For many year, banks are being in favor of the rich and taking advantage of the poor. Banks use your money to make more money. They charge fees in many different ways, but no-fees banking is becoming the new norm.
Some of the common bank’s fees include:
- Minimum balance
- Maintenance fees
- ATM fees
- Returned check fees
- Wire transfer fees
- Over the number of transaction fees
- Inactivity fees
- Replacement card fees
- Foreign transaction fees
- Statement hard copy fees
- Check copy fees
Every banks are allowed to have only certain amount of cash available to cover withdrawals. The rest of the money, it is used to generate more money. Banks use the money in the form of loans to customers, mortgage, and other products and services.
For those living paycheck per paycheck, become almost impossible meeting all the bank requirements.
Some people may argue the bank needs to charge certain fees to stay in business. Banks also earn fees through merchants.
Thanks to new technologies, more banking options are becoming available. You do not need to visit a branch anymore. To make a deposit, snap a photo of your check.
- Ally – Has one of the best CD rates.
- Azlo – Mainly for small and mid size businesses, literally no-fees banking and free international transactions.
- Varo – No-fees mobile banking with checking and saving accounts.
- T-Mobile Money – Has good APY. It uses Allpoint ATM network.
- Chime – Daily transaction alerts and no-fees.