Monday, October 10, 2011

A Look at Fees in the Banking Industry

You may have heard the news recently that banks have started charging monthly debit card fees.  At Community Financial Credit Union, debit card use remains free. However, many financial experts warn that customers at traditional banks may find debit card fees to be a new trend in the banking industry. To protect yourself, we recommend taking positive steps to analyze your relationship with your financial institution.

Be proactive.  As a customer, you always have a choice.  Find out if your institution will be adding such fees.  Banks have the right to charge fees, and different banks will charge different fees for their services.  

Consider your options.  Credit unions like Community Financial do not charge debit card fees.  We are a not-for-profit financial institution where earnings are returned to members in the form of better rates and lower fees. Credit unions offer the same services as banks but are more focused on the people they serve. Learn more about the difference between banks and credit unions by reading our previous post.

Avoid unnecessary fees.  Many banks charge monthly fees for checking accounts as well as charging for debit card use.  Instead, you can choose an institution that works for you.  At Community Financial we offer both free checking and free debit card use to our members.  Becoming a member is as simple as opening a $5 savings account.

If you choose to close your accounts, make sure they are completely closed.  The Detroit News offers tips for accurately closing accounts and avoiding additional fees.

It’s your money – make sure it’s in good hands.  If you would like to learn more about Community Financial, visit one of our convenient locations or call us at (877) 937-2328. We’ll be happy to answer your questions and assist you with any of our services.

Posted by: Community Financial
Community Financial Members Federal Credit Union is a not-for-profit, full-service financial institution owned and governed by its membership.

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