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News Now

CU System
IWSJI Banks try to convince customers not to leave
NEW YORK (12/5/11)--Some consumers who are tired of rising fees and stringent lending requirements at big banks are running into obstacles as they try to pull out their funds and put their money into credit unions and smaller community banks, The Wall Street Journal said Friday.

Customers are encountering roadblocks that include stall tactics--such as having to talk to a personal banker before closing accounts; unexpected closing fees; and awkward conversations with bank personnel trying to convince them to stay, the Journal said.

The Journal also related the story of how Diana Starr, a resident of Lomita, Calif., who was leaving Chase Bank and moving her money to California CU, was charged an $8 fee for withdrawing $5,000 from her account because she wanted her funds in the form of a cashier's check. That's one of the reasons she left the bank, Starr said.

Even though large banks have retracted their plans to charge customers a monthly fee for using debit cards--the lightning rod of recent anger toward big banks this year--many customers still are upset. Now banks have to determine how to retain customers, while they are raising fees to mitigate increased costs of new federal regulations, the Journal said.

The article mentioned Bank Transfer Day Nov. 5, and that the Credit Union National Association estimates about 700,000 consumers joined credit unions between Sept. 29 and the first week of November.

To read the article, use the link.
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