821,000 households opted out of the banking system from 2009 to 2011.
More Americans have limited or no interaction with banks in the aftermath of one of the worst recessions in history. Instead more people are relying on check cashers and payday lenders to manage their finances, according to a new federal report.
Continue reading… “Growing number of Americans are opting out of the banking system”
Banks have imposed other harsh penalties on consumers for minor lapses.
Despite efforts by regulators to to rein in aggressive practices by banks checking account overdraft fees have jumped during the past two years, according to new reports by two nonprofit groups.
Continue reading… “Despite regulatory efforts overdraft fees are rising”
The free checking account will soon be gone.
According to a survey released by Bankrate.com only 45% of non-interest bank checking accounts are free, down from 65% in 2010 and 76% two years ago. Fees, meanwhile, are rising: The average monthly fee for a non-interest account is $4.37, up 75% from a year ago.
Continue reading… “Prepare to say goodbye to the free checking account”
Choose Your Bank Carefully!
We’ve heard a lot about the benefits of choosing a local bank over giant mega-banks lately. Today, the money gurus at personal finance blog Get Rich Slowly explain how (and why) to move your money to a local bank.
I’d been a customer with Chase (previously Washington Mutual). After reading J.D.’s article on rewards checking accounts and realizing I was missing out, I closed my account with Chase and moved my checking and savings to a local credit union down the street. I have to say, it felt great.
Continue reading… “Do You Bank at a Big Chain or Small Local Bank?”