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Wells Fargo and Other Megabanks Don't Care About Your Business -- So Move Your Money!

Big banks are not serving you, so why not take your business to a credit union or small bank?

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But Konczal is skeptical. He points out that if the big banks are as disdainful of ordinary consumers as these fees indicate, then they probably aren’t going to be too badly hurt by the exodus. Regular customers are not the banks' primary business and the only way they’ll be interested in continuing to serve our needs is if they can recoup the Dodd-Frank induced losses. "Bank of America and the rest are so locked on a course of action that has so little to do with their retail consumer relationships that it’s probably an afterthought to them,” Konczal says. “Given that the crisis and all the stuff we find really reprehensible was not in the retail banking sector that consumers put their money into, it’s hard to reform it through that direction. The real reform needs to happen through other spaces, derivatives market, securitization, conflicts of interest.”

But if moving your money to a credit union won’t make Bank of America or Wells Fargo small enough to fail, it is a rational consumer decision. Credit unions’ business model is not predicated on making a buck on your back, so no more stressing about where the next fee will come from. Making the switch may not be a revolutionary act, but it will certainly make your life easier.

Jake Blumgart is a freelance reporter-researcher based in Philadelphia. Follow him on Twitter.

 
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