Business • Are Banks in Trouble? Bank On It.

Published April 15, 2012 | By admin

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APRIL 13, 2012 | BY TIM | BUSINESS

It seems like since the recession began, American citizens finally started to educate themselves on financial planning. In 2010 over half of the people who switched to a Federal Credit Union did so because of dissatisfaction with their bank. Can you blame them?

Did you know that ATM surcharges for non-members average $3 per use? Did you know ATM fees are a billion dollar industry? Seven Billion. Almost three quarters of all credit unions reimburse their customers’ ATM fees, I wish good ol’ BofA would.

Why is it that the smaller, independent banks can afford to pay ATM fees, but the big dogs like BofA and Wells Fargo can’t? One of the excuses I hear is that there are Bank of Americas everywhere – not true. In my town, there is one Bank of America – there are three RBFCUs.

I think what I’m trying to say is that I need to switch banks. Maybe I’ll stop writing this ranting blog post and do something about it. [CenturyLink Business]