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IDetroit Free PressI New bank fees near expect flight to CUs
DETROIT (8/25/10)--New government financial regulations to protect consumers are causing many U.S. banks to institute new fees to offset losses in overdraft, credit card and other fees. The increase in fees will cause a consumer flight to credit unions, the Detroit Free Press said Tuesday. To date, roughly 20% of U.S. banks, including TCF Bank and Fifth Third, are no longer providing free checking accounts, according to Michael Moebs, who heads up a Lake Bluff, Ill.-based financial services firm. “The initial thrust to all this is it’s going to be costly to the consumer,” Moebs told the newspaper. Meanwhile, that increase in fees will drive people to nonprofit credit unions, analysts predicted. “That has already happened with Vanessa Daniel, a commodities buyer at the MGM Grand Detroit,” the paper said. “The 53-year-old Detroiter said she had been a customer of Chase Bank since 1995 but closed her account six months ago, fed up with high overdraft fees and other charges. “Daniel switched to Communicating Arts CU in downtown Detroit, where she no longer has to worry about overdraft fees,” the paper added. “Becoming a credit union member is ‘the best thing I've ever done,’” she told the paper. To read the article, use the link.
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