February 6, 2012 |
About 610,000 U.S. bank customers switched to a smaller institution in the last three months of 2011 to protest plans by major banks to impose monthly charges for using debit cards, according to a financial services market-research firm. That represented 11% of the 5.6 million U.S. people who switched banks during that period -- a relatively modest number, Javelin Strategy & Research said in a report Monday. Javelin said it analyzed the online responses of 5,878 people to gauge the effect of the backlash triggered by Bank of America Corp.'s plan to charge $5 a month to customers who used their debit cards for purchases.
CALIFORNIA | LOCAL
November 6, 2011 |
Trying to build on momentum generated by the Occupy movement, hundreds of protesters marched through downtown L.A.'s financial district Saturday to vent frustration with banks, income inequality and Wall Street. The demonstration was timed to coincide with Bank Transfer Day, a grass-roots drive to get people across the nation to move money from big banks into smaller banks or credit unions. The campaign, which began when an Echo Park woman proposed the idea to friends on Facebook, appears to have been effective: About 650,000 Americans have opened credit union accounts in the past month, a figure much higher than the 80,000 monthly average, according to a trade organization for credit unions.
February 27, 2012 |
Nearly 10% of bank customers switched to another financial institution last year, with a third saying onerous fees prompted the move, a J.D. Power & Associates study found. The 9.6% who moved their money compared to 8.7% in 2010 and 7.7% in 2009 - an increase the study attributed to a backlash against increased fees, coupled with poor service and unmet customer expectations. “It is apparent that new or increased fees are the proverbial straws that break the camel's back,” said Michael Beird, director of Power's banking services practice.
August 28, 2013 |
In the annals of image problems, the banking industry ranks right up there .... er, down there ... in the company of Congress, with a high-profile survey ranking Bank of America Corp. at the bottom of the heap. Five years after the financial crisis, the Reputation Institute survey said banking has a worse reputation than Big Pharma, news outlets, oil companies and telecommunications firms -- though not so bad as Congress. The most highly regarded industries were transport, consumer products, industrial products, food manufacturing and computers.
March 2, 2012 |
Consumers fed up with the rising tide of bank fees helped the nation's credit unions more than double their number of new customers last year, new figures show. More than 1.3 million Americans opened new credit union accounts last year, up from less than 600,000 in 2010, the National Credit Union Administration reported. That brings the number of credit union members to a record 91.8 million. Activists say those numbers might swell even further if major banks try to squeeze more fees out of their customers.
November 4, 2011 |
Popular outrage forced Bank of America Corp. to drop the idea of a $5-a-month debit card fee. Now imagine what that outrage could achieve if it were let loose across the financial industry. How many mutual funds, if faced with that kind of people-power backlash, could justify the management and marketing fees they're charging investors? How many banks would find their deposits running out the door if savers really took the time to shop around for the best rates? How many company 401(k)