The more than 7,000 credit unions across the country are seeing an explosion in new members since Bank of America announced its monthly $5 debit fee in September.
In Miami, Karen Jackson transferred her money from a Chase account to the Miami-Dade Credit Union. She said the continuous adding on of fees had disgusted her.
"We couldn't take it anymore," she said. Recent numbers show there are thousands like her.
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Mad at bank fees? Credit unions get another look(AP)
NEW YORK — Credit unions are basking in the spotlight again.
Whenever a big bank rolls out a controversial fee, customers start fuming about taking their business elsewhere and the attention often falls on credit unions. That happened again last week when Bank of America said it would soon start charging customers a $5 monthly fee to make debit card purchases.
This time around, it seems some customers have finally had it.
The Credit Union National Association and National Association of Federal Credit Unions say other members are reporting an uptick in inquiries and account openings as well. And their respective websites that help users locate credit unions, www.ASmarterChoice.org and www.CULookup.com , both saw a surge in traffic in the days following Bank of America's announcement.
The news may have been the final straw for some because paying to use a debit card was unheard of until this year. The announcement also capped a year of banks pulling back on perks and hiking fees. By contrast, credit unions are known for offering more favorable fees and rates as member-owned nonprofits.
Still, the potential inconvenience and a fear of change have a tendency to keep even disgruntled bank customers from making good on their threats to leave. That's despite the numerous online banks, small community banks and credit unions eager to welcome new customers.
For those curious about what exactly a credit union can and can't offer, here's the rundown:
http://www.cbsnews.com/stories/2011/10/07/ap/business/main20117341.shtml?tag=mncol;lst;7---------
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