Much to do today from those criticizing new debit card fees on the way from $BAC, $WFC, $JPM and others.
While I applaud John Welsh for pulling money from a bank he was dissatisfied with, most will not act so assertively.
People remain with the same bank for years and changing is a pain in the rear end.
Even as people might dislike and curse their banks, they also grow more comfortable over time with them and their perceived safety increases with familiarity.
Others won’t even notice the fee.
This is how banks already get away with nickel and diming accounts on a monthly basis. They are well aware of the inelasticity.
People might complain but most will never act. How many people really moved to Canada after Bush got elected? Remember that one?
You can call this the status quo bias or whatever but its just reality.
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