Bank of America’s Debit Card Fee (A) and (B)
In the fall of 2011, Bank of America announced a plan to begin charging customers $5 per month on debit card accounts. The announcement met with sharp public outrage. Due to the backlash, Bank of America was faced with a difficult dilemma: proceed as planned and face a public relations nightmare - or cancel the fee program, lose billions, and be forced to answer to shareholders.
- Demonstrate the importance of listening and developing an understanding of customer perspective to guide corporate communications;
- Illuminate the business risks that arise when individual business units make decisions without concern for customer perception;
- Encourage a company-wide corporate culture that promotes thoughtful consideration for customer relations and corporate communication;
- Demonstrate how adherence to the “Page Principles” can prevent a corporate communications mishap;
- Illustrate how a mismanaged business issue can quickly become a major corporate communication issue.