Consumers face a number of hurdles if they want to switch banks — which they increasingly do, as their banks continue to raise fees, raise minimum balances, and create entirely new charges. Some bank policies are, in fact, designed to make it challenging — and expensive — for customers to walk away, found a study by
Consumers Union, the policy and advocacy arm of Consumer Reports. Consumers are pushing back against the growing fees at banks, said Michael McCauley, media director for Consumers Union.
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Beyond Hassle: Switching Banks Can Cost You
Posted by: Erika Morphy June 1, 2012 05:00 AMConsumers face a number of hurdles if they want to switch banks — which they increasingly do, as their banks continue to raise fees, raise minimum balances, and create entirely new charges. Some bank policies are, in fact, designed to make it challenging — and expensive — for customers to walk away, found a study by
Consumers Union, the policy and advocacy arm of Consumer Reports. Consumers are pushing back against the growing fees at banks, said Michael McCauley, media director for Consumers Union.