Weighing the pros and cons of banks vs. credit unionsFargo, ND (WDAY TV) - Public outrage is causing Bank of America, Wells Fargo, and other national banks to quickly drop $5 debit card fees. But other fees aren't going away. The Occupy Wall Street Movement has set a date set for customers to bid national banks farewell for smaller, local credit unions.
Public outrage is causing Bank of America, Wells Fargo, and other national banks to quickly drop $5 debit card fees. But other fees aren't going away. The Occupy Wall Street Movement has set a date set for customers to bid national banks farewell for smaller, local credit unions.
Fees, fees, and more fees. They’re a big deal to card-carrying consumers.
Tim Tranby – United Savings Credit Union Customer: "Use your debit card for anything, they'll charge you for it, every time, and it gets a little irritating."
Tim Tranby carries accounts at both a national bank and credit union. He says service at his credit union is incomparable.
Tim Tranby: "I’m not a number at the credit union. I walk in, they know who I am."
Laura Hausman from United Savings Credit Union is the friendly face that set up this spread for an annual open house. She says their home cooked comfort food and community feel is why her customers are content.
Laura Hausmann – United Savings Credit Union: "95% of the people who walk in the door we know them by name or by sight. I think they feel important when they come in here..."
It's more than personal service that has some serious about switching. Customers are concerned about the cost of banking too. Most national banks ditched debit card fees, but local banks, like Alerus Financial, are seeing a big boost since banks started getting a bad rap.
Ann McConn – Alerus Financial: "We have seem some activity maybe more than the past where people are looking to change banks."
We wanted national bank's take. Many declined a comment or on-camera interview. US Bank however did say this in a statement: "Our size brings customers enormous advantages including the peace of mind working with one of the highest rated banks in the country."
It sounds simple, but switching isn't an easy decision. But its important to find the fight fit.