Forum Post: What can every American do to diss the big banks?

That's easy. Join a credit union. Today, Bank of America announced it will raise its debit card fees to $5. Many other banks will follow. They claim that since they can't charge the same fees to merchants that they were charging (due to new regulations passed by congress) they will start charging higher fees to ATM users. Of course, what they don't say is that the fees they charge are necessary to make their stock shareholders happy, not their customers.

There are two main ways banks make money. They take in deposits and they make loans. If the depositors stop depositing, the banks stop making money on that end of their business. If you join a credit union, you will join a noto for profit, member based organization that has reasonable fees and the same security received for your deposits that the FDIC provides through deposit insurance, and you won't be subsidizing big banks. (Deposits are insured through the NCUA, National Credit Union Adminsitration). You bet banks are afraid of people moving to credit unions. They are not for profit and if you open an account you become a member with a stake in how a credit union is run through your vote. You can vote for board members, etc. Stop supporting wall street shareholders and instead become a credit union member.

This is one thing every American who is sick of these big banks can do to make a difference. It's safe, and in my experience with my credit union, offers better service at lower fees. I have no trouble finding ATMs (most credit unions don't charge fees to credit union members who are affiliated with another credit union) and I can do all my banking on line. I don't have to support wall street traded banks, I can support my local credit union. Credit unions are not for profit, all their profits go back to members as dividends. This is a no brainer for all out there who are sick of these banks controlling our lives. Teresa in Tacoma