CHARLOTTE, NC (WBTV) - Reports that Bank of America will back off its debit card fee are surfacing, but a BofA insider who asked to remain anonymous says the real reason why has so far been missing from those stories.
"What is not being reported," the insider says, "is that this consideration is not due to the Occupy movements throughout the US, but rather a mass exodus of existing customers coupled with a significant drop in new account openings. A good amount of execs were sequestered into a conference room for a couple of days last week, and it resembled a war room preparing for a mini Armageddon."
Charlotte Metro Credit Union says it has seen 1400 new checking accounts from September 30th through October 27th - a 373% increase - and that the majority of its new customers are flocking from Bank of America and Wells Fargo.
Wells also planned to pilot a new debit card fee, but it's already bagged the idea, because it's been getting its share of negative input too.
Wells placed in the bottom five of a 24-bank survey ranking customer satisfaction among small businesses.
Bank of America ranked dead last.
And BofA has officially lost its seat as the country's biggest bank by assets, dethroned by JPMorgan.