Bank fees and charges on the rise(still)
Anyone with any money (and some without) has a bank account. And chances are that you’ve experienced a fee or charge at some point in time.
MSN Money has a great article on the rising cost of Fees and Charges at Banks and the sneaky ways that they are getting into the pockets of even the best of customers.
As an employee at a Credit Union, I found the second page of the article especially intrigueing.
Fortunately, there are banking alternatives for consumers looking for better deals:
Investigate credit unions and community banks. Member-owned credit unions and banks focused on community development seem to be in a time warp — in a good way. Their fees and terms are often much more consumer-friendly than the typical bank.
At the Credit Union that I work for, our fees are generally quite a bit lower than the averages. A NSF item for instance will cost you nearly $40 at Wells Fargo and only $25 here. Many services that some banks charge for, a Credit Union will give you for free.
Overall, the line between a bank and a credit union is blurring. There are certainly some advantages to being a member at a credit union however. One of those is the lower cost of fees and charges.
One other thing that is mentioned is that there are some things that can be done to avoid or reduce the cost of fees and charges. Shopping around for cheaper money orders, cash checking and other services can save a little at a time.
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Zach Graham said,
Wrote on October 6, 2006 @ 12:46 pm
I received a letter a few days ago from my credit union, saying they wanted to go back to being a regular bank. I’m not sure why they want to do this, but if it means higher fees and charges (they are high enough already, in my opinion), they should forget it or I’ll take my business elsewhere..