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Released: October 18, 2011
Some things to consider before switching your bank
Source: Sandra Block, USA Today
Many consumers stay with their banks for the same reason couples remain in unhappy marriages: It’s a hassle to leave.
Your Money
Lately, though, new fees for debit cards and other services have galvanized bank customers. Like spouses who discover their partner has joined an online dating service, they’ve had it and they want out.
The Occupy Wall Street movement has picked up on the general discontent. Organizers have designated Nov. 5 as “Bank Transfer Day” and are encouraging customers to move their money into small banks or credit unions, which often have lower fees. The disgruntlement was triggered by Bank of America’s announcement that it will charge debit card users a $5 monthly fee. SunTrust and Regions Financial have also added debit card fees, and Wells Fargo and JPMorgan Chase are testing them in some markets.
Read Full Article: Some things to consider before switching your bank
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