Band Of America Relies On Customers, Just Like Any Bank

Time runs an excellent article reminding us we are not powerless when it comes to banks and our choices.

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.

We vote with our feet.  If our current bank does not meet our needs, we can take our business to another bank.  Bank of America has felt the anger of their customers, and I predict they will roll back the fees if other major banks refuse to jump on board.  I am not a BoA customer, but I'd have canceled my account the day of the announcement.  I walked from Netflix and I ended a twelve-year run with Yahoo when their service went to crap.  Not only do you  get the better service by making balanced and informed choices, but you tell businesses just how much crap you are willing to take.