Despite a backlash against big banks over fees, the share of deposits held by the biggest banks continues to grow, even as small banks’ share shrinks.
It’s no accident that moving your checking account can be kind of a pain. As I’ve pointed out on this blog before, banks promote direct deposit and bill pay in part because it makes switching banks much more difficult. Would-be bank switchers have to coordinate moving over their various direct deposits and automatic bill payments
How bad was the debit card “fee-asco” for banks? It depends on who you ask. In November, the Credit Union National Association released a statement that they their member credit unions had picked up 650,000 new members between Sept. 29 and Nov. 2. A few weeks later, though, they had to revise their figures down
It turns out that big banks aren’t losing quite as many account holders as expected. In its quarterly update, the National Credit Union Administration announced the nation’s nonprofit financial institutions added around 450,000 new members throughout the third quarter of 2011. Those numbers are impressive, but they are vastly different than numbers originally reported by
According to a survey conducted by the Credit Union National Association, account holders sent a loud message to the banking industry last Saturday: We’re out of here, and we’re taking our money with us. Here’s a snapshot of what happened at credit unions Saturday, which included responses from 1,110 not-for-profit institutions around the country. 40,000
Bank Transfer Day makes a darn good headline. But in fact, most consumers are extremely, very or at least somewhat likely to continue their existing relationship with their primary bank or credit union, according to a recent online poll of 2,463 adults by Harris Interactive. Only 3 percent of respondents said they weren’t at all
The big news today in banking is JPMorgan Chase backing away from debit card fees that have sparked consumer outrage and inspired some to push for a national Bank Transfer Day. From Robin Sidel at The Wall Street Journal: Following eight months of consumer testing, J.P. Morgan Chase & Co. has decided that it won’t