By
Kenneth Long on October 7, 2011
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Let Tuesday November 15, 2011 be known as National Fire your Bank Day. Has your bank notified you that they plan to charge you a
$5 monthly fee just to use your debit card? Is your bank planning to charge you $10, $15 or $20 a month for a
checking account maintenance fee when other banks and credit unions offer one for free? Will another bank charge you a
$5 ATM fee every time you try to access
your money from a different bank?
Poll:
Are you ready to take a stand against abusive fees charged by your bank? How did you respond to your bank's recent fee increases?
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The fees are piling up. Yet, you do not have to pay for a checking account. You can take advantage of free checking, free online billpay, free ATM access and free use of a debit card.
The big banks are ratcheting up their fees. They claim they are trying to satisfy shareholder demands for profit. Surely they have the right to pursue reasonable profits.
The problem is that the big banks are increasing fees not to replace lost
debit card interchange fees. That might be part of the problem. However the main focus is trying to offset the massive loan losses they incurred for irresponsibly lending money to people with no income, no job or assets (
NINJA loans). Since when does their problem become your problem?
Take Action and Take Back Control of your Banking
Are you inspired by Molly Katchpole and her
petition of 150,000 customers who signed on to a request for Bank of America to reconsider their planned $5 monthly debit card fee? She promptly closed her account and delivered her petition to a branch office in Washington D.C. on October 6.
Some argue that some banks are too big to fail and therefore deserved the bailout. However, you may consider that helping the big banks get smaller might level the playing field. Maybe it is time that smaller banks get a fair chance.
Ask yourself if the financial institutions with the most consumer-friendly terms deserve to get your business? More importantly, do you deserve to receive the best terms on the deposits that your bank relies on to keep its doors open?
You can take action by moving your account to a bank that actually wants your business. Say no to monthly maintenance fees. Say no to debit card and ATM fees. Say yes to free checking and a financial institution that is there to serve you.
How to Find Free Checking
Smaller community banks are much more likely to offer free checking. You best bet for getting a truly free checking account experience is to join a credit union. Some credit unions have strict membership requirements while others allow almost anyone to join.
What makes credit unions special is that they are not-for-profit. Instead, you as a member are a part owner of your credit union. Most credit unions only charge enough on loans and other products to pay the bills and keep a small healthy reserve. Instead of siphoning off billions of dollars for stockholders, credit unions keep rates and fees to a minimum for their members.
If you want to fire your bank, consider doing so on November 15, 2011 to participate in National Fire your Bank Day. Furthermore, leave us a comment. Let others know how you developed the courage to make a change and to make a statement!