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Bank of america faces outrage over debit card charge

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"Bank of America Faces Outrage over Debit Card Charge" was the headline in the Washington Post on September 30, 2011. Bank of America attempted to institute a new fee on debit card accounts by charging its debit card users $5 per month, in hopes that other banks would follow its lead. However, no other major bank did, and Bank of America was pummeled in the media and by customers who closed their accounts until Bank of America relented and dropped the new fee. Explain how bank of America was attempting to overcome the Prisoner's Dilemma. Provide reasons why this attempt was unsuccessful.

Reference no: EM131527612

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