Not only did Bank of America rescind its notorious debit-card fee, some upstart organizations are proposing answers and alternatives for consumers as well as banks:
- The Move Your Money Project is urging people to “vote with their dollars” by moving their cash into smaller local banks and credit unions, which typically offer lower minimums and fewer fees (and sometimes better deals on loans).
- The SlashDeclare message is aimed at financial institutions themselves. It’s a manifesto for better banking practices, launched last month by a coalition of smaller, online financial institutions—PerkStreet, Betterment and BillGuard. So far 14 companies have endorsed the SlashDeclare mission.
Status quo, no! What else should traditional banks do to provide better, fairer service? photo source: BrittanyWright’s shop on Etsy