Comments on: Tech wrap: Verizon backtracks on $2 fee http://blogs.reuters.com/mediafile/2011/12/30/tech-wrap-verizon-backtracks-on-2-fee/ Where media and technology meet Tue, 21 May 2013 20:36:00 +0000 hourly 1 http://wordpress.org/?v=3.4.2 By: D.D.D. http://blogs.reuters.com/mediafile/2011/12/30/tech-wrap-verizon-backtracks-on-2-fee/comment-page-1/#comment-391179 D.D.D. Fri, 30 Dec 2011 21:57:17 +0000 http://blogs.reuters.com/mediafile/?p=32649#comment-391179 I really am at a loss to understand Verizon's decision. The announcement of a $2 "convenience fee" (http://blog.unibulmerchantservices.com/everything-you-need-to-know-about-credit-card-convenience-fees) and its renouncement on the following day must be one of the dumbest business moves of 2011 in a very strong field. What were the Verizon guys thinking? This $2 fee looks to a customer exactly the way BofA's $5 debit card fee did a couple of months ago when it caused a huge backlash, prompting the bank to quickly scrap it (but not before the damage to its reputation, such as it was, was already done). I would've expected no one to try anything remotely resembling such a fee for at least a couple of years. As I said, I'm at a loss. I really am at a loss to understand Verizon’s decision. The announcement of a $2 “convenience fee” (http://blog.unibulmerchantservices.com/ everything-you-need-to-know-about-credit -card-convenience-fees) and its renouncement on the following day must be one of the dumbest business moves of 2011 in a very strong field.

What were the Verizon guys thinking? This $2 fee looks to a customer exactly the way BofA’s $5 debit card fee did a couple of months ago when it caused a huge backlash, prompting the bank to quickly scrap it (but not before the damage to its reputation, such as it was, was already done). I would’ve expected no one to try anything remotely resembling such a fee for at least a couple of years. As I said, I’m at a loss.

]]>