What are your Banking Options?

Many banks are charging fees, as I’ve noted in my two blog posts about Citibank and BofA. Here’s how you can Exercise Your Banking Options, courtesy of Daily Worth.

  1.  You might be able to stay where you are on certain conditions. Find out what this is.  You might have to add direct deposit, maintain a minimum balance, or so on. You might be able to ask also.
  2. Do as I have done, and join a credit union!
  3. “Consider a pre-paid debit card.”  I don’t know if I agree with Daily Worth on this, but then again I’ve never had or even considered a pre-paid debit card.
  4. “Try an online bank. Ally Bank, PerkStreet Financial, ING Direct, SmartyPig—some newer institutions may offer better deals, and you may not need to leave your current bank to take advantage of a free debit card.”

What are you going to do if your bank starts adding fees? 

Also check out Learnvest’s article about all the fees that numerous banks are about to charge, here.

  • Stay where you are, but get a better deal. Your bank may offer better terms if you link accounts, add direct deposit, or agree to certain minimum balances, says Noreen Perrotta, editor of Consumer Reports Money Adviser. But to get a better deal, you have to ask.
  • Join a credit union or a small, local bank. Smaller institutions aren’t affected in the same way by new banking regulations, and thus they’re less likely to impose sneaky new fees, says Brian Riley, senior research director at TowerGroup, a financial research and advisory firm.
  • Consider a pre-paid debit card. There are several types, says Riley: payroll debit cards (offered by an employer), general purpose, refillable cards (like the Green Dot card) and government benefit cards. These can pack fees too, warns Perrotta. Be careful.
  • Try an online bank. Ally Bank, PerkStreet Financial, ING Direct, SmartyPig—some newer institutions may offer better deals, and you may not need to leave your current bank to take advantage of a free debit card.
  • Comments

    1. jamie says

      i used to work for wells fargo as a teller and then i moved to washington mutual (now chase) as a fraud investigator. i used to be in the know about all the (new) banking fees and what not, but after being laid off for a year i have no clue what is going on anymore. i think im too bitter still about the layoff to even care. haha. hope that you had a great weekend!x jamiebeautyandlechic.blogspot.comformerly blogredhead.blogspot.com

    2. judy says

      I belong to a credit union so we don't really have fees. Of course if I was to over draw my account they pay the check and then charge me 13.00.I am starting to think that banks dont want the "little people" to have accounts. They want the people who can keep 200,000.00 in there without blinking and eyeJudy

    3. Krystin says

      We belong to two credit unions, one of which I am employed by. My husband has been a member of that credit union for 18 years and I was a member before being employed by them so when I tell people how much I love my credit union I really mean it!I also belong to one bank, and it is only used for my cross border banking. They do charge a monthly fee for the checking account, but I ould rather pay $3.95 to transfer money than $25 for one bnk wire!

    4. Jade says

      I think some bank charges are ridiculous, the amount I pay for mine is just crazy. But this is a great article, thank you for posting it, I look forward to reading more from you.

    5. Tanner says

      I need to seriously look into credit unions. I've never belonged to one or know much about them. I have BoA, and although I can easily work around their $5 fee, I just want to ditch them out of spite… Can't wait to see what their actions are going to cost them. Thanks for the recap.

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>


    CommentLuv badge