CLEVELAND - Today is Bank Transfer Day, which encourages you to switch your money to a credit union or smaller bank if you are unhappy with your current bank.
According to Consumer Reports, nearly one-fifth of all consumers with checking accounts considered switching to a new financial institution over the previous 12 months.
"Consumer frustration has only grown over the past year as bank fees have continued to rise," said Suzanne Martindale, staff attorney for Consumer Union, the advocacy arm of Consumer Reports. "But many frustrated consumers end up staying with their bank because switching to a new financial institution can turn into a big hassle."
Consumers Union renewed its call for Congress and the Consumer Financial Protection Bureau to enact reforms that would make it easier for consumers to move their money to a new financial institution.
"It's time to make it easier for consumers to move their money so they have a real choice when it comes to where to bank," said Martindale.
You're more likely to find lower fees and better rates at community banks, larger credit unions, and online institutions.
Tips to help guide you to a new bank:
For more information on how to choose the right financial institution for you, visit: http://www.consumerreports.org .
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