Major banks are like dime pieces.
Sure they’re pretty on the outside and everyone flocks to them, but they have major issues and are ready to abuse you with ridiculous fees.
You know the type. Fine as wine, she butters you up with kisses but sleeps with a butcher knife under the mattress. Tall, dark, and handsome, he makes you melt with smooth talk but stays out late, never remembers your birthday, and always has a bit of side action going on.
Unfortunately, our seductive banking partners know they can get away with their reprehensible behavior because if we jet, there’s another sucker waiting to take our place.
So we put up with the abuse in silence.
$5 account maintenance fee – OK, we’ll overlook it.
15% interest on the bank credit card – Tolerable, but we don’t like it.
$35 overdraft fee – Yes it’s expensive, but it is our fault if it occurs, isn’t it?
$100 minimum balance to keep account open – C’mon son.
$3 ATM fee – Now we’re starting to get a little hot under the collar.
$15 check printing fee – That’s pushing it.
And now Bank of America has sent many of us over the edge after announcing they’ll charge debit card holders a $5 monthly usage fee. Customers have been raging all over the internet. One newscaster even cut up her Bank of America card on the air.
But what did we expect when we started dating these beautiful looking psychopaths?
Not to worry, there are alternatives. Credit unions and online banks are the attractive partners we overlooked in our lustful pursuit of Mr. or Mrs. Big Bank. They offer more loyalty with less of the crazy.
Credit unions are nonprofit organizations owned by their members. Remove the profit motive and it’s easy to see why they charge fewer fees and offer lower interest rate loans. Customer service is usually superior as well.
To hook up with a credit union of your own, search findacreditunion.com or the National Credit Union Administration. Alternatively, check with your union or employer. Many are associated with credit unions you’ll be eligible to join.
If credit unions aren’t your style, check out this Kiplinger’s review of the best online banks. Because online banks have smaller overhead, they offer better rates and lower fees. Most online banks rebate ATM fees as well, allowing you easy access to your money.
Yes, some of us are a glutton for abusive relationships. For others of us, it’s time for a break-up.
If you want even more tips on how to break up the right way without getting burnt by your big bank, check out this Consumer Reports tip sheet.
BMWK, have you gotten tired of courting your good looking but trifling big bank? Have you considered switching to a credit union or online bank? Share your experience.