Activity 3: What Would you do? Susan, a recent college graduate, opened a checking account with a local bank. She asked numerous questions before deciding on this bank, including inquiring about checking account fees and annual credit card fees. When Susan returned from her first vacation in the Bahamas, she was surprised to see numerous fees on her credit card statement and her bank statement. When she called the bank, they informed her that they recently added service charges on international transactions involving their checking and credit card accounts. Susan began to protest; the bank stated that her last bank statement included a flyer detailing these changes. In looking back, Susan realized that she had, in fact, received the information, but had ignored it because it was included with considerable advertising information about purchasing CDs. The lengthy document was written in such small print that she had not bothered to read it.

a. What do you think of banks and other financial institutions efforts to notify their customers of fee changes? Should the bank have sent a letter to customers that specifically addressed the changes to international transactions? Do you think this Would have ensured that their customers would read this information and feel informed about the changes?

b. What lesson do you think Susan has learned?

c. Would you change banking institutions if this had happened to you? Why or why not?