The major banks are so unpopular and divisive right now I would not be surprised if the GOP unapologetically ran them as a 2012 presidential candidate to attempt to defeat Barack Obama. (Seriously, if faced with a choice of Michele Bachmann or a Chase/Bank of America ticket, who would you choose? Thought so.)
Although we’ve got the Occupy Everywhere protests (with Occupy Chicago, Occupy Wall Street and Occupy LA in the news), it seems that demonstrations in the street aren’t even the tipping point for a coming exodus to online banks and credit unions. It all began in earnest when the issue of exorbitant bank fees (even after the massive taxpayer funded Troubled Asset Relief Protection (TARP) bailouts caused the Durbin Amendment to the Dodd-Frank Bill, limiting the ways in which big banks could squeeze blood from the stone that is their strapped based of customers) became more prominent.
At this point, Bank of America, Wells Fargo, J.P. Morgan Chase and Citibank began trying to behave more transparently and cut the crap, so relieved they were that the American people showed them kindness and mercy after their gambling addiction was revealed along with its devastating effect on the economy. Just kidding! Bank of America announced a hefty $5 debit card fee and the other three axed points programs and free checking, ensuring that consumers would not only pay more to bank but also that the idea “government regulations cost you money” would become more entrenched and strapped consumers would feel terrified and back off calling for reform.
Part of the “Occupy” movement is a small push for everyone to leave their big bank behind and move their money to a credit union (most Americans qualify for at least one, and you can check findacreditunion.com to locate yours) or online bank like ING or Ally to get away from the ever increasing web of fees.
Will you be moving your money to an online bank or credit union ahead of new fees?