Big Banks Responding to Loss of Depositors

Last November, 650,000 bank customers took their money out of the largest banks and transferred it to a credit union or locally-owned bank.  (November 5th, 2011 was Bank Transfer Day.)

Since then, hundreds of thousands more customers have smartened up and moved their money out of the big banks.  And finally, the largest banks are responding to this mass exodus.

Oh wait, you probably thought the banks’ “response” would be to provide better service and fewer “Gotcha!” fees and surcharges.  ROTFLMAO!!!  Come on, what planet are you living on???

The largest banks have responded to their fleeing depositors by — you guessed it — making it more difficult, expensive and cumbersome to move YOUR money out of the bank.  What’d you expect?

An attorney for Consumers Union said:  “It's become harder and harder to move your money.”  A lot of banks are charging a fee for closing an account.  Cell phone carriers have “earned” billions with these termination fees.  It’s about time the banks caught on to this lucrative scam.  Why build a better mousetrap when it’s so much easier to just gouge your customers with hidden fees?

Another obstacle is the cumbersome process of transferring your direct deposit and automatic bill paying.  Banks are deliberately NOT helping customers with these processes, and they often give conflicting answers to people’s questions.  The transition can take several weeks.  WTF???  They can access all of your financial information with a few mouse clicks, but it takes several weeks to transfer a bank account?!?  Sort of an odd combination of the 21st and 19th centuries.  The Internet meets the Pony Express.

The linked article ends with:  “It may take a little time and cost you a few dollars, but if you don't like your bank — vote with your feet and find a new financial institution.”