Time to Move Our Money

Mar 21, 2011 | By: Mr_Blue | Tags: credit unions, move your money, tbtf, too big to fail

Higher bank fees are on the way and the so called “free checking” is dead. But we don’t have to take this. We can move our money - all of it - including retirement accounts.

Nice system we have. Too Big to Fail (TBTF) banks crash the economy, receive $13 trillion bailout, recovery nicely then stick it to their customers (again):

J.P. Morgan Chase (JPM), which has has 27 million checking accounts, has announced it will impose fees ranging from $10 to $12 per month on those accounts—though the fees can be avoided if you maintain a minimum daily balance of $1,500 or set up a direct deposit of $500 or more each month into your account….

Meanwhile, Bank of America (BAC), which has 57 million consumer and small business customers, has started a pilot program to charge new customers in Arizona, Georgia and Massachusetts for checking accounts, says spokeswoman Anne Pace. The four account options on offer have fees ranging from $6 to $25 a month, but customers maintaining a minimum daily balance of $5,000 won’t have to pay the fees.

TBTF banks require tens of billions of dollars in revenue to feed their ginormous size and pad the pockets of TBTF CEOs and executives. A slight reduction in revenue could mean that CEOs and other executive get a slightly lower bonus. Of course, TBTF Banks are saying that new (very weak) financial regulations are the culprit. But these regulations haven’t been implemented yet. These new high fees are in anticipation of new regulations. READ: just another excuse to raise fees and increase revenues. We should’ve ended TBTF banks when we had the chance.

We don’t have to accept these higher fees. It’s not that difficult to move our money to a community bank or credit union. Here are some resources to help with moving our money:

1) Keep Your Balance: A Shopper’s Guide to Better Banking;

2) Move Your Money Project - 7 Simple Steps to Move Your Checking Account;

3) Credit Union Locator

It’s time we send a message to TBTF banks that they may own both political parties but they don’t own us. Let’s let our business do the talking. It’s time to move our money!

Good luck.

 

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