Economy

Number Of People Moving Their Money Out Of Bank Of America Jumped 20 Percent Last Quarter

Back in October, about 214,000 people moved their money out of the nation’s biggest banks on “Bank Transfer Day,” opting to instead join credit unions. As it turns, account closures at Bank of America, the nation’s second biggest bank, jumped 20 percent in the fourth quarter of last year, potentially driven by the bank’s ill-fated decision to implement a $5 monthly fee for its debt cards. Here are ThinkProgress’ top five reasons to move your money from Bank of America.