
The callers also have invoked the names of actors Denzel Washington and Steve Martin, people who’ve received calls tell ABCNews.com.
Last night’s edition of Nightline featured a profile of CFSA member company, Cash America. While most of the story focused on the pawn industry, payday loans were also discussed.
Stephen Chaplin, who wanted to refinance a loan by using Cash America Payday Advance, says he’s read the fine print, and knows what he signed up for.
“I’m very lucky to have this place,” he said.
Cash America’s CEO Dan Feehan addresses head on the allegation that some businesses do better during a recession.
“You gotta remember we are a lending business and ultimately our business works best when people are paying us back. And if a recession is very steep and very extended, it will not be good for our business,” he said. “It’s a balance that we have to continually monitor and continually keep.”
The most often cited reason customers said they needed the extra money? High gas prices.
