I was just reading a Yahoo Finance article about how free checking accounts are disappearing everywhere. Banks are now charging customers monthly fees for formerly free services like getting a paper statement or talking to a teller. The only way to get around these fees is by either keeping an incredibly high account balance or enrolling in electronic services like direct deposit or charging a bunch of transactions that cause you to use your debit card. Does anyone else think it’s crazy that banks are finding ways to take your money when they are supposed to be helping you save your money?
I have already written about how commercial bank savings accounts are a joke. Now the checking accounts are turning into one as well. Banks which should be encouraging customers to be good financial stewards are encouraging customers to spend money and go into debt. Banks will let customers avoid checking account fees by taking out personal loans, home equity line of credits, and other credit lines. You had to know that banks were not going to take the loss of revenue lying down. The Credit Card Act is costing banks billions in fee income so they have found another way to get your money.
There is almost no reason to have a commercial bank account today. Credit unions and online banks are better places for your money. You can get the exact same options at your local credit union with none of the fees. You can get better interest rates on savings accounts at online banks. Remember this: Commercial banks are not in business to help you make money. They exist to take your money.
Photo by: heidielliott