PHOENIX - Last year, frustration with the nation’s biggest banks reached a high point when Bank of America announced it would charge a $5 fee per month to their customers in order to use their debit cards.
People were so angry, the bank relented just weeks later and never implemented the fee.
Despite the protests, though, a new report from Consumers Union says most consumers stayed put.
Studies show that while one in five customers who keep their money in the biggest banks said they considered switching their money to a smaller operation, only one in 14 Americans actually switched.
And there are lots of obstacles in your way if do try to close your account, according to the report, Trapped at the Bank: Removing Obstacles To Consumer Choice In Banking.
First, you have to transfer all of your automatic deposits and debits from your old account to your new one. Then, you’ll probably have to wait while those transfers are processed, according to the report.
There could also be fees for closing your account in the first place. And, some banks can even reopen your account even after you’ve closed it.
But it’s not impossible. Consumers Union lays out what you need to do if you want to switch accounts, plus, their experts list recommendations for how banks can make it easier for you to make the switch.
Here they are:
Check out the full report here .
Copyright 2012 Scripps Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Did You Hear?
An Oklahoma man found his damaged truck and was able to start its engine, which put a smile on his face in the aftermath of a devastating tornado.
The Oscar Mayer Wienermobile will be visiting four Bashas’ stores leading up to Memorial Day weekend.
Jacqueline Simpson, 52, is suing the restaurant chain over a piece of glass she bit into while eating a chicken sandwich.
More Let Joe Know