July 9, 2012
Are the banksters attempting to eliminate their local, community-owned competition in the fractional-reserve banking system? Last October, Bank of America faced a backlash from angry customers when they attempted to raise fees. Droves of people left the bank (and others) to put their money in credit unions. Credit unions serve most Americans better than banks, because they generally offer lower interest loans, have fewer fees for membership than banks charge for their accounts, and offer better service. Here’s a story from October 2011:
More banks are hitting customers with fees, but there are ways to get around them.
Citibank announced increased fees for some of its checking accounts, and that they’ll be phasing out free checking accounts, and if you have an EZ checking account, you’ll need to keep $6,000 in your account or pay a fee of $15 a month.
And as you know last week Bank of America announced a $5 a month fee for using your debit card. Consumers are not happy and many of them are turning to credit unions.