Friday, October 21, 2011

National Switch Your Bank Day

If you are as unhappy with extra fees from your bank as I am with mine (Regions) then I urge you to take action and do something about it.  There's even a national movement to switch banks by November 5th that you can read about here: http://moneyland.time.com/2011/10/10/bank-transfer-day-urges-americans-to-leave-big-banks/ and RSVP to the event to switch banks on Facebook!
 
I just read an article here: http://moneyland.time.com/2011/10/12/how-to-divorce-your-bank-in-5-easy-steps/ that tells you how to go about the process of switching logistically, that can help you simplify the process, and make sure you have your game plan in tact, should you decide to switch banks.  I am in the process of switching already, and it certainly is a hassle to transfer money while making sure bills are paid on time, plus getting all the direct deposit set up and accounts linked together.
 
After my friend Rachel's comment on my blog about PerkStreet, I have decided to give this a try.  (Who doesn't want 1 to 2% cash back on every single purchase?!)
 
So far, PerkStreet is great in that they seem to have tons of local ATMs where you can withdraw cash (perk!), but the downside so far is that I signed up online for an account a week ago but still haven't received my debit card or checks from them, so my account (and the money that I transferred) is just kind of sitting in limbo.
 
I'll keep you posted on the progress of my switch, but I would encourage anyone who is getting slapped with fees (Citibank, Regions and BOA are the biggies right now) to stick it to the man, and do something about this.  Credit Unions are all advertising free, no fee, checking accounts, as well as ING Direct: http://home.ingdirect.com/products/products.asp?s=ElectricOrange, and the one I'm trying (backed by Dave Ramsey, if any of you care to know), PerkStreet: http://www.perkstreet.com/default.aspx

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