Bank of America Courts Customer Chagrin with Recent Fee Hikes

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Scott Sobel of Media & Communications Strategies, LLC sheds light on PR ramifications of debit card fee issue

I predict they will experience the same kind of customer retribution as Netflix just weathered after the bomb they unexpectedly dropped on their customers.

Recently, Bank of America announced that they were looking at the possibility of imposing a fee on their customers for the use of their debit cards to the tune of $5 per month if the card is used, which could lead to billions in profit for Bank of America. The expected backlash from those customers prompted TechNewsWorld to reach out to several public relations firms to get their opinions on the situation.

Amongst several was Scott Sobel, president of Media & Communications Strategies, a crisis management PR firm based out of Washington, DC. When asked for his opinion, Sobel compared the situation Bank of America finds itself in to that of Netflix and their recent PR disaster, stating: "I predict they will experience the same kind of customer retribution as Netflix just weathered after the bomb they unexpectedly dropped on their customers."

Sobel went on to offer some advice to Bank of America on how they could handle the situation and what might work in their favor in the long run.

"Some of that defection could be mitigated if other banks follow suit, but history shows it is many multiples as hard to win back customers as it is to keep them. The same is true for winning new customers. All of this could have been avoided if Bank of America would have created an information campaign in the media and through direct mail or email to customers preconditioning them for the new charges and explaining why the new charges are being levied," Sobel said.

About Media & Communications Strategies, LLC
Media & Communications Strategies, LLC, based in Washington, DC, handles high-profile crisis and all levels of public, media and government relations for national and international clients. The firm is also a founding member of Public Relations Boutiques International, a worldwide collaborative network of PR firms, currently made up of 29 agencies in 11 countries. Visit http://www.macstrategies.com to learn more.

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George Perry
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