It’s been a tough year for the customers of some of the nation’s largest banks.
Just in the past couple of months, Wells Fargo announced that it’s testing a $3 “activity fee” for debit card users. Bank of America and SunTrust Bank announced that they’ll soon begin charging customers with certain checking accounts a $5 monthly fee to use their debit cards. Citibank has given its customers something else to dread: a new fee structure on Citi checking accounts including increased minimum balances and monthly fees. And Wells Fargo, Chase and SunTrust have all announced that they’re ditching their debit rewards programs indefinitely.
The New York Times recently published a story by personal finance columnist Ron Lieber headlined Question: Why Pay Bank Fees? Lieber seems incredulous that anyone still does business with banks that slap customers with these types of charges. But more and more people seem unwilling to simply accept terms and conditions that aren’t in their best interest. CNN Money also suggests that these people consider withdrawing their money and looking for a new bank.
We’re proud to say that Ally Bank is one of the banks CNN Money and the Times suggest looking into. While switching banks might sound like a hassle, the Times column notes, it’s actually a fairly quick and painless process – especially when customers consider how much money they might save in fees.
Switching to Ally means not having to think about ridiculous fees. It means not getting charged to use your own debit card, and not having to watch the balance of your Ally Interest Checking Account to avoid monthly maintenance fees. Plus, when you factor in the convenience of being able to use any ATM nationwide and having other banks’ ATM fees reimbursed – and the fact that we offer Ally Perks, a debit card rewards program that offers money back – you may find that switching banks makes sense.
Are you with a bank that charges or plans to charge a new debit card or maintenance fee? What do you look for when choosing a bank?