INGDirect, USAA, local credit unions, etc. happy to take disgruntled customers from BAC C JPM WFC.
ING Direct Account Openings Skyrocket After BofA, Citi Fee Hikes
By Martha C. White | October 11, 2011 |
After Bank of America and Citibank said they would charge for debit card use and raise fees and balance requirements, respectively, consumers went online to proclaim that they would change banks rather than pay. But talk is cheap (and switching banks can be a pain), so TIME Moneyland talked to Todd Sandler, head of product strategy at ING Direct USA, to find out whether or not people are putting their money where their mouth is, so to speak.
“We’ve seen a 43 percent increase in our Electric Orange checking account openings over the past week,” he says. “We’ve seen double-digit increases in our savings account openings, as well.” Anecdotal reports from other online banks as well as credit unions indicate that this influx of new customers probably isn’t an isolated incident.
‘Bank Transfer Day’ Causes CU Buzz
For the record, Mark Wolff, CUNA senior vice president-communications, said only that the trade group welcomes the idea of “a viral ‘Bank Transfer Day’” since it shows “just how angry consumers are becoming with their treatment by big banks” and will now look at CUs.
Many consumers, said CUNA, are already “discovering” credit unions online and “many more no doubt will as a result of this Bank Transfer Day initiative.”