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Consumers revolt online against bank fee hikes
NEW YORK (9/25/09)--Consumers have gone online before to voice complaints about banks fees and rates and service. But one debtor took her complaint to new heights via the viral route to voice her displeasure when Bank of America raised her interest rate. And she got results. The "debtors' revolt" on a YouTube video by Ann Minch was viewed more than a quarter million times and resulted in Bank of America calling her to reduce her interest rate, said CBS News with Katie Couric (Sept. 23). The bank had raised her credit card interest rate to 30% from 13%. "I could get a better rate from a loan shark," she said in the video. She offered an ultimatum: Lower the rate or she won't pay. "Stick that in your bailout pipe and smoke it," she said. Thousands of people who saw the video responded, complaining about their own banks. Minch claimed a small victory for the debtor's revolt movement.
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