Credit Unions are Capitalizing on Big Banking Backlash

Bank of America Protest is the Latest to Open Doors for Effective Switch Campaigns

GREENVILLE, S.C. – With the end of a free customer checking account at Bank of America, which has received public scrutiny for hurting thousands of low-income households, several credit unions across the country have seized the opportunity to reassure there is a better banking alternative. The campaigns are only being run on social media, including Facebook and Instagram videos educating consumers on how much the new Bank of America fee structure will cost them in the long run.

The new $12 fee by Bank of America is for those who do not have a monthly deposit of at least $250 or maintain a minimum daily balance of at least $1,500. In a creative twist, the credit unions are asking Bank of America customers what they could buy for $144, which is the equivalent of 12 months of $12 fees.

A year of Netflix or Hulu? Three months of yoga? 39 grande lattes? 22 burritos (with guacamole, of course).

If paying no fees or lower fees wasn’t enough, there are big incentives right now to ditch the big banks. Not only are the credit unions telling Bank of America customers that this non-interest income is growing widely at the big banks, some are offering customers up to $144 to make the switch.

Credit unions behind these special promotions include Caro Federal Credit Union, First Financial Federal Credit Union, Power Financial Credit Union, Stamford Federal Credit Union, Upward Credit Union and Welcome Federal Credit Union.

The Bank of America fee boost comes on the heels of Wells Fargo Bank’s billing glitch last week that drained the accounts of many of their customers, leading to NSF fees.

“People should never settle for poor business practices – especially when those decisions help line the pockets of corporate shareholders at the expense of those who can least afford it,” said Bo McDonald, president of Your Marketing Co, the full-service creative marketing agency for the participating credit unions. “Our clients are not-for-profit member-owned cooperatives that provide the same checking products as the big banks, but without the fees.”