This should worry Wall Street and the big banks.
On change.org, a 22-year-old Washington, D.C., activist named Molly Katchpole started a petition against the BofA fee that gathered 306,000 signatures in less than a month. Politicians chimed in (for better or worse) and even Jay Leno got into the act, saying on Halloween night:
One kid wanted to charge me five bucks to give him candy…I said, “Who are you supposed to be?” He said, “Bank of America!”
BofA reversed itself after rivals Wells Fargo, J.P. Morgan Chase, Sun Trust and Regions Financial said they’d drop customer tests of new debit fees. Analysts say this will cost the banking industry as much as $8 billion in foregone revenue.
In other words, the banks are giving up billions of dollars because people don’t trust them to do the right thing.