After last week's post, I was delighted to discover that people are using their power and speaking up. In fact, I recently read about a bank transfer day, started by a consumer just like you and I, who was frustrated with the fees of Bank of America.
On the inaugural day, which will be celebrated tomorrow, November 5, customers are encouraged to transfer their balances from (for profit) banks to (non-profit) credit unions. I don't know if that was the impetus for Bank of America to cancel the debit card fee, but I'm sure it didn't hurt. And other banks, after seeing the near-revolt B of A experienced, have sensibly decided not to implement similar fees...for now.
If you decide to take advantage of Bank Transfer Day to move your balance, do your research. Compare rates, fees, etc. for different banks on bankrate.com and make sure that you're making your choice based on the features you're looking for in a bank, rather than just moving it to a non-profit institution to avoid fees.
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