Who Do You Bank With?

Chase, Wells Fargo, Bank of America, Citibank, these you should never have an account with. Unless you just crawled out from under a rock and don't pay attention to the news, you have no excuse.

You should bank with a local credit union.

Fat Cat Banker

The business model of the big banks is to make money off of their customer's deposits by charging fees.

The old fashioned way of making money was making money off of customer's deposits by lending to both customers and walk-ins in loans, hence savings & loans.  But, at a 0% interest rate, due to the Federal Reserve Bank, the loan values are at best 4%, which then gives a return of under 1% for the saver.

See the problem with conservative banking ... if you're a greedy banker?  So instead, they do everything they can to freeze your money in their bank; charge you fees and then charge you fees for doing regular banking, i.e. checking your balance.

I promote credit unions because the entire business model is completely different.  You are actually a MEMBER of the union and not a client.  You can be both, but that's another story.  They will not charge you fees, because all of the members are trying to make money. It would be like charging yourself, to make money, which is a zero sum.  However, that being said, make sure you check the by-laws in the credit union. And, shop around at at least 10 different credit unions.


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