Robert A. Bonavito, CPA PC

Unhappy With Your Bank? Check Out Account Alternatives

Most people nowadays really are not that happy with their banks, and the reason is usually a combination of fees and services. Usually, it's fees more than services, because a lot of people do things online.

For example, last year consumers paid over $1.5 billion in fees. Just for bounced checks and overdraft fees, a billion five. And these fees are very hard to avoid, and if you ever do get hit with a fee, it's almost impossible to get rid of it.

So, most people aren't too happy with their banks, because they say listen, I'm putting my money there, but I'm paying for you to hold my money because now we don't get any interest, right? The interest is 1/10 of 1%.

And this is why a lot of people are concerned about their banks, but the good thing is that we have more options than ever.

A lot of people are using banks, online banks. A lot of people are using their brokerage accounts as banks, but we still do have thrifts and community banks that do a good job.

Commercial banks really are for people that need more services or corporations, where they again they are borrowing loans, they have lines of credit and stuff, but the average consumer you may want to take a look at community banks and thrifts.

There was a study recently done, and what it showed that by switching from the traditional bank to a thrift you could save over 70% in these fees.

So, again if you are not happy with your bank take a look around, there are a lot of choices that never existed before. If you have any questions on this video, feel free to give me an email.

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