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Forum Post: Top banks accused of colluding on ATM fees

Posted 2 years ago on Oct. 21, 2011, 7:53 p.m. EST by emeflag (88) from Flagstaff, AZ
This content is user submitted and not an official statement

So why are you supporting your greedy too-big-to-fail bank?

See: http://www.reuters.com/article/2011/10/19/us-banks-atmfees-idUSTRE79I88F20111019

Citigroup just reported a 74% increase in 3rd quarter profits of $3.8 billion. As well, Bank of America reported $5.9 billion in profits. As if this were not enough profit , these banks are now implementing new debit-card fees for their customers. For those getting tired of feeding their greedy bank, credit unions offer a great alternative. Did you know many credit unions offer free checking with no fees, no minimum balance, and free on-line banking? Credit Unions are non-profit organizations and support their communities by lending locally. Most Credit Unions have ATMs and many are part of the 25,000 "CO-OP ATM Network" providing you with free ATM usage anywhere in the United States. There is no reason to feel trapped by your bank. The Occupy Wallstreet protest movement is calling for "November 5th Bank Transfer Day" so that would be a good time to make the move to a credit union.

21 Comments

21 Comments


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[-] 1 points by gibsone76m (298) from Washington, NJ 2 years ago

No one is or has eve forced any of you to keep your money in big banks...ever think about who really gave the banks their power? hmmm

[-] 1 points by emeflag (88) from Flagstaff, AZ 2 years ago

Okay, I'll bite. Who really gave the banks their power?

[-] 1 points by gibsone76m (298) from Washington, NJ 2 years ago

Banks have been getting rich by lending out and trading on YOUR money, because until now we have been blindly giving it to them. No one ever forced us to open an account with bank of america in stead of a local credit union.

[-] 1 points by emeflag (88) from Flagstaff, AZ 2 years ago

I completely agree...you're preaching to the choir.

[-] 1 points by emeflag (88) from Flagstaff, AZ 2 years ago

Absolutely, banks can charge debit-card fees as they like and customers can choose to point their middle finger at them and leave. I have done the latter. The debit-card fee is the last straw for me. I'm tired of being nickle-and-dimed to death with bank fees. I've been a fool not to have explored other options. The credit union that I am transitioning to has no check fees and no minimum deposit with a larger interest rate on a savings account. Admittedly the interest rate is only slightly larger but never the less I'll be earning more money and will be paying no fees. What's not to like?

[-] 0 points by happybanker (766) 2 years ago

Which Credit Union affiliation group do you work for? NCUA?

[-] 1 points by emeflag (88) from Flagstaff, AZ 2 years ago

Sorry, I am retired and am trying to make every penny count. Also, I did not mention the credit union I joined offers a better interest rate. Don't believe me? Check it out for yourself.