If You Have an Account at a Bank – Be Warned!

October 28, 2008

I was watching CNN yesterday and saw one of their money “experts” doing a story on banks and how nine of the largest banks will soon be getting a hefty cash infusion, thanks to the Economic Stabilization Act.

What the “expert” did say that peaked my interest, was that some, if not all, of these banks will be raising their fees if they haven’t already. Fees for things like NSFs, monthly account maintenance, and stop payments. As if you’re not already paying an arm and a leg for that. How would you like to pay as much as $40 for a $10 check that you accidentally bounced? Avoiding these fees is simple. You can NEVER bounce a check (come on, we’ve all done it once, right?), put a stop payment on a check that you didn’t mean to write, and keep hundreds, if not thousands, of dollars in your savings account at all times. Easy, right?

Or, you can put your money in a credit union. We always try to keep our fees competitive, if not lower than banks. And MCCU doesn’t charge a fee to have a savings account. You can let it get as low as $5 if you want.

My point is, yes your bank may be a little more financially solid than they were a month ago with the help of the government, but with higher fees and oftentimes not-so-attractive rates, why would you stay when you can have an account at a credit union that has been financially solid since 1963 and is carrying on business as usual?

Questions or Comments? E-Mail me at blogger@matadorsmoneymatters.com.

Posted in General