I’d really like to know! With all of the potential changes coming are you staying or leaving your bank? This past Saturday was National Transfer Day when people already chose to leave their large bank in favor of smaller options like credit unions or online and local banks. Were you one of them? When Bank of America announced last month that they were going to begin charging monthly fees for the use of debit cards on accounts, consumers were outraged! Other large banks thought it was good idea too and toyed with jumping on the same band wagon. But, on November 1st Bank of America decided to halt charging customers those fees because of the major backlash. Of course, my hope is that other banks will do the same. For once, the banks listened to the consumers and changed their mind!
Be forewarned though, there are many other changes that the banks are still considering and may slide under the radar unnoticed. Be sure to check with the new bank you decide to use and/or the one you have now for the following potential fees.
1. $5 Minimum balance fee 2. $3 ATM fee even if you use your own bank’s ATM 3. $5 Notary charge 4. $2 Direct deposit charge 5. $3 Teller usage fee 6. $3 Coin tally service fee
If you add up just one of each of these charges for one month you have paid $21 in fees! Well I’m not taking it! And I hope you don’t either! Continue to speak up and let your bank know you won’t stand for all of these fees. You can also speak up by moving to a smaller bank, online bank, or credit union that aligns with the values you have. Check out creditunion.coop, bankrate.com, or banktruth.org to comparison shop your choices. I want to hear from you! Let me know your thoughts and what you are deciding to do. We must all come together and speak up!