Social media is changing the relationship between big banks and consumers.
Negative reaction from customers is forcing some to reverse their policy on debit card usage fees.

Regions bank, Bank of America, Sun Trust, Wells Fargo and JP Morgan Chase have all announced they will no longer charge those monthly fees.

Simon Sheng, Associate Professor of Marketing at UAB says sites like Twitter and Facebook give consumers the power.

"An unsatisfied, angry consumer normally tells 8-16 people about their bad experience but that is very limited, 8 to 16 people. But today a consumer can tell 3,000 people."

That’s what happened with Bank of America.
22 year old underemployed college graduate Molly Katchpole is in the spotlight for her online petition on change.org against the bank.

It captured over 300,000 supporters and is said to have played a huge role in the bank’s decision to ax their $5 monthly fee.

Campaigns like this are putting a lot of pressure on bank and the decisions they make.

"They have to be justified otherwise consumers might fight back, not in 10 or 100 consumers but in hundreds of millions, hundreds of thousands then companies cannot afford that kind of mistake," says Sheng.