Tuesday, December 11, 2007

Banks Are Proving To Be Bad For Consumers

Did you know that Bank of America collected more than 22.4 Billion in fees, which includes penalty and service fees and other non-interest income, in 2006? That is more than half of it's overall revenues! The "sweet spot", as the spokesman for the banking industry put it, is these fees. So when you open a credit card account or even a checking account at a bank, you need to realize this. You will get slapped with unexpected fees. That is how they make their profit these days.

Time to consider changing to non-profit credit unions for all our "banking" needs. They are owned and controlled by the members who open accounts there, and serve the interests of the account holders. Their whole purpose is to provide reasonable rates and a safe environment to keep our money, as opposed to banks who are robbing their accout holders.