From FT:
HSBC on Thursday reversed its decision to take away students’ interest-free overdrafts as soon as they leave university after it suffered a consumer revolt by graduates on the pages of Facebook, the cult social-networking site.
The bank said it was not “too big” to listen to customers and that it would freeze interest charges on overdrafts up to £1,500 for students who graduated this summer, repaying any interest charged in August.
As a Facebook user, I'm feeling drunk with power right now. Facebook has made starting a mass consumer protest as easy as starting a new protest group on Facebook and inviting your friends to join. Unlike some commentators, I see this as a huge benefit for businesses as well as consumers.
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