Will You Leave Your Big Bank Over New Fees?

By CP News Briefs, Tuesday, October 11, 2011

Customers outraged over the latest charges announced by the biggest banks in America are leaving and taking their custom elsewhere.

Bank of America is introducing a $5 monthly fee for using its debit cards while Citigroup will charge its customers $20 a month for checking customers who do not have a combined balance of $15,000.

"I dropped Bank of America like a hot potato," said Tim O'Brien, according to CNN. O’Brien is a partner in a Seattle-based television advertising agency.

"I felt like I was getting nickel and dimed." He changed his bank to Key Bank, which has no fees on his new account. "They rolled out the red carpet for us," O'Brien said. "The difference really is amazing."

Numerous banking consultants have said that the new charges and fees being set by banks have touched a raw nerve with customers. As a result many more are believed to be reviewing where they take their banking custom in the future.

"People are always opening and closing accounts for a variety of reasons. You have kind of a normal churn," Bert Ely, a banking consultant told CNN. "The challenge is measuring the additional turnover due to a policy change."