Banks were earlier known for their safety and hence were extensively relied on but now, the times have changed and they have got pretty risky. There are plenty of banks in America which give their clients runaround while disclosing the banking fees. Federal Reserve terms say that the banks have to maintain complete transparency for their bank fees but still the banks continue to treat their customers evasively if they request for the banking fees. This evasive bank treatment has previously been reported by non profit organization called US PIRG and it works for consumer welfare.
US PIRG conducted a survey involving 392 financial institutions which include the credit unions and banks. All the institutions are distributed in 21 states in the US and this survey also included one dozen online banks. Reports said that less than forty percent of surveyed banks do not comply with directives on Savings Act.
This might be just another piece of news for you guys but some people might be aware of the Federal Reserve regulations. Saving Act asks banks to disclose following fees –
- Banks should disclose their monthly maintenance fees
- Mandatory fees for opening and terminate accounts
- Fees which are charged for the banking services like deposit verification, balance check, check returns, etc.
- Fees which are charged during the deposits and with drawls. (this includes ATM fees too)
This US PIRG report further revealed a lot of banks don’t reveal their fees. If the clients find themselves in a miserable condition due to this then they must start looking for alternatives. Consumer advocacy group is offering help to consumers by giving them some useful tips which lower banking fees expenses.
The smaller banks show more loyalty at their customers and their customer service too is better. They are charging lesser fees as compared to the bigger and famous banks. Hence, shifting to small banks will certainly give you a wider array of services of banking and the cost too will be affordable.
You should try looking for options that let you check for free. You can get this facility by having balance of a small amount or via depositing paycheck in the bank account directly. Also, you can try to avail the banking services in electronic medium instead of paper and pen. There are a lot of banks which offer less or no fees while using online banking services.
If you are holding different bank account types in the same bank. Then you should talk with the bank to combine the different accounts for making reasonable balance. If the balance is low and if you need to refill your account immediately. Then you will be notified about the balance status. You can sign up for alerts via SMS with the bank and you will get all the bank details when ever you need it.