Since the government imposed the CREDIT CARD ACT of 2009 and regulated banks on debit overdraft charges, banks have lost billions of dollars in revenues. Do you think banks will take these sitting down? Of course, not!!! So what steps are they coming up now? This year major banks such as Bank of America, Wells Fargo, Chase, etc. are making changes to their checking accounts. None of them are offering free checking anymore. Well, they still do but… there are certain balance requirements required that if you fail to maintain, booom!!! you’ll be hit by account fees.
Let’s do a reality check… Who can’t maintain certain balance requirements? Who always get hit by overdraft and return check fees? They are the poor, the unemployed and those people who struggle each day to survive.
What options do we have? Should we consider not having checking accounts anymore? But we still need an account to cash our unemployment, disability and pension checks? Where do we go?
Run to the nearest CREDIT UNIONS!!!!
What are credit unions? Credit unions are not-for-profit financial institutions owned and regulated by its members. They offer higher interest rates on savings accounts, lower interest rates on loans and most of all, free checking accounts.
So what are you waiting for??? Sure, changes are always difficult initially, but this is something worth it. Close your old checking accounts and open one at a credit union nearest you.
So see you THERE!!!