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‘Dump Your Bank’ Movement Still Gaining Momentum
Posted By Carole Fleck On June 4, 2012 @ 4:49 pm In Money Talk | Comments Disabled
Dump your bank was a popular mantra last year and apparently the trend continues. Fed-up customers angry over increasing fees and less-than-stellar service dissed their banks in droves and headed straight to their neighborhood credit unions to do business.
According to just-released data , 667,000 people joined some 7,000 federally-insured credit unions in the first quarter of this year, bringing new membership to a record 92.5 million. That’s equal to more than half the 1.4 million new members who signed up in all of 2011.
Customers’ frustration  with banks gained momentum during the financial crisis and bank bailout following the recession, and surged anew late last year as Bank of America prepared to charge a monthly fee for debit card use. It later backed off amid customer backlash. People doing business at other banks also grew irritated over new or increasing fees  for services.
“Are we going to rule banks, or are bankers going to rule us?” asks Ritholtz, author of a book called Bailout Nation.
Article printed from AARP: http://blog.aarp.org
URL to article: http://blog.aarp.org/2012/06/04/dump-your-bank-movement-still-gaining-momentum/
URLs in this post:
 Image: http://aarpblog.files.wordpress.com/2012/06/bank2.jpg
 just-released data: http://www.ncua.gov/DataApps/QCallRptData/Pages/CallRptData.aspx
 Customers’ frustration: http://www.aarp.org/money/budgeting-saving/info-04-2012/planning-to-switch-banks.html
 new or increasing fees: http://www.aarp.org/money/budgeting-saving/info-10-2011/more-bank-fees.html
 break up with up with their banks: http://blog.aarp.org/2012/04/12/breaking-up-with-your-bank-pay-up/
 CNN reported: https://access.aarp.org/2012/06/01/pf/credit-unions-membership/,DanaInfo=.ampph2EiuvImzy+index.htm?iid=SF_PF_River
 recent Washington Post column: http://www.washingtonpost.com/business/barry-ritholtz-how-the-fdic-can-curb-banks-reckless-speculation/2012/06/01/gJQANEzT7U_story.html
 Paul Lowry at Flickr.com: http://www.flickr.com/photos/paul_lowry/2752153842/
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