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Tuesday, October 25, 2011

Consumers shifting money from big banks

Whether this trend will continue is open for debate, but there's certainly a lot of fed up consumers out there. When some called for shifting money a few years ago the movement never materialized but that was also before OWS and before the banks started to raise fees and show gaudy numbers during the recession. It's hard to beat the customer service offered by small credit unions but the hassle factor of changing is not insignificant.

Have the too-big-to-fail banks gone too far, finally?
...A growing number of big bank customers, angry about new debit card usage fees, harder-to-avoid checking accounts fees and rising ATM surcharges, are taking their frustrations and their business elsewhere.

"They're coming over in big chunks," said David Glaser, vice president of National Capital Bank, a family run, two-branch community bank in Washington D.C. He estimated that 80 percent of the new accounts opened in the three weeks since news broke about the $5 debit card fees have been opened by customers of the Charlotte, N.C.-based Bank of America Corp.

And not all of those switching would even get charged the debit fee. "I had a woman bring me a quarter of a million dollars, Glaser said. "She would not have paid the $5 fee, she just didn't like the idea."

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