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The YouTube consumer wins

Ann Minch of California posted an angry little video about Bank of America's policies on her credit card in mid-September, saying that Bank of America upped her credit card interest rates to 30% with no notice, and wouldn't discuss why.

"Bank of America's message to me was 'tough sh*t' … you are evil, thieving bast**ds … who rape and pillage middle class Americans."

So what?

Well, it mattered as her little rant got linked to by blogs and newswires globally such that, as I write this, her video has been viewed over 430,000 times.

And guess what?

According to Huffington Post, Ann was contacted by a Bank of America official the other day who "to talk a little about my personal financial situation
so we can negotiate some kind of agreement in regard to my existing
credit card account," she said.

The executive "tried to get me to agree
to 16.99 percent and I said, 'No, nope, I believe because you guys are
getting your money from the Fed at zero percent interest… that 12.99
percent is a more than generous profit margin for you guys.' So he did
finally agree to that and he also agreed to send me that in writing."

The power of social media in action.

About Chris M Skinner

Chris M Skinner
Chris Skinner is best known as an independent commentator on the financial markets through his blog, the Finanser.com, as author of the bestselling book Digital Bank, and Chair of the European networking forum the Financial Services Club. He has been voted one of the most influential people in banking by The Financial Brand (as well as one of the best blogs), a FinTech Titan (Next Bank), one of the Fintech Leaders you need to follow (City AM, Deluxe and Jax Finance), as well as one of the Top 40 most influential people in financial technology by the Wall Street Journal’s Financial News. To learn more click here...

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