How Much Basic Checking at a Big Bank Really Costs
There’s been a lot of media coverage lately about Americans switching from big banks to community banks, credit unions and online banks. That may be a good move for some people, but we’ll come right out and say it: Some consumers need a big bank. Maybe you travel a lot for work and need to bank at a place that has branches around the country. Or maybe you have a kid in college and want to be able to put money into an on-campus account or monitor spending. Or … well, you get the idea. The question is, which big bank is right for you? And for many people these days, the answer to that question comes down to fees.
The average checking account disclosure adds up to 110 pages, according to the Pew Safe Checking Project, so it can be hard to compare apples to apples, especially because large banks offer several tiers of checking accounts. To simplify matters, we took a look at the most basic checking account offered by the 10 biggest retail banks in the U.S. and compared their fees for a handful of basic transactions and common penalties.
Read the full article at time.com.
- Safe Checking in the Electronic Age