Dedicated to Deposits: Deals, Data, and Discussion
Featured Savings Rates
Featured Accounts

Big Banks Hit Customers With Higher Fees, And More Of Them

Monday, May 16, 2011 - 5:50 AM
From USA Today:
The nation's biggest banks are increasing many of their fees, adding new ones, eliminating debit card rewards programs and making it harder for customers to avoid paying monthly charges for checking accounts.

Most of the focus in the article is on new fees from Chase and Bank of America.
Ken TuminKen Tumin5,472 posts since
Nov 29, 2009
Rep Points: 125,708
1. Monday, May 16, 2011 - 8:55 AM

I think it's great. The mega-monstrosity TBTF (Too Big To Fail) banks will lose more customers to well-run, prudent financial institutions that treat customers with respect...

From the USA Today article:

Michael Moebs, a banking industry economist in Illinois, estimates big banks will lose 13 million checking accounts nationwide in 2010 and 2011. He expects their share of the nation's 130 million consumer checking accounts to drop from 45% in 2009 to 35% by year's end.

"Banks don't want to do business with a large class of people who they simply can't make a profit on anymore," said Richard Bove, a banking analyst at Connecticut-based Rochdale Securities.

Credit unions in Michigan are benefitting already. According to the Michigan Credit Union League, the state's 322 credit unions gained more than 2,600 members in the first quarter, on top of the 96,000 who joined during the last two years.
ShorebreakShorebreak2,700 posts since
Apr 6, 2010
Rep Points: 14,633