Banks Losing Customers In Back-lash
News Flash! An astounding 650,000 people have closed their bank accounts with major banks and moved over to their local credit union.
I think we’re all aware that our major banks wanted to charge some ‘fun’ fees when we used our debit cards. Now of course, it is our own money that we’re lending to the bank so they can make money on it, while keeping it safe for us, but we can use it when we chose. So since the banks weren’t making enough profit on their own investments and charges, they wanted to charge us for using our own money. Slick!
So, the s_ _ _ hit the fan and the banks backed off. But the back-lash has been that thousands of us have had it, and moved to more customer-friendly credit unions.
These figures came from the Credit Union National Association, who reported that more than 80 percent of its 5,000 member institutions saw their customer numbers jump and added $4.5 billion in new savings accounts.
I’m wondering about the smaller, local banks, though. Are they seeing customers leave, too, simply because they are a ‘bank,’ or are they reaping the benefit of new customers as well. Only time will tell.
What about you? Have you moved? Stayed put? What do you think?