With Banks Courting Customers, You Can Try Before You Buy
In an effort to be friendlier (and lure customers) banks are giving away services like personal consultations, financial literacy classes and seminars. And that's good for us.
credit unions
Simple: A New Bank for the Online Set
For customers sick of dealing with bank fees and surcharges, a new company called Simple is offering an interesting solution: all-online banking.
His Financial Goal: Dump His Bank and Join a Credit Union
Everyone has things they want to improve about their financial lives -- and we in the AOL newsroom are no exceptions. So we asked money expert Jean Chatzky for advice on how to reach our goals. Today: A DailyFinance reporter who's ready to break up with his bank.
Her Financial Goal: Win at the Refinancing Game
Everyone has things they want to improve about their financial lives -- and we at DailyFinance are no exceptions. So we asked money expert Jean Chatzky for advice on how to reach our goals. Today: An editor who wants to get the best deal on refinancing.
Could Your Next Stockbroker Be a Credit Union?
Credit unions, with their favorable interest rates and low fees, can be good alternatives to big commercial banks. But if you're an investor looking for a one-stop shop, you may shun them for their lack of online stock trading services. Well, don't: Many now offer online brokerage accounts, too.
Americans Keep Fleeing Banks, Flock to Credit Unions Instead
Credit unions have a long way to go before they threaten the financial dominance of commercial banks. But Americans are moving billions of dollars of their business in that direction every year, and there's good reason for that trend to continue -- and for you to jump on the bandwagon.
Identity Thief Accidentally Sends Victims His Loot
A tip for identity thieves: When you buy a bunch of pricey merchandise with a stolen card number, make sure you don't ship the loot to your victims. That's evidently what happened to one Alaska couple. First their debit card was hacked to the tune of $5,000. Then, the packages began arriving.
9 Questions to Ask to See If Your Bank Is Right for You
The end of the year is a good time to give your financial life a once-over and see what changes need to be made. One item not to forget in that review: your bank. Answering these questions will help you determine whether your money is in the right place, or if it's time for a strategic withdrawal.
Are Mortgages from Walmart the Future of Lending?
Since the financial crash of 2007, banks have lost their luster and alternative financing options like peer-to-peer lending have grown rapidly. Now, a new study suggests the next phase of lending's transformation will be companies like Walmart and eBay offering big loans at lower rates.
The Downside of Credit Unions
Credit union membership is at an all-time high, thanks to our rising disillusionment with traditional banks. Banks, after all, are run by executives aiming to enrich stockholders, while credit unions are owned by, and run for the benefit of, their members. But that doesn't mean credit unions are right for everyone.
Banks Made Less on Overdraft Fees Last Year
The average fee for overdrafting your bank account rose again last year, but evidently, more Americans are doing a better of job managing their checking accounts, because the amount paid in overdraft fees dropped by $1.5 billion in 2011, after a $4 billion drop in 2010.
Fee Backlash Cost Big Banks Over 2 Million Customers
Switching banks is a hassle, but outrage over the big financial institutions' efforts to pile on new steep fees pushed more than 2 million people to close their accounts over the past 3 months. Is Bank Transfer Day becoming Bank Transfer Year?
The Bigger the Bank, the Worse the Customer Service
The biggest bank in America isn't the one you might think: JPMorgan Chase recently knocked longtime rival Bank of America out of the top spot. But is bigger better? Not when it comes to customer service.
Sick of Fees? Here Are Some Other Banking Options
When people talk about the American dream -- buying a home, going to college, starting a business -- banks are usually somewhere in the background. But what if, instead of making your dream come true, your bank relationship actually costs you money?
The Long-Term Relationship You Just Can't Quit
For all the anti-bank anger erupting across the country, relatively few of us are actually leaving our financial institutions.
Resentment Builds Ahead of Bank Transfer Day
On Saturday, tens of thousands will march, protest and move their money out of big banks. But plenty of Americans haven't waited for Bank Transfer Day. For Frank Sheldon of Seattle, his journey to a credit union started in 2008 when his old bank was absorbed by J.P. Morgan Chase.
Will Bank Transfer Day Be a Real Win for Credit Unions?
Like some other recent revolutionary movements, Bank Transfer Day had its genesis on Facebook. But can this grassroots rebellion against the nickel-and-diming of the big banks actually accomplish anything, and how much will the nation's credit unions really benefit?
5 Credit Union Myths Debunked
Between the outcry over Bank of America's new fees and the approach of "Bank Transfer Day," low-profile credit unions have been receiving a lot of attention. But the publicity has exposed a number of commonly held false beliefs about credit unions. Let's debunk a few of the most common.
As Customers Flee, Big Banks Don't Seem to Care
Credit unions, mid-size banks and online institutions are eagerly stepping up to capture banking customers who are fed up with increasing fees at the biggest banks. And so far, it seems, those big banks don't mind losing their business.
Why Credit Unions Are Better Choice Than Big Banks
Millions of Americans are disgusted with the big bank status quo, and many are closing out their accounts and moving their money to smaller institutions. It's a good time to do it: Credit unions are waiting with open arms, a customer-centric philosophy -- and incentives.
Fewer Than 1 in 4 Americans Trust U.S. Financial System
Americans are growing even more distrustful of their financial institutions. The latest figures from the quarterly Chicago Booth/Kellogg School Financial Trust Index showed that only 23% of those surveyed said they trust the country's financial systems, down from 25% in June.
A Too-Convenient Truth: How Auto-Pay Hooks Us
Many of us have our bank accounts running almost on autopilot: Paychecks go in and bills get paid automatically, and any details we need to deal with are handled easily online. But these conveniences come at a price -- they make it too much trouble to leave a bank, even when its fees get outrageous.
Bank Fees Push More Americans to Credit Unions
Big Wall Street banks haven't been winning many fans lately with their new fees and constant search for loopholes in the Obama administration's consumer protection laws. Bank of America's new fees on debit cards could be the last straw for some. The alternative many Americans are turning to -- credit unions.
Cash-Strapped Americans Can't Break Overdraft Habit
Overdraft fees are like a movie monster that just won't die. No amount of public outrage or regulation can slay the beast. But the banks aren't the only ones casting overdrafts in financial sequels: Truth is, consumers keep breathing life into the overdraft dragon.
Free Checking Lives, With Sneaky Fees
You might assume that free checking is one of those banking benefits on the way out, but that's not the case: More than a third of checking accounts charge no monthly service fee. But that doesn't mean that banks don't expect to profit from your checking business. Here are the fees that make "free" a highly inappropriate designation -- and how you can avoid them.
Trust in Banks Falls Back to Financial Crisis Lows
Americans' overall trust in the nation's financial system has dropped from 26% to 20%, a level that matches the lows recorded during the heart of the financial crisis in late 2008, according to the latest results from the Chicago Booth/Kellogg School Financial Trust Index.
