GREENVILLE, S.C.–What could you buy with $144?
Six credit unions have taken to social media with the question following an announcement by Bank of America that it is repricing its checking account.
As CUToday.info has reporteda new $12 monthly fee is being instituted by Bank of America for those who do not have a monthly deposit of at least $250 or maintain a minimum daily balance of at least $1,500.
The six credit unions, all of which are clients of Your Marketing Co., ask Bank of America customers what they could buy with a year of those fees, or $144.
The campaigns are only being run on social media, including Facebook and Instagram videos educating consumers on how much the new Bank of America fee structure will cost them in the long run. Among the purchase options presented to customers: A year of Netflix or Hulu, three months of yoga, 39 grande lattes, or 22 with guacamole.
Running the campaign are Caro Financial FCU, Power Financial CU, Stamford FCU, Upward CU and Welcome FCU. Four of those CUs, also clients of Your Marketing Co., recently ran a campaign aimed at Wells Fargo customers, as CUToday.info reported here.
“People should never settle for poor business practices – especially when those decisions help line the pockets of corporate shareholders at the expense of those who can least afford it,” said Bo McDonald, president of Your Marketing Co. “Our clients are not-for-profit member-owned cooperatives that provide the same checking products as the big banks, but without the fees.”