New Bank Fees Push More Los Angeles County residents to Break Up With Their Bank.

Since Bank of America’s announcement of their $5 debit card fee, LA Financial Credit Union has seen requests for membership double from 66 to 122. We’ve also seen a huge increase in hits on our http://www.breakupwithmybank.com/ website which offers credit union information and an easy online account opening process,” said Renee Mackanin, Vice President Marketing. “We sent an email blast and letter to members reassuring them that we still offer free checking and will not institute debit card fees. The positive response has been overwhelming,” said Mackanin.

“We’re a community credit union so anyone living or working in LA County can join. However, we still face the challenge of overcoming potential member’s perception of convenience. Although we don’t have a branch on every corner, we do offer access to over 28,000 fee free ATMs and a shared branch network with over 6,700 locations. Technology also reduces the stigma of smallness. We have online account opening, online loan applications, home banking with free bill pay and plans to roll out our mobile banking product by year end,” said Mackanin.

Amidst the financial chaos on Wall Street in the last few years, and with the biggest names in retail consumer banking getting monthly, if not weekly, black eyes, credit unions have been steadily gaining ground. Since 2007, the credit union membership in the United States has increased from 86.8 million to more than 91 million, according to figures from National Credit Union Administration. Total assets have increased from $755 billion to more $942.5 billion at more than 7,290 credit union organizations.