Financial institutions have been increasing the cost and number of fees in recent years. Bank of America recently decided to eliminate a low-cost checking account and force some customers into an account with a $12 monthly fee. The actions of Bank of America led to over 50,000 consumers signing a petition of disapproval on change.org.
When it comes to the size of your financial institution is bigger really better? The answer may surprise you. The majority (66%) of people would rather bank at a community bank or credit union – this includes 59% of people already doing business with a megabank, according to the 2015 Consumer Banking Insights Study. It pays
As interest rates slowly increase you may be looking for a better place to stash your cash. Finding a financial institution that offers the best of both worlds (high rates & low fees) is important. Before switching to a new financial institution for a slightly better rate check out WalletHub’s latest research from their 2017
Bank fees are a nuisance. Most of us have encountered them at one time or another. Whether it’s that late-night ATM fee that overdraws your account, or the $12 “monthly maintenance” fee you notice while perusing your online banking. When fees hit it’s hard to walk away without feeling frustrated. The most dangerous bank fee
Growing up I was fortunate enough to have hardworking parents that showed me the importance of being financially fit. The most important thing they taught me was how to avoid credit card debt. I learned to never spend money with a credit card that couldn’t be paid back at the end of the month. Their
Checking accounts are still used to manage daily spending for over 80% of U.S. households. They are a great way to deposit your paycheck, pay for bills, and keep your money insured. Unfortunately the actions of a few mega banks has cast a negative image on the banking industry as a whole. The main reason
As a local financial institution in an increasingly competitive industry how are you growing new account relationships? Mega sized financial institutions continue to show a lack of appreciation for their customers through unfair behavior and sneaky sales tactics. You should be taking advantage of the opportunity to send a different message. Less than 25% of
About half of all banks in the U.S. arrange checking account transactions to raise the total amount of an overdraft fee. Knowledge of this unfair practice made by banks has come under heavy criticism, but may not change anytime soon. Sometimes the only thing a consumer can do to avoid unfair fee practices is change
You may have noticed that the financial industry is rapidly changing. Technology has probably had a big impact on how you manage your money. Don’t let technology alone determine where you choose to keep your money. Joining your local credit union can provide a number of important benefits including lower cost of fees. A recent
Cool tech shouldn’t be the only factor involved when choosing a new financial institution. It’s also important to pay attention to the services that aren’t free. Online technology has changed the way we manage our money. Almost all banks offer free services like online banking, online bill pay, and a mobile app. These services are
