Threat of big bank debit card fees sent 650,000 members to credit unions

    Seems Bank of America was too late when it announced earlier this week it won’t charge customers monthly debit card fees.

    After initially announcing plans to implement the fee — which other banks considered, as well — customers fled to credit unions. And the Credit Union National Association has the numbers to prove it.

    The Inquirer reports credit unions gained 650,000 members since Sept. 29, and $4.5 billion in new deposits.

    The fees were supposed to be a way for Bank of America to recoup money lost through an amendment that cut the amount of money banks can shave off customers’ debit card purchases.

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