Bank Of America Debit Fee: D.C. Woman Gathers 137,000 Signatures In Protest

WASHINGTON -- Molly Katchpole had enough. A recent college graduate living in the nation's capital, she decided she couldn't afford Bank of America's new monthly fee on her checking account, so she decided to act on what she considered a grave injustice.

Last week Friday, Katchpole went onto the petition website Change.org and started a signature campaign to get Bank of America to rescind its decision to charge a $5 monthly fee for debit transactions.

"I was really angry because I am 22, I just graduated from college, I am working two part time jobs, pretty much living paycheck to paycheck and was just frustrated," she told HuffPost in an interview Wednesday.

"They want to charge $5 a month to use something that I have been using for a long time. A new charge that I have been using for free for so long."

Katchpole plans to present the petition to Bank of America at its branch at 18th and K streets NW on Thursday afternoon.

Katchpole also stressed that this campaign is not just about her, but about people less fortunate than she is.

"My story doesn't sound so bad but I think about the thousands of other people out there," she said. "They might not have the economic or financial knowledge to go about switching banks."

Despite the petition being only less than a week old, as of 9 a.m. Thursday, Katchpole has already collected more than 137,000 signatures.

When asked what she plans to do after presenting the petition, Katchpole admitted she isn't sure yet, but will "probably close my account and look to join a credit union."

Katchpole said she was inspired by the protests going on across the country over the last few weeks.

"This is another example of people coming together to make change," she said. "I'm excited to be apart of it."

UPDATE, 5 p.m.: Katchpole was able to gather 150,000 signatures and canceled her Bank of America account.

WATCH: Bank of America Debit Fee Angers Some Customers:

Comments

[mudshark12]

07:59 PM on 10/09/2011

Hopefully this will get B of A's attention.

[99er2049er]

11:19 PM on 10/07/2011

I wonder if that Internet hacking organization is going to take out the BofA website. I remember this organization used to hack into websites of companies they were pissed at.

[lydialmr]

11:51 AM on 10/07/2011

If for some reason you do not want to change banks, use checks for your purchases. There is no charge if you use checks. Give them and the merchandiser more work!!!

[Bunny007]

06:26 PM on 10/06/2011

Take it from one 30 year Bank of America customer that just closed their account TODAY---

It's simple, people.

Once you have opened a new account somewhere else, you just CALL up BofA and tell them you want to close it, and they do it right over the phone...just takes a minute.

They will however ask you why you are closing it, which is the fun part. Of course there are a dozen eloquent, important socially conscious reasons we are closing it-- but the question kind of caught me off guard. The first words out of my mouth were just....WHY?? Because you guys suck, THATS WHY.

Nothing like the unvarnished truth once in the while.....LOL

[Bunny007]

05:59 PM on 10/06/2011

Wow...

That is a lot of effort for ??? results...

The BEST way to teach these crooks a little Humility 101, is to CLOSE YOUR ACCOUNT like I did today, and give your business to an institution that has EARNED IT.

30 year customer-- and I can no longer stay there for convenience sake, when they are extorting the masses like this--

Act collectively to shut this sucker DOWNNNN!!

[kingjohn1956]

04:55 PM on 10/06/2011

Bank of America is what you call a real stick-up artist.Like holding your money hostage!!

[alybaba]

10:21 AM on 10/06/2011

Dump Bank OF America..... No one should have an account there! Except BOA employees.
I'M suprised they only charge $5.00.

[99er2049er]

11:14 PM on 10/07/2011

Bank of America is counting on Americans being lazy plus thinking they can simply buy up another couple banks to replace the lost customers. But if we all stand up to them and leave, they will feel the pain, then eventually change their policies to attract customers back, but once you leave, don't return, let them learn a permanent lesson. This is why I have 2 bank accounts, so if you get pissed off at one bank, you can quickly shift funds to your other bank.

[dlefevre23]

10:14 AM on 10/06/2011

Democracy may becoming stylish again. Who would of thought it. Should be do the CEO Worship thing and praise Banking CEOs for this gift?

[elnuevocicero]

09:57 AM on 10/06/2011

The best protest.......................
Close ypur account and go elsewhere. Thats what I did.
The banks have a right to charge a fee and you have the right to move your money!.

[mickcastillo]

05:34 PM on 10/06/2011

F & F! Everyone should follow suit. I will make it a point to tell all my family and friends, if they have an account there, to do the same and to advise their friends and families!

[99er2049er]

11:16 PM on 10/07/2011

I have another bank and I will be moving my account over within the next month.

[Alexander Martone]

09:46 AM on 10/06/2011

The new Bank of America fee is at least transparent. If you want to help eliminate hidden fees in your checking account, sign this petition here: http://www.thepetitionsite.com/takeaction/181/049/880/.

[BlairCase]

09:38 AM on 10/06/2011

The banks are raising their debit card fees because of the new law that reduces the transaction fee they are allowed charge retailers. Now card users are absorbing the cost of the debit card transactions. Meanwhile, retailers aren't passing their savings on to the consumer.

[99er2049er]

11:18 PM on 10/07/2011

This is just a bs excuse the banks are using. They are making a far larger profit off of doing this scam. Banks just like corporations are using these lame excuses about regulations to guage us, by the way, banks have been sticking us with new fees year after year, regulation or not, they still do it. Somewhere you say enough is enough, you take a stand and you find a new bank or credit union to give your hard earned business to.

[broberts]

09:32 AM on 10/06/2011

If you don't like what B of A charges, move your money to another bank. Problem solved.