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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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DEMOCRACY DOES NOT EXIST...

without free and fair elections, a vigorous free press, and engaged citizens to reclaim power from those who abuse it.

In this election year unlike any other—against a backdrop of a pandemic, an economic crisis, racial reckoning, and so much daily bluster—Mother Jones' journalism is driven by one simple question: Will America move closer to, or further from, justice and equity in the years to come?

If you're able to, please join us in this mission with a donation today. Our reporting right now is focused on voting rights and election security, corruption, disinformation, racial and gender equity, and the climate crisis. We can’t do it without the support of readers like you, and we need to give it everything we've got between now and November. Thank you.

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