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Release date 10/31/2011
SAN FRANCISCO, CA – Saturday, November 5, has been dubbed Bank Transfer Day by grassroots activists upset with rising bank fees, including the new $5 debit card fee that Bank of America will start charging its customers in 2012. Consumers are being encouraged by Bank Transfer Day organizers to switch their accounts to credit unions or community banks on that day.
Consumers Union, the nonprofit advocacy arm of Consumer Reports, has developed a set of tips to help guide consumers interested in switching their accounts to a new financial institution. The tips along with a “How-To Change Banks” video is available atwww.DefendYourDollars.org
"Bank of America’s new debit card fee was the last straw for many consumers who are tired of banks that got bailed out that are now turning around and hiking fees,” said Norma Garcia, director of Consumers Union’s financial service program. “If you’re upset over how your bank is treating you, then it might be time to move your money to another financial institution that can offer you a better deal.”
For consumers interested in switching their accounts, Consumers Union offers the following tips:
For more detailed information, see Consumers Union’s Move Your Money checklist of steps to take to ensure that all of your bills are paid on time and you avoid being charged overdraft fees.
“Bank of America should listen to its customers and drop this unfair debit card fee,” said Garcia. “Consumers who are unhappy with new bank fees can vote with their feet and take their money elsewhere. There are many banks and credit unions that are eager to serve consumers fed up with rising fees.”
Contacts:
Michael McCauley, Consumers Union, 415.902.9537 (cell) or 415.431.6747 x126 or mmccauley@consumer.org
David Butler, Consumers Union, 202.462.6262 or dbutler@consumer.org
Kara Kelber, Consumers Union, 202.462.6262 or kkelber@consumer.org
Consumer Reports is a nonprofit membership organization that works side by side with consumers to create a fairer, safer, and healthier world. For 80 years, CR has provided evidence-based product testing and ratings, rigorous research, hard-hitting investigative journalism, public education, and steadfast policy action on behalf of consumers’ interests. Unconstrained by advertising or other commercial influences, CR has exposed landmark public health and safety issues and strives to be a catalyst for pro-consumer changes in the marketplace. From championing responsible auto safety standards, to winning food and water protections, to enhancing healthcare quality, to fighting back against predatory lenders in the financial markets, Consumer Reports has always been on the front lines, raising the voices of consumers.
© 2011 Consumer Reports. The material above is intended for legitimate news entities only; it may not be used for advertising or promotional purposes. Consumer Reports® is an expert, independent, nonprofit organization whose mission is to work side by side with consumers to create a fairer, safer, and healthier world. We accept no advertising and pay for all the products we test. We are not beholden to any commercial interest. Our income is derived from the sale of Consumer Reports® magazine, ConsumerReports.org® and our other publications and information products, services, fees, and noncommercial contributions and grants. Our Ratings and reports are intended solely for the use of our readers. Neither the Ratings nor the reports may be used in advertising or for any other commercial purpose without our prior written permission. Consumer Reports will take all steps open to it to prevent unauthorized commercial use of its content and trademarks.
Consumer Reports is a nonprofit membership organization that works side by side with consumers to create a fairer, safer, and healthier world. For 80 years, CR has provided evidence-based product testing and ratings, rigorous research, hard-hitting investigative journalism, public education, and steadfast policy action on behalf of consumers’ interests. Unconstrained by advertising or other commercial influences, CR has exposed landmark public health and safety issues and strives to be a catalyst for pro-consumer changes in the marketplace. From championing responsible auto safety standards, to winning food and water protections, to enhancing healthcare quality, to fighting back against predatory lenders in the financial markets, Consumer Reports has always been on the front lines, raising the voices of consumers.
© 2011 Consumer Reports. The material above is intended for legitimate news entities only; it may not be used for advertising or promotional purposes. Consumer Reports® is an expert, independent, nonprofit organization whose mission is to work side by side with consumers to create a fairer, safer, and healthier world. We accept no advertising and pay for all the products we test. We are not beholden to any commercial interest. Our income is derived from the sale of Consumer Reports® magazine, ConsumerReports.org® and our other publications and information products, services, fees, and noncommercial contributions and grants. Our Ratings and reports are intended solely for the use of our readers. Neither the Ratings nor the reports may be used in advertising or for any other commercial purpose without our prior written permission. Consumer Reports will take all steps open to it to prevent unauthorized commercial use of its content and trademarks.