Solving The Bank Fee Problem

Resolving the problem with banks charging ridiculous fees is pretty easy when you think about it.  Go to a different bank.  We are free to vote with our feet, and giants like Bank of America tend to forget that we can go somewhere else for our services. Time.com runs an excellent article reminding us that consumers still have the power to drive the market.

And where will they take their business? Obviously, to financial institutions that aren’t charging all kinds of outrageous and unnecessary fees. Plenty of bank customers are doing just this right now.

According to DailyFinance, online banks are booming in the aftermath of new fees being added by Bank of America and others. PerkStreet Financial, an online-only bank with no-fee checking and debit cards that aren’t only free but offer 2% cash rewards as well, has been blessed with double the usual number of new customer signups this week.

Meanwhile, small banks and credit unions all over the country have launched advertising campaigns highlighting that, unlike some big banks, they don’t charge for things like checking accounts and debit card usage. One bank in Texas has even begun paying customers 15¢ each time they swipe their debit cards.

Much like we forget as citizens that we rule government, as consumers we forget that if we follow the good deals, good deals will be made to bring in growth.  The picture is from my own bank, which made me recall this article.