The truth is finally out. There are checking account fees in bank accounts that are exorbitant.
The banks took advantage of the investors’ lackadaisical attitude. This doesn’t only apply to checking accounts, but also to mutual funds, bond funds and other investments.
So finally we’re doing something about it. We’re complaining and, in some cases, it should make a difference.
Would you believe this? The biggest banks have the least competitive rates and are swimming in deposits.
One solution for investors is to look at credit unions.
Credit unions are nonprofit organizations. But they offer the same kind of federal deposit insurance as banks.
Even so, I’m staying with the Bank of America. I’m going to work from within and encourage reform.