Banks – Beware. Bank Transfer Day coming up!

Wells Fargo is not the only bank to get into trouble with its clients over the ridiculous fees.

Bank of America, for example, insists on charging for using the debit cards. For some reason, they they think their clients will be happier this way. Chase and Wells Fargo, by the way, gave up on the idea.

So what did all that cause? A new National “holiday”.

The next coming November 5th is the new Bank Transfer Day. What is this day? Well, really, it is just a day. But, the symbolic date was chosen by some of the disgruntled bank clients to move their accounts elsewhere in order to not pay the ridiculous $5 debit card usage fees. So, that’s the 11.5.11.

So what are your options?

Shopping for banking services is as shopping as any other. Walk through the neighborhood, enter into each banking institution you see on your way, and ask them about their fees and services. You can do that on-line as well, of course. Don’t forget the “online” institutions that don’t have physical presence (such as the ING “Electric Orange” account, that doesn’t charge any fees, and gives you $50 for free). And chose what’s best for you.

The important thing is not to be lazy.

The BTD (Bank Transfer Day) organizers mention Credit Unions. Credit Unions are small banking organizations owned by their members (account holders). As such, they’re less profit oriented and more clients-oriented. So, you would likely to pay much less fees with a Credit Union, than with a big bank. Also, many credit unions cooperate and use the same ATM networks and allow members of one union using branches of another, making it one of the biggest networks of bank branches in the country.

I complained about the absence of Wells Fargo and Chase in MA… Well, my local Credit Union which has maybe 5 branches around the Bay area (and that’s considered a “big” credit union), has access to numerous free ATMs in Springfield, MA (remember – zero for WF and Chase, some of the biggest banks in the Nation), at least 1 deposit taking ATM 8 miles from Springfield, and at least one Credit Union branch that provides banking services to the members of my local CU, within 15 miles of Springfield MA. The closest Chase and Wells Fargo ATM were in Hartford CT, 25 miles away. Branches didn’t even appear on the map.

So, are you still considering what’s better?

The Little Advisor.