Discontent Consumers Promoting “Bank Transfer Day”
NORTH TEXAS (CBSDFW.COM) - Dissatisfaction with bank fees has brought about “Bank Transfer Day” and it happens Saturday.
The event is part of a movement to get people to flee from rising bank fees and move their money to credit unions.
But a local economist advises consumers to consider alternatives before deciding to withdraw all your money.
Roger Meiners, the chairman of the Department of Economics at the University of Texas at Arlington, suggests that consumers shop around for local banks that may have lower or no bank fees.
The Bank Transfer Day movement began with Bank of America’s announcement of a $5 monthly debit card fee, a plan that has since been aborted.
Nationwide, credit unions have seen a big jump in membership. Reports are, nearly 700,000 new accounts have been opened at credit unions, since later September.
But experts suggest you do your homework before jumping ship and consider if credit unions are FDIC insured, have convenient branch and ATM locations and eligibility required to join, among other things.