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The Top 5 Reasons To Move Your Money From Bank Of America

The Top 5 Reasons To Move Your Money From Bank Of America
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Written by Zaid Jilani, a ThinkProgress blogger

As hundreds of people remain encamped on Wall Street in New York City, and thousands of people across the country are taking part in a 99 Percent Movement aimed at battling economic inequality spurred on by enormous income gains by the richest one percent of Americans.

One of the financial institutions being targeted by protesters is foreclosure mill and government bailout recipient Bank of America (BOA). In Boston, thousands of people marched against BOA’s greed and in Los Angeles, numerous people were arrested while staging a sit-in at a local branch.

While many Americans may feel powerless against this banking behemoth, the truth is that Americans have a simple way to protest its greed and corporate malfeasance: simply move your money out of the bank to one of its competitors, such as a local credit union. Sen. Dick Durbin (D-IL) recently encouraged Americans to do just that.

ThinkProgress has assembled five reasons why American consumers could consider moving their money and striking a blow to this abusive banking giant:

1. Bank of America Just Unveiled A Shocking New Debit Card Fee: Late last month, BOA announced that it would start charging a $5-a-month fee simply for consumers to use their debit cards for purchases. Although a few of its competitors have started using similar fees in recent times, BOA’s presence as America’s largest banking chain means that if it successfully enacts such a fee, it may be able to set a trend in the industry to make such charges the norm. More than 137,000 Americans have signed an online change.org petition protesting the fee. Most credit unions do not charge for using one’s debit card, and one credit unions, Delta Credit Union based in Atlanta, is even holding a “Switch Day” to encourage BOA’s customers to switch over to its services instead.

Jaymi Heimbuch/flickr

 

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Photo from crystalbat via flickr

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198 comments

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6:21AM PDT on Jun 4, 2012

thanks for the info

7:52AM PDT on Nov 1, 2011

I have "banked" with my credit union since 1979. The "Federal Credit Union" designation means that your deposits are insured by the federal gov't just like bank deposits are. When I opened my account, I became a member and bought a share in the governing of the credit union. Credit unions are member-owned co-operatives. You are invited to attend shareholders' meetings and participate in the decision-making process, if you want to do so.

11:54PM PDT on Oct 28, 2011

I can't afford to change to a bank that is local, because they all seem to require that you always keep a minimum in the account ( I am looking for a checking account) usually a couple of hundred, or much more, which I can't do. I have a fixed income and I live pretty much hand to mouth. I was considering a Credit Union, but I hear they are no better than banks, and some have that minimum. Does anyone know if an honest Credit Union in the Metro Los Angeles area? They are hard to find around here.

8:43AM PDT on Oct 25, 2011

Watched "theamericandreamfilm", a 30 minute cartoon and nearly popped a stich laughing. Hilarious viewing for every 99er.

1:22AM PDT on Oct 25, 2011

Thanks for posting.

3:36PM PDT on Oct 24, 2011

xx

3:02PM PDT on Oct 24, 2011

There is no end to the greed of these big banks. Although I don't have money at BOA, I do use one of the larger banks. And I have thought about putting my money in a local credit union for a long time, but it seemed like such a hassle to change everything over. It seems like it might be the time to make the change whether it is a hassle or not.

2:27PM PDT on Oct 24, 2011

Knut...don't do anything. Your money is safe and at the most could have a few dollars of fees if you go below a minimum. I don't know what the minimum is, but fees shouldn't hit you too bad, especially if you can come within a year. They are solvent and your deposit is guaranteed by the FDIC. You won't loose it by doing nothing.

1:15PM PDT on Oct 24, 2011

How can I leave the bank of America - while I'm in Germany?

Especially when the $$$ are worth a lot less than the € !!!

Please give me advice if you know!

I'd like to keep my $$ there for my next holiday and when I meet my consultant!!!

1:08PM PDT on Oct 24, 2011

Join a credit union now and be done with all this nonsense.

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