That being said, we keep our emergency fund at Capital One because of the high-interest savings account and I have a credit card issued by Chase. The banks have large market capitalizations for a reason, it’s not entirely from savings and checking accounts.

I did this just a few days ago! A while back Citi had a great $400 promotion, though it required a big opening deposit and then you had to wait six months, but overall was worth it. Hard to complain about “free” money.

Yes it’s all about consumer choice! That’s why I sometimes shake my head at people who get upset about high executive compensation. There’s a lot more choice these days, especially with the internet, to not do business with those companies. And ultimately the shareholders are the ones who lose out if executives are overpaid, so no reason to get upset unless you own part of the company.

I think a lot of people are becoming disillusioned with the big banks, and I think they will suffer greatly the easier it becomes to use other options. If it’s as easy as taking fifteen or thirty minutes to set up an account online at a credit union or smaller bank I think more people will leave the big banks over time.