creditunions

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 $2.5 billion in 2011, after a $3 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 parting ways with our significant financial institutions because of it. In the past six weeks a mini bank-run sent 700,000 new customers to credit unions. But that's hardly noticeable on the scale of all U.S. banking customers.

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 the Nov. 5 "Bank Transfer Day" event, normally low-profile credit unions have been receiving a great deal of attention. However, this publicity has also exposed a number of false but commonly held 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.