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Local banks, credit unions cash in on big-bank blunders

Backlash against big banks is proving to be a boon for local credit unions and financial institutions.

A growing tide of anger against bank fees peaking with the announcement by Bank of America that it intended to charge a $5 monthly fee to its debit card customers has caused consumers across the country to reconsider where they keep their money. Bank of America quickly backed away from the fee.

That move did not stop 40,000 people across the country from opening accounts at credit unions Nov. 5, Bank Transfer Day, according to the Credit Union National Association, the nation’s largest credit union advocacy group.

Kevin Kosek, director of business development for Regional Federal Credit Union, said that in the last couple of months the credit union has signed up more than 300 new customers. Regional is a community credit union and is open to anyone living in Lake or Porter counties.

“That is up from what we traditionally get,” he said. New accounts representatives recently have started to ask new clients their reasons and those who have responded say they are switching from a larger bank, mostly Bank of America, because of the fees.

Kosek said the credit unions are benefiting from the focus on banks fees and the almost daily calls on television by national financial experts like Suze Orman and Dave Ramsey for consumers to put their money in credit unions.

“We are seeing our membership grow. ... I can tell you credit unions, we are excited that the word’s getting out there about credit unions,” Kosek said.

Regional is taking advantage of the current focus on credit unions and Nov. 1 began a “Read our Lips” no-debit-card-fees ad campaign.

Angela Jimenez, assistant vice president of marketing, public relations and communications for Centier Bank, said it, too, is seeing an uptick in new accounts as consumers look for local options.

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