Suze Orman came out with her own debit card this week, called the Approved Card. It’s received a lot of attention — not all of it positive. Some people are aghast that a personal finance expert would push her own product to her loyal following. I have no problem with that. I don’t even mind her making lots of money on it. But it had better be a good deal at the same time.
Boy, did that backfire.
I’m talking about Bank of America’s new policy of charging its debit-card-using customers $5 a month for that privilege.
And I bet Citi, Wells Fargo and Chase are breathing a huge sigh of relief for just “testing” the debit-card-fee waters in a few states instead of doing what BofA did in one fell swoop.
The reaction from consumers is pretty hostile.