Angry over fees, new customers stream into local banks
Bank of America, Chase and Wells Fargo are all considering raising debit card fees soon, and the increases have many customers looking to change financial intuitions.
Beginning next year, Bank of America plans to charge customers five dollars a month or sixty dollars a year to use their debit cards and plans to charge an additional five dollars to replace a lost card.
Both Chase and Wells Fargo are already testing monthly debit card fees in select markets.
Local competitors say disgruntled customers aren’t waiting for the fees to take effect, they’re already opening new checking accounts at different banks.
“It’s no secret that some of the bank fees that have been most public have caused a lot of angst among the consumer segment,” Tom Spilman, president of Key Bank Colorado, told 9NEWS.
But before consumers open a new checking account, Spilman says there are several things to consider.
First, consumers must understand their own banking needs. He recommends consumers identify services they commonly use such as branch locations, online banking, direct deposit or automatic bill payment.
“You really have to understand the differences between each bank and how each bank is approaching checking accounts, and then you need to match that up with how you use your own accounts,” Spilman said…