In a survey of 5,000 of its credit union members CUNA estimates that at least 650,000 consumers across the nation have joined credit unions since Sept. 29, the day Bank of America unveiled its now-rescinded $5 monthly debit card fee. Also during that time, CUNA estimates that credit unions have added $4.5 billion in new savings accounts, likely from the new members and existing members shifting their funds.
If you’re currently banking with a big national bank and you’d like to find an alternative, BoldProgressives.org has set up Banxodus, a online tool to help bank customers find a better banking option.
My wife and I keep all our money in a credit union, It’s also important to make sure your credit union isn’t planning to convert to a commercial bank, a measure Scott Walker supported.
http://www.journaltimes.com/news/local/article_8a88b278-a0e9-11e0-8520-001cc4c03286.html
So call the credit union president and make sure they intend to remain a credit union, and then move your money.
Thanks for the link Steve….that’s an important point about credit unions converting to commercial banks.
Associated Bank had been ripping me off for more than two years until I decided enough was enough. I’m fortunate to be a client of USAA, a bank and insurance company from which I took out my first auto insurance policy 25 years ago. Recently they introduced new services for their bank that allow me to do all of my banking online, including check deposits. Over the last 3 months I’ve been moving all of my banking activity from Associated to USAA, and very soon we’ll be telling Associated to kiss my ass after 15 years. Associated used to be a good bank until they decided they wanted to be just like Citi, BofA and the rest.
One tip for others considering switching: it’s going to take a while, because you have to make sure any automated bank drafts that you set up get successfully switched to your new bank. It’s a painstaking process for sure.
At the risk of sounding like a shill for USAA, if you or your parents are military veterans, you are eligible to be a member at USAA. The CEO is a former commander of mine. In addition to banking and insurance, they offer a full line of investment services as well.