Move your Money

But as [the New York Times] reports, the banks are looking to recoup their “losses” by creating new excuses to reach into their customers’ accounts and take those customers’ money… Open a basic checking account in Bank of America with $100 in January and without spending a dime you’ll have a negative balance before Thanksgiving — assuming that BofA doesn’t create other new fees in the intervening months to remove those funds from the account even faster. {full article}

I’m glad to see community banks and credit unions given their due credit in the U.S.

On the other hand, I don’t agree with the portrayal of credit unions as a Mecca of no fees. I’m subject to similar fees as he describes if I don’t maintain a minimum balance at my credit union. The main difference I see between credit unions and banks is the community ownership and investment part of it — those fees and my money are going into projects I see being built and maintained down the street, not into exorbitant paycheques and into investments that have no connection to my community or my life. This is because the credit union is run by members of the community and every member has a say over how it is managed.

A credit union is a bank with a soul.

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