Business is about the customer; just ask banks around country

Gotta love competition!

The new fees on debit cards have had me hot under the collar. The financial reform bill set limits on bank debit card fees. Many lawmakers decried this change. How dare we interfere with the fine citizens of Wall Street in their pursuit of profit? It was downright un-American, and they warned that banks would just add on other fees to make up for the loss. Consumers would end up getting hurt.

Well, they were right, and they did. Bank of America and Regions decided they didn’t have to take this news law lying down. They created their own loophole by instituting a monthly fee to make up for the difference. They sent notices to their customers, took out full page ads, and held press conferences declaring they had “a right to make a profit.”

Within days, new ads started appearing around town. “Come bank with us,” they said. “We don’t charge debit card fees.” Ally Bank put up a television commercial with a stranger kindly holding a briefcase full of money for no charge. Trustmark Bank put up a billboard on busy I-55 saying they still don’t charge debit card fees.

Just made me laugh!

Competition is a fact of life in business. Think you can raise your prices or change your quality without skipping a beat? Your competitors will eat you alive, stepping in to give your customers what they want. Just ask Netflix.

Business is about your customer. The minute you forget that and start thinking it’s about you and your bottom line is the minute you lose. Competition keeps every business owner on her toes. When all is said and done, it’s the reason consumers end up with the best deal.

And now we hear that Regions and Bank of America have blinked.

Gotta love competition!

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One Response to “Business is about the customer; just ask banks around country”

  1. Travel Speech Language Pathologist Jobs Says:

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