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Bank of America has caved in:

Bowing to a national flood of protests, Bank of America Corp. is calling off its plan to charge customers $5 a month for using its debit cards to make purchases — a strategy that proved a public relations disaster for what once was America’s biggest bank.

As I said the other day, there’s no telling how this is going to work out in the end. Banks are going to keep dreaming up new fees to make up for their lost interchange revenue, and only time will tell how those fees shake out. However, I’m tentatively pleased to see what happens when fees are out in the open instead of being hidden: the market speaks, and it speaks loudly. Banks are going to have to actually compete on fees now, and in the end that should benefit consumers by producing lower overall banking costs. Keep your fingers crossed.

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LET’S TALK ABOUT OPTIMISM FOR A CHANGE

Democracy and journalism are in crisis mode—and have been for a while. So how about doing something different?

Mother Jones did. We just merged with the Center for Investigative Reporting, bringing the radio show Reveal, the documentary film team CIR Studios, and Mother Jones together as one bigger, bolder investigative journalism nonprofit.

And this is the first time we’re asking you to support the new organization we’re building. In “Less Dreading, More Doing,” we lay it all out for you: why we merged, how we’re stronger together, why we’re optimistic about the work ahead, and why we need to raise the First $500,000 in online donations by June 22.

It won’t be easy. There are many exciting new things to share with you, but spoiler: Wiggle room in our budget is not among them. We can’t afford missing these goals. We need this to be a big one. Falling flat would be utterly devastating right now.

A First $500,000 donation of $500, $50, or $5 would mean the world to us—a signal that you believe in the power of independent investigative reporting like we do. And whether you can pitch in or not, we have a free Strengthen Journalism sticker for you so you can help us spread the word and make the most of this huge moment.

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