In an effort to help recover some financial losses due to the economic crisis of
ID: 1225833 • Letter: I
Question
In an effort to help recover some financial losses due to the economic crisis of the Great Recession, Bank of America announced a $ 5 monthly debit card fee it was planning to impose on consumers. This plan spurred great opposition from Bank of America’s customers, causing the bank to abandon the plan. At the time, other banks already had been charging such fees, so why was the revolt against Bank of America’s announcement so strong? What part of the message delivery process could have been improved?
Explanation / Answer
If there is a monthly fee that bank decides to charge after great recession there will be wide spread opposition.
The message itself is flawed, Customers of the bank were not the reason for bank of America's troubles, so they feel that they are liable to pay $5 monthly fee.
If other banks charge such fee, then BOA must have said that it is association of banks that is charging this $5 fee across the banks, Not just them. This could pacify the customer to large extent. Because customers will feel they have no choice but to pay this fee.
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