Comments on: So What Was The Final Body Count For BofA’s Debit Card Fee Debacle?

By: Lee

Lee — Wed, 30 Nov 2011 16:20:19 +0000

Great article, and really appreciate the effort and hard work you put into this research. It would be interesting to see who actually took advantage of the national PR machine, BTD and BoA fiasco, and did some local ads and promotions. Meaning, did Bank Transfer Day itself really have an effect? My opinion, Yes and No. Yes, if you played off from the national media exposure by implementing your own radio/tv ads and, in addition made an offer or incentive to prospects and customers. No, if you sat on your hands and waited for customers to come through the door.

Similar situation in the 90′s when P&G announced no more consumer coupons. Colgate ratcheted up their spending in free standing inserts (coupons) and crippled or at least took over the market share from some of the P&G brands. IF some of the FI’s truly had exceptional growth by doing nothing except open their doors then every Saturday should be promoted as BTD.

By: Kurt Jacobson

Kurt Jacobson — Wed, 30 Nov 2011 15:26:25 +0000

I wonder if any organization has the data analysis capability to measure the profitability of the accounts that transferred. Thank you for publishing information that gets behind all the hype.

By: Steve Bieber

Steve Bieber — Wed, 30 Nov 2011 15:20:47 +0000

Bethpage FCU leveraged the turmoil, aggressively marketed, and saw huge results. I wonder if those who saw squat were just hoping the news would do the work for them.

By: Ben Rogers

Ben Rogers — Wed, 30 Nov 2011 14:48:27 +0000

I appreciate your gimlet eye on the expectations, the claims and the numbers, Jeffry. Well done.

By: Karen Licker

Karen Licker — Wed, 16 Nov 2011 16:29:18 +0000

Nicely Done Jeff! I really enjoyed this piece. Top notch as always.

Karen

By: Eric Lindeen

Eric Lindeen — Wed, 16 Nov 2011 15:07:35 +0000

To echo Brett and Jim, this was a good synopsis of Bank Transfer Day. It will be interesting to see consumer reactions over the next few months as banks are looking to enforce other kinds of fees instead of deposit.

By: Editor

Editor — Tue, 15 Nov 2011 19:30:57 +0000

Thanks Brett and Jim. Positive feedback on an article 2,000+ words long is much appreciated.

By: Jim Bruene

Jim Bruene — Tue, 15 Nov 2011 16:01:36 +0000

Nice work documenting a big win for the smaller players, especially credit unions. Will be really interesting to see if the momentum continues (my guess is that it will). Or if rest of Nov, on into Dec, is slow because many of the fence-sitters took action in Oct-Nov5 period.

By: Brett King

Brett King — Tue, 15 Nov 2011 14:11:22 +0000

JP,

Very solid analysis. Enjoyed the article very much.

It is clear that the big banks have totally underestimated the power and momentum of the social movement and it’s ability to directly effect the bottom line.

Brett King
BANK 2.0