bank TRANSFER day November 5th 2011

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Did Dick Durban actually tell Bank of America to charge this fee?

Anyway, I've always been with credit unions. They're the best.

The best how? Their rates are certainly not the best.

Local credit unions are not perfect, but they're not generally in the habit of buying politicians.

Not true. Credit unions traditionally have much better rates for both borrowers and savers. Interest rates for borrowers are actually capped at 18%, by law, including credit cards. The difference in savings rates are less significant, but are still typically better at credit unions. Then to add the savings from the fees, and for most, it makes a lot of sense.

http://moneywatch.bnet.com/saving-money ... on/382953/

http://money.msn.com/credit-cards/conve ... mapes.aspx

http://www.bankrate.com/finance/savings ... nks-1.aspx

Here's a helpful guide for those considering a switch:

http://mycreditunion.gov/

Having better rates than BAC and Wells Fargo ain't exactly saying much. They APY on my checking account at Ally is almost double the rate on a savings account at any credit union I've seen. If you don't need to make cash deposits, there is no reason to bank with a branchful national bank or a local credit union.

That's true. I was limiting the comparison to traditional banks. The interest rates of some of these online only banks are impressive. I'm not familiar with their loan products though. I think credit unions may have them beat there, but maybe not. I'm a little old, so I still prefer brick and mortar locations. The important thing is that people examine what's best for their own needs. Rarely (if ever) are are the big guys looking out for the best interest of their customers. I'm almost certain that most customers of BOA, Chase, and the rest of them would do better elsewhere, but elsewhere does not have to mean a credit union. It's good that you're getting a deal you're happy with.

[youtube]http://www.youtube.com/watch?v=Icqrx0OimSs[/youtube]
MOVE YOUR MONEY to a local community bank or credit union.

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Edit. I've read stories that people are getting arrested for trying to close their accounts in the united states.

"People Arrested for Trying to Close Citibank Accounts." This happened October 15th.
http://politics.gather.com/viewArticle. ... 4980587518

Arrested For Closing Down Bank Accounts?
http://www.care2.com/causes/arrested-fo ... video.html

Woman Arrested For Closing Her Bank Account
http://www.disinfo.com/2011/10/woman-ar ... k-account/

Bank of America won't let protesters close their accounts
http://www.examiner.com/people-the-news ... tch-videos

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There have been unconfirmed rumors that Chase is planning on closing some branches in an attempt to prevent people from closing their accounts tomorrow.

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This is encouraging news:

WASHINGTON (11/4/11) -- At least 650,000 consumers across the nation have joined credit unions in the past four weeks, reflecting consumers' reactions to rising fees at banks, according to a survey by the Credit Union National Association (CUNA). http://www.cuna.org/newsnow/11/system110311-10.html

I can't do it tomorrow, but I plan to do it Monday.

I opened an account with Patelco (credit union) yesterday, and I'm closing my Chase savings account today. As soon as I get my new debit card in the mail I'm going to close my Chase checking account as well.

If this becomes serious, the banks will lower or eliminate the pesky fees. It is called competition.

I have bad news for you. Mr. Potter won and George Bailey lost.

ruveyn

Lets make it serious then.

Wow, it is almost as if the people behind this transfer day wanted that to happen.

So our first point just makes happen what people want to happen.
And your second point simply means that if people do more then this trend of injustice will be reversed.

It's best not to try and understand ruveyn. He's an interesting person.

I bank with a credit union. I don't pay fee's to do anything.

Ever.

Why would I want to use a bank?

Simple economics.

Banks can't compete with credit unions, so there's no competition there. They have different rules for membership generally and are not open to the general public. The credit union I bank with was only open to government and military and their families at the time. Now it's open to everyone living within the county. But that's still a requirement banks don't have to meet. They can't compete with that, so they make their own rules. But many people CAN bank with a credit union but choose not to for one reason or another. This just gave people more reason to if they can.

Huh? What credit union are you at? No fee for cutting a cashiers check, making an outgoing wire, stopping payment on a check, overdrafting, or paying a credit card bill late? I'm skeptical that such a place exists. I rarely payed fees at Wells Fargo or Bank of America, because I payed my bills on time and didn't overdraft. I just had to pay for the occasional outgoing wire, as would have been the case at a credit union. I don't see what the big deal is about fees, interest rates are way more important.