1.) Ridiculous ATM Fees
$3 just to withdraw MY 20 dollar bill? That's almost an entire tank of gas!
ATM fees consistently serve as the most subtle way for consumers to fall prey to banks, and have been on the rise in recent years.
2.) Monthly Service Fees
Take the $15 monthly fee and run!
Unsurprisingly, service fees at Big Banks are also on the rise. Service fees can range anywhere from $10-$30, depending on the type of account you decide to open.
3.) Near-Zero Interest Rates
Wow, $10 after holding my $10,000 in the bank for 1 year? That's a whole .03¢ per day!
Most Big Bank interest-bearing checking accounts pay an extremely low rate of around 0.01%. By the time you're hit with hidden fees, your tiny interest rate isn't nearly enough to save you from losing money.
4.) Loaning Your Money
They just wait for their turn and...
After paying you your tiny interest rate, they turn around and loan your money out to someone else. The average interest rate on a 30 year fixed mortgage is around 4%. They're making nearly 400x what they pay you for depositing your money.
5.) Lobbying Against Customers
Silly Senator, they don't need a credit card to buy Washington.
Ever since the financial crisis, the biggest banks have spent millions of dollars in influencing lawmakers to loosen regulations that would allow them to raise fees and effectively continue making record profits.