Ready to Leave Your Big Bank?
If you're fed up with the slew of new fees your bank has imposed on your account lately, you might want to join others as they switch financial institutions on Bank Transfer Day Saturday, November 5.
The movement was organized by Kristen Christian, who was tired of fee increases at her bank and, as a result, switched to a credit union. She created a Facebook page for Bank Transfer Day and more than 77,000 people have responded to her invitation online to attend the event.
Credit unions across the nation are expected to extend their hours Saturday and beef up staffing for Bank Transfer Day, according to the Credit Union National Association (CUNA). Already, more than 650,000 consumers have joined credit unions since September 29, when Bank of America announced that it would impose a $5 monthly fee on its debit-card users (it nixed this plan November 1 in response to the public outcry), according to CUNA.
According to a recent Bankrate.com study, credit unions are more likely to have free checking accounts with no strings attached, lower ATM fees and higher interest rates than banks (see The Credit Union Advantage). Visit aSmarterChoice.org to find a credit union near you.
Or consider a small, local bank, which also tend to have lower fees and higher rates than big banks. See How to Find a Local Bank for resources to help you in your search.