Angry over fees, new customers stream into local banks

[Omaha Steve]

Source: 9news.com

Written by Lauren Lang

DENVER - Bank of America, Chase and Wells Fargo are all considering raising debit card fees soon, and the increases have many customers looking to change financial intuitions.

Beginning next year, Bank of America plans to charge customers five dollars a month or sixty dollars a year to use their debit cards and plans to charge an additional five dollars to replace a lost card.

Both Chase and Wells Fargo are already testing monthly debit card fees in select markets.

Local competitors say disgruntled customers aren't waiting for the fees to take effect, they're already opening new checking accounts at different banks.


Read more: http://www.9news.com/money/224799/344/Angry-over-fees-new-customers-stream-into-local-banks

[CaliforniaPeggy]

1. Good for those customers!

More and more, I am so glad I belong to my credit union.

[seacaves]

2. Open accounts at the local credit unions. Good response

to this problem of greedy big banks. We can make a difference--one by one..

[GodlessBiker]

3. We've already moved to a local bank. It felt so good to tell BofA to fuck off.

[glinda]

4. Now if we could just figure a way to affect the Health Insurance Industry's rate hikes.

[Lucky Luciano]

5. I think I will maintain two accounts.

I will make my main account a local bank (though in NYC, I am probably stuck with a big bank). I will also have an account at a bulge bracket bank so that accessing money from an ATM is easy and has no fees.

[customerserviceguy]

10. Wouldn't an online bank make sense?

While I acknowledge that the credit unions around here aren't ready for prime time, perhaps you've got access to one really good one in the city?

[Lucky Luciano]

13. Too much of my time to really investigate.

The only charge I get from BankAmerica for my account as of now is for using my ATM card in a non BankAmerica ATM. However, I would move on general principle if there is a good alternative that I don't have to work too hard to find.

[Buddyblazon]

14. Try INGDirect..

...we use them and are quite happy.

[customerserviceguy]

23. Well, your response

Explains why so many people still bank with the too-big-to-fail institutions, no matter what they have done to them.

[Lucky Luciano]

24. You are right...but I have incurred very few fees, so the motivation is

not all that much. I rarely used my ATM card since I primarily use my AmEx at all possible times and use $60 cash per week more or less...and I NEVER use my ATM card as a debit card. If I did, I would be way more motivated.

[dogknob]

15. My credit union reimburses all ATM fees... n/t

[cui bono]

21. You are not stuck with a big bank in NYC. There are credit unions here.

I used a couple to deposit my paychecks and I'm with a California credit union. I'm just out here for a few months due to work.

Here's a site where you can find a bunch of credit unions who are on a network, so you can use their sister credit unions all over the states. In Los Angeles I can use atms in all the 7-11s for free and out here they mostly seem to be in McDonald's. No fee even though I'm from L.A.

http://www.cuswirl.com/search?zipcode=new%20york,%20ny

[The Wizard]

6. electronic transactions

cost to the bank is nearly nothing. Processing checks on the other hand............
Start writing checks again.

[BlueCaliDem]

9. Big Banks HATE checks! How long before they charge us for using those? eom

[customerserviceguy]

11. They're expensive for merchants, too

Even without the NSF checks, there are accounting expenses associated with them, and the extra time it takes an employee to write down driver license number, major credit card number, etc.

If enough people either use checks or real credit cards (big-ass fees to merchants on them), maybe they'll regret having the debit card swipe fees busted down.

[iamthebandfanman]

7. watch out, you might get arrested..

apparently.

[tabbycat31]

8. not all local banks are the same

I worked at one, and when the big banks were offering free debit cards, the one I worked at charged $25 a year for one if you did not maintain a $2500 balance in your checking acct (I never maintained that when times were good financially for me).

In January when the fees hit, we had a lot of irate customers. I was very glad I did not do business at my former stomping ground (employees would "jokingly" put holds on each other's accounts).

[CTyankee]

12. I moved every dime I had in a Morgan Stanley account to a local bank after

I got screwed with a huge yearly fee on my account (which came out of nowhere). And I had a chunk of change in that account. But honestly, I don't think they really cared. I was small potatoes to them. They as much as told me that when I called and complained. They actually said "Don't you have a local bank?" So fine. I'm done with you guys...

[Liberal_in_LA]

16. k&r

[AllyCat]

17. Vote with your wallets! These banks are so big, I bet they won't even care

They are just arresting people who try to close accounts because they have signs and the banks don't want them making a point in front of those pesky cameras. Ultimately, it will be a drop in the bucket for them, but the small banks and consumers are more likely to win by moving to a company that actually knows who they are when they come in.

[jojog]

18. Local Banks are getting fewer

<>

[Shagbark Hickory]

20. True. That's why it's a good idea to check the rating of a bank you're thinking switching to.

They could get swallowed up by a bigger fish sooner or later.

[Brother Buzz]

19. Vote with your feet.

[Nothing Without Hope]

22. I've used the same local bank for 30 years, and never a problem

Always helpful and courteous, no hidden fees, even for some services that would seem above and beyond the usual. The contrast with the experience of friends here and in various parts of the country with Bank of America is stark. Many hidden fees and "mistakes" that always seem to favor the bank. This has been going on for years, and I know many people who were angry enough to change banks long before this most recent move.

[L0oniX]

25. Already opened a CU account ...transfering the rest on Nov 5th.