We’ve posted about avoiding bank fees before, but the latest Bank of America shenanigan deserves another word of caution.
With its latest $5/month debit card fee, Bank of America has made the decision to balance its books on the backs of its customers, instead of changing its business model to be more consumer-friendly. Chase and Wells Fargo are also testing a $3 debit card fee in certain markets.
Big banks have always had the biggest fees, and they get away with it on the premise that their customers won’t bank elsewhere. But free checking still exists, and small banks and credit unions are not likely to copycat what big banks are doing on debit card fees.
As a consumer advocacy organization, our advice to consumers is clear: Vote with your feet. Ditch your big bank for a credit union or community bank. You’ll be better off for it.