WASHINGTON (10/25/11) -- The move to credit unions by consumers upset with bank fees received more national media attention in a segment last night on ABC's World News.
The ABC segment noted the new wave of consumer dissatisfaction with big banks builds on sentiment that goes back to the Huffington Post's
Move Your Money campaign several years ago, but now is fueled by anger sparked by Bank of America's decision in late September to charge a new $5 a month debit card fee. B of A's move has many grumbling about banks.
One viewer angry over new banks card fees emailed to ABC news, "We bail them out and they raise rates—priceless." However, correspondent David Muir noted, "Many of you took it a step further…."
Another viewer wrote, "My secret's very simple—a credit card from a credit union. It turns out thousands of Americans are doing the same thing—trading their banks on Wall Street for ones on Main Street."
The segment explained how many of the more than 7,000 credit unions around the country are seeing "an explosion in new members" since Bank of American's debit fee announcement, and new Facebook pages have sprung up urging consumers to switch. ABC interviewed disgruntled bank customers, such as Karen Jackson of Miami, who closed her Chase account and transferred her money to Miami-Dade Credit Union.
"We couldn't take it anymore," she told ABC. And, the segment added, "there are thousands more like her."
The ABC World News
segment referred viewers to its web site where it posted "9 Tips Before You Switch to a Credit Union" using information provided by the Credit Union National Association (CUNA). Those suggestions included using the CUNA's new consumer web site, www.aSmarterChoice.org
, to learn more about credit unions and find a credit union you are eligible to join.
Citing CUNA data, the tips also noted consumers save more than $6 billion annually in lower fees and better rates by using credit unions rather than banks.