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Bank Fees Breaking the Bank?





Posted by:   Tags: new bank fees  Posted date:  November 8, 2011  |  No comment


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It could well take months before regulatory filings reveal exactly how many Americans responded to activists’ challenges last weekend and moved their money away from large banks that were identified as contributing to the financial crisis. The activists challenged Americans to close their bank accounts, and move to credit unions instead. Credit unions say they’ve already seen a tremendous impact.

“Our new memberships were three times as high as normal,” said one director of community relations at a credit union in Texas. Nearly all of the new accounts opened have been checking accounts, as opposed to the more typical savings accounts being opened.  The director attributed this to the notion that people have grown sick of banks and their policies and fees.  ADT home security is great, but you can’t hide all your money in a shoebox or a mattress.

Saturday was called Bank Transfer Day, the Facebook powered rally begun by Kristen Christian after Bank of America announced plans to charge its customers a monthly fee for using their debit cards.  The effort gained a lot of steam, and apparently its message was loud and clear:  the bank dropped its plans November 1.  Click on the infographic below to have a look at why so many people are fed up with big banks:

 






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