Did you know some of the big banks are trying to do away with free checking?
Some banks are adding strings to convince the consumer there are ways to keep checking fees down. Things like loans, credit cards and mortgages which get the consumers to pay them more money in the long run on top of a checking fee.
From an article in Smartmoney.com: Consumer advocates worry that the new fees will unfairly whack consumers who keep low balances and manage their accounts responsibly to avoid any penalty fees.
“That’s the group that will be most penalized in this environment,” says Bill Handel, vice president of research and product development at Raddon Financial Group, which advises banks and is a unit of Open Solutions Inc.
What does this mean? You, the responsible consumer, may end up paying more for services you deserve.
Don’t worry. Amicus has free checking and will continue to provide this convenience for our members. For more information, please feel free to contact us at 509.483.3221.
To read more about the checking fees, feel free to go to these links:
http://www.bankrate.com/finance/checking/want-free-checking-check-out-credit-unions-1.aspx
http://www.smartmoney.com/spending/budgeting/new-bank-fees-how-to-fight-back/
