On Saturday, the Boeing Employees' Credit Union in Seattle signed up a one-day record 659 new members. At the grand opening of a Randolph-Brooks Federal Credit Union branch in Pflugerville, Texas, the parking lot was so full that customers had to leave their cars across the street.The Journal's headline? "Credit Unions Poach Clients." After years of being able to increase fees with little fear that customers would jump ship, the big banks finally had a reason to cave to consumer demands, perhaps most of all for Bank of America. One survey released last week before Bank of America killed off its debit card fee found that only 40% of the bank's customers planned to keep it as their primary bank going forward. The survey also found that just more than a quarter of Bank of America's customers were satisfied with the bank overall. The findings were the lowest by far of any major bank. Given this reality, going through with the $5 fee could easily have been the final straw for many customers. >To submit a news tip, email: firstname.lastname@example.org. Follow TheStreet on Twitter and become a fan on Facebook.
Why Bank of America Really Killed Its Card Fee
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