That’s what a recent article in the New York Times suggests. Nancy Folbre, an economics professor at the University of Massachusetts Amherst, provides a very nice summary of the difference between banks and credit unions, as well as explaining how that difference can make a huge difference for consumers. Read the whole article here.
“For many, using a bank results in frustration. Bank fees continue to tick up: Overdraft fees, monthly service charges and continually rising interest rates on credit card accounts mean that you pay more for letting the bank keep and use your money. You may want to go somewhere else, but where else is there?” Credit Unions are the answer!
Read this whole article (A place to turn if you hate your bank), recently published by MainStreet.com.
No, says Greg McBride, senior financial analyst at Bankrate.com. “It’s a little like locking in at the bottom,” McBride says. Fixed annuities typically charge surrender fees for withdrawals in the first seven to 10 years.
You’d be better off taking the early withdrawal penalty from a five-year bank CD if interest rates rose, McBride says. People who buy annuities are usually elderly, and surrender fees can be a problem if they need to withdraw their money quickly. “You can usually do better elsewhere and have greater liquidity,” says Gary Schatsky, a New York fee-only financial planner.
On the June 4, 2009 NBC Today show, personal finance expert Jean Chatzky warned consumers that banks have a list of 250 ways to increase fees on checking accounts. She warned consumers to look out for minimum balance fees, teller fees, telephone banking fees, and fees on seniors and children.
You don’t have to take it any more! If your bank starts raising fees on your checking account, transfer it to BMI.
Banks have really been raising fees recently. It is now the #1 reason consumers are switching financial institutions. USA Today recently published a good article about how to move your account from one institution to another.
To help make your move even easier, you can use our electronic Quick n’ Easy Switch Kit to generate a complete check list and all of the letters you need to move your bank accounts to your credit union.
Switch n’ Save, it’s never been easier!
Kiplinger is a well respected name in the personal finance and business world. Here is a link to an article in their August 2009 online publication that touts the advantages of credit unions (and small community banks) for consumers. http://bit.ly/NhVLx
