As a former executive in banking, a $5 fee increase was a frequent and minus any potential threat of consumer backlash, but times are different for the consumers and the country. The consumers did not riot, protest, or actively pursue mass reallocations of business to smaller banks or credit union when bankers and Wall Street did take the country to the edge of the economic abyss, became recipients of bailout funds for behaving badly, or foreclosure procedures that were unethical to witness people losing their homes even innocent consumers along with the delinquent homeowners. However, the $5 debit card fee debacle has broke loose a storm of consumer discontent with with the business(Wall Street and banks) and political leadership of our country. The LA Times reports group that reported consumers of young and old are protesting the banking industry the focal point of this process is Bank of America Bank of America(B of A). As the bank was following the lead of the Wells Fargo and JP … [Read more...]