Please Leave Your Shitty Bank
If you only do one small thing for your finances this year, can you get her to leave her awful old bank that still charges you a commission?
2020 is coming – the future! – and banks have become so advanced that you don’t even need to go there to do something. You can add checks to your phone. Transfer money with one click. Some banks even look like “branches of the last century, let’s do it all online to save time and money,” and they don’t even have buildings, cashiers or lollipops.
So why are you still paying commission at that reliable bank that you have been using since the age of 16?
Lest you think that our benevolent financial firms have eliminated fees, please note that the average checking account holder pays $ 7.69 per month in fees, including ATM fees and overdraft fees. That’s according to research published by Bankrate this week.
On top of that, the average adult has the same basic checking account around the age of 14. 21% of respondents stated that they have used a checking account for 21-50 years! Even millennials with a shorter banking history report keeping their checking accounts for about nine years.
Millennials are also the age group that pays the most for services, averaging $ 12.80 per month. (I beg your pardon, my peers. This does not suit us.)
When Bankrate asked people why they stayed at their bank for so long, the main reasons were good customer service, low or no fees, and convenience. But the written responses admitted the truth, with responses such as “my parents enrolled me as a child” and my personal favorite “inertia.” Honesty!
I understand. Bank change is a pain. After you research where to hide your money, you really need to move that money to a safe new home. And then you have to close your old account, which could mean (ah!) Talking to a real person.
But think about the long-term benefits of this temporary problem. Change the bank and you no longer have to pay $ 15 a month for the privilege of giving the bank access to your money while you keep it in your account. You will not pay more than $ 6 ATM fees for using a competitor’s ATM. You can earn over 0.0% on your money. Honestly, any of them would be a big plus, not to mention a triple benefit.
You may have noticed by now that we tell you to exit the insane bank about once a year . Here we go again. Please listen to us this time. We’re not mad at you, we’re just disappointed.
Here’s our guide to changing banks . Let us hold your hand (virtually) in the process. It’s time to ditch all those dastardly banking fees once and for all.