Wednesday, November 2, 2011

Moving My Money.

I opened a new checking account at a local credit union last week; I'd been considering such a move for months, ever since I learned of the Move your Money Project.

My soon-to-be-old bank pissed me off. Following the lead of Mega Scumbag bankers Bank of America and others, Regions started charging me to use my own money in my checking account.

Where BofA was charging $5 per month for the use of a debit card, I was getting hit for $4. If I used the card at the bank's ATM or wrote checks, no charge. I make even one debit purchase in a month, $4.

There's also a new $10 per month fee just to have the account if you don't maintain the new minimum account balance.

Their notice:

We recently sent you information about some updates to your checking services. As a reminder, these changes are effective in September and will be reflected on your October checking statement.
As a reminder, what you'll see:

• The monthly account fee for LifeGreen Checking will be $10.
• This fee will be waived when you meet the account's balance or direct deposit requirement.
• Continued access to Online Banking with Bill Pay, Mobile Banking with alerts, and Regions Cashback Rewards.
• You will be charged a $4 monthly CheckCard fee for any statement cycle in which you use your card to make purchases or non-ATM transactions. Make as many of these transactions as you like during the statement cycle with no additional fee.
• No monthly CheckCard fee to use your Regions Visa® CheckCard to make transactions at any ATM.
The new minimum balance is something like $1500.

I make less than $800 per month, living check to check. Obviously, there's no way for me to meet their minimum--so I get sacked for $10.00 per month.


Regions got their $14.00--or maybe $28.00, by the time I've shut the account down. I have to wait out the credit union's 8-day waiting period, so maybe I'll be able to boot Regions by Monday.

On the day I was setting up the CU account, I had to go into the nearby Regions branch to cash my Disability check. The teller was very friendly...and I thought of him--and the bank--as the person in a relationship who's the only one who doesn't know he's about to get dumped. I've been telling people about the Move your Money Project for weeks, now. They're sponsoring a big bank-dropping action--Bank Transfer Day--this Saturday, November 5th. Even my new credit union is participating.

"Idiots" tag to Regions and their bigger banker pals.

Move your money, folks. Screw the screwers.

"Regions: It's time to expect more"...of my money to go to your competition!

[UPDATE: Within a few days of this post, Regions discontinued the debit fee. Bank of America dropped theirs a weeks or so earlier. Too little, too late :) ]

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