Bad Business Moves Of 2011

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Overcharging Customers

overcharging, BofA, Netflix, qwikster, bank of americaBank of America and Netflix were in trouble for overcharging their customers. BofA rolled out a $5 a month charge for using debit cards, which saw the customers backlash and take their grievances to the media. The customers were lured by the credit unions to join them. Other banks also tried to put a fee on the debit card usage but they were prompt enough to realize the issue and retreated promptly.

Netflix used to charge its customers $10 a month to watch movies on DVD or online, but of late the company’s greed saw it losing its customers. The company decided to separate its businesses into Netflix, which would provide online streaming if TV shows and movies and Quikster, which would provide DVDs. But due to the huge outcry from the subscribers, they rolled back their plans to split its services. But the move made the company, not only lose out on millions of subscribers ,but also saw a 75 percent fall in its stocks, starting rumors of it being taken over.