Wednesday, October 26, 2011

This Guy Fawkes Day is Bank Transfer Day

From Next Media Animation on YouTube.

Mark your calendars. Bank Transfer Day is November 5. That is the day when consumers are encouraged to close their accounts at big corporate banks and take their funds to credit unions.

Previously, when paying by debit card, 44 cents would go to banks. The Durbin amendment cut those fees in half. This upset large corporate banks. They vowed to make back the fees somehow.

Some banks such as Bank of America are doing so by hitting ATM card users with new monthly fees. Customers such as Kristen Christian are outraged.

Christian has declared November 5 shall be Bank Transfer Day. Will it be enough to get the attention of big banks?
My wife and I are ahead of the curve on this one. As soon as Bank of America announced the $5/month fee for debit card users, we opened two accounts at a local credit union, then closed two of our three accounts at Bank of America, something we'd been meaning to do for almost two years. We'll close our remaining account at BofA ahead of Guy Fawkes Day.

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