Credit Union vs. Bank

I am amazed everyday that there are people out there who pay monthly “maintenance” fees to banks for an account. Most recently someone told me they pay $10 a month… that is $120 a year and for what? Just to deposit your check?

Credit Unions usually have little to no fees that they hold to maintain membership. It is usually just an amount in your account and if you were to ever close the account the funds would be returned to you.

Now don’t get me wrong there are plenty of fees for various reasons. Overdraft, extra statement copies, temporary checks, and wire transfers to name a few. Those are pretty standard with both banks and credit unions. Some banks, who will remain nameless, actually have fees for not using your debit card, not having direct deposit and not maintaining a certain amount of funds in your account.

Do you pay attention to the fees your institution charges for your account? Could you tell me right now what the amount for a stop payment on a check or an excess withdrawal is? You can easily find these on your bank or credit union website or the next time you’re in a branch request a fee schedule. Then compare to other institutions, see what everyone has to offer. There is no reason you need to settle for paying $120 a year for an account.

Tell me what kind of crazy fees your institution charges in the comments!

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