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Via Bumpits

Last night’s 60 Minutes broadcast included a good explanation of and argument for Bank Transfer Day.  Watch the video here.

The Post-Gazette reports that the region’s large banking customers have so far escaped the increased debit fees that inspired Bank Transfer Day.  But PNC in particular has made their “free checking” a lot less desirable by eliminating rewards, eliminating the practice of reimbursing customers for using non-PNC ATMs, and charging for paper statements.  PNC is also the subject of class action litigation for rearranging the chronology of debit charges from customer accounts so they can charge more overdraft fees. 

Credit unions, unlike banks, are owned by their members which means that their profits go back to members in the form of higher interest rates on savings and lower interest rates on credit. Their incentive is for members to prosper, so they can save and invest more money with the bank.  Waving a sign in front of the BNY Mellon building and traumatizing local workers/bloggers is all well and good, but another way to send a message to the banking industry is to take your money away from them!

Bank Transfer Day is November 5.