Are Banks in Trouble? Bank On It. [infographic]

April 13, 2012 |  by  |  Business
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It seems like since the recession began, American citizens finally started to educate themselves on financial planning. In 2010 over half of the people who switched to a Federal Credit Union did so because of dissatisfaction with their bank. Can you blame them?

Did you know that ATM surcharges for non-members average $3 per use? Did you know ATM fees are a billion dollar industry? Seven Billion. Almost three quarters of all credit unions reimburse their customers’ ATM fees, I wish good ol’ BofA would.

Why is it that the smaller, independent banks can afford to pay ATM fees, but the big dogs like BofA and Wells Fargo can’t? One of the excuses I hear is that there are Bank of Americas everywhere – not true. In my town, there is one Bank of America – there are three RBFCUs.

I think what I’m trying to say is that I need to switch banks. Maybe I’ll stop writing this ranting blog post and do something about it. [CenturyLink Business]

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  • James

    A friend once observed, “I don’t recommend banks, but I will recommend a banker.”  Banks who view account managers as interchangeable cost centers should re-read that.  From the other side of the table, lenders who demonstrate a desire, curiosity, and ability to learn a client’s business are most appreciated and will, by the way, make better credit decisions.  It can’t be done only from a desk.  This culture will translate into retail success.  Too many retail banks have spent the last thirty-five years failing to learn from non-bank competitors and other retailers in general.  People leave because they have lost trust and feel that the bank is not interested in them.  All those little charges are not the problem.  The problem is what that culture says to the customer.  Don’t know?  Keep asking!  It’s a start.       

  • sher

    Credit unions are no different at least the bigger ones they charge similar fees and sometimes their service is pretty mediocre. They try to be different but at the end of the day they are also there to make a profit.