Did you ditch your bank yesterday? It's not too late to switch to a more consumer-friendly credit union (CU) or community development financial institution. Over the years surveys have repeatedly shown that consumers are better off at CUs than at banks. News reports indicate that 650,000 consumers joined CUs and moved $4.5 billion to these accounts in the past month in response to the proposed $5/month debit card fees. Almost anyone can join a credit union and CUs have been advertising heavily to attract customers. Transferring accounts takes some time and careful monitoring if you have your paycheck automatically deposited and various bills paid automatically. Set up the new account and make sure your auto deposits and payments are transferred over to the new account before you cancel. And then check to be sure these payments are made on time.
One commentator said that the monthly debit card fee at least was upfront and clear as opposed to so many bank and credit card fees that blind-sided consumers. You can be sure that financial institutions (and CUs are not immune from needing to raise revenue, as well) are hard at work in the back room figuring other ways to increase revenues after new federal legislation limited the fee income from debit card transactions. So be sure to read those notices included with your statement.
Check out www.bankrate.com to comparison shop for checking accounts and other financial products.
