Choosing a bank

Many consumers pay high bank fees because they have chosen banks that provide unnecessary services. Consider our tips to avoid paying too much for your financial services.

  1. Look beyond the standard package offered by the large, national banks. Many regional banks, credit unions, and Internet banks offer free checking accounts, savings accounts, and access to ATMs. These institutions may have fewer ATMs than large banks, but they usually do not charge depositors for using other banks' ATMs. Comparison shop for a bank online at bankrate.com, moneyrates.com, findabetterbank.com, and bankfox.com. For help finding a credit union online, go to National Credit Union Association (NCUA) and findacreditunion.com
  2. Avoid paying for a checking account. There are plenty of free options at banks and credit unions, but be sure to find out if the account has a minimum balance requirement. Ask about the fee for going below the minimum balance, and fees for writing checks and bouncing checks. Some institutions offer reduced-fee accounts if you have a consumer, mortgage, or auto loan with them. Setting up direct deposit may also eliminate checking account fees. Even some of the large, national banks offer no-fee, Internet checking accounts.
  3. Get the most out of your savings account. Shop around for the best interest rate, and check to see if opening a saving account will reduce fees paid on a checking account. You also want to find out about minimum balance requirements, and limits on the number of withdrawals. Fees for going below the minimum balance and exceeding the withdrawal limit are common, and could potentially erase the benefit of earned interest. 
  4. Choose the right service package for you. Look over the packages and choose the services you use regularly. Don't pay extra for a service you'll rarely use. Don't get an interest-bearing account if your balance is so low that the interest will be less than the charge of having the account!
  5. Link a card. Many institutions offer lower interest credit rates and higher credit limits to consumers who have other accounts with them. 
  6. Get free, easy access to ATMs. Find out about ATM withdrawal limits, the accessibility of ATMs, and charges for using other banks' ATMs. If you travel, you also want to know if there are additional fees for using ATMs in other states or countries.
  7. Avoid extra fees and charges. Your institution may also charge fees for opening and closing accounts, deposits and withdrawals, overdrafts, placing a stop payment, balance inquiries, branch services, and phone support. Find out if you will pay extra for the services you use most, and ask about ways to avoid paying fees. Check your monthly statement, and challenge fees you don't think you should be paying.
  8. Don't pay extra for overdrafts. Consider that some institutions charge $35 for an overdraft, while others charge $10. Some make automatic loans to cover overdrafts, with APRs up to 36%. Some institutions can make an automatic withdrawal from your savings or charge to your credit card in the event of an overdraft, for no additional fee. Try to choose the least expensive option, given your spending habits.
  9. Know about account activity. Sign up for text and/or email notification of large transactions and changes to your account information.
  10. Ask for what you want. The market for depositors is competitive, meaning that institutions may be willing to sweeten the deal.

Issue updates

News Release | Consumer Protection

U.S. PIRG CONSUMER ADVOCATE MIKE LITT TESTIFIES AT CONGRESSIONAL HEARING ON EQUIFAX

Our Consumer Advocate, Mike Litt, was invited by Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, to testify this week at a Congressional hearing on the Equifax data breach. This was a continuation of the committee's previously held hearing on October 5th entitled "Examining the Equifax Data Breach."

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News Release | U.S. PIRG Education Fund | Consumer Protection

Children’s Toys Victory: CPSC Bans Phthalates In Toys

Children’s toys will be safer after a vote today by the Consumer Product Safety Commission (CPSC) to ban five types of phthalate chemicals from children’s toys and other children’s products. Phthalates are commonly used as a softener for plastic children’s toys and child care articles, such as pacifiers and bottles.

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News Release | Consumer Protection

REPORT: MORTGAGE ABUSES LEADING SOURCE OF OLDER CONSUMER COMPLAINTS TO CFPB

Mortgages were the leading source of 72,000 complaints to the Consumer Financial Protection Bureau from consumers 62 years of age and over, followed by complaints about credit reports and debt collection, according to a new report. Further, legislation passed by the House and awaiting Senate action intended to cripple the Consumer Bureau would place older consumers at greater risk of harm from financial scammers.

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Report | U.S. PIRG Education Fund & Frontier Group | Consumer Protection

Older Consumers in the Financial Marketplace

Older consumers are at risk of harm from predatory financial behavior. An analysis of more than 72,000 financial complaints submitted by older consumers (those 62 years of age and older) to the Consumer Financial Protection Bureau (CFPB, or Consumer Bureau) and contained in its Consumer Complaint Database suggests that mistreatment of older consumers by financial companies is widespread.

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Statement on Walmart’s Decision to Strengthen Chemical Footprint Policy

U.S. PIRG Education Fund applauds retail giant Walmart for updating its sustainability policy to restrict toxic chemicals in 90,000 products including cosmetics and skincare items, infant products, and household cleaners.

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ARKANSAS STATE PLANT BOARD VOTES TO PROTECT FARMERS FROM DICAMBA DRIFT

Yesterday, the Arkansas State Plant Board unanimously voted to ban the pesticide dicamba for the 2018 planting season. The decision was based on advice from a task force composed of scientists, farmers, and other experts. Arkansas came to the decision after a year of record crop losses caused by dicamba—during 2017, the state received more pesticide complaints than it ever has in one year.

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Agency votes to begin rulemaking process to protect American children, firefighters from hazardous flame retardant chemicals

Today, the U.S. Consumer Product Safety Commission (CPSC) took three critical steps toward protecting consumers and firefighters from the hazards posed by a class of flame retardant chemicals (known as “organohalogens”). The CPSC directed the Commission’s staff to begin the rulemaking process to ban the sale of four categories of consumer products if they contain these chemicals. Once again, the CPSC has made an important action for consumers.

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News Release | Consumer Protection

Today’s Equifax News Beyond Troubling, Investigations an Important Step - Congress Should Make Credit Freezes Free

Statement by Mike Litt at the U.S. PIRG Education Fund, on news that Equifax failed to fix its security vulnerabilities.

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Statement on Unilever Starting to Disclose Fragrances via SmartLabel

Statement from U.S. PIRG Education Fund Toxics Advocate Dev Gowda on Unilever Starting to Disclose Fragrances via SmartLabel

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High Levels of Lead Found in Fidget Spinners

WITI FOX6 News in Milwaukee recently tested certain fidget spinners for lead and according to the lab results, four fidget spinners bought from high-profile online and retail stores contained alarmingly high levels of lead. One fidget spinner contained a part that was found to be more than 400 times the legal limit for lead. 

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Report | US PIRG Education Fund | Consumer Protection

Mortgages and Mortgage Complaints

Our sixth report analyzing complaints in the CFPB's Public Consumer Complaint Database evaluates mortgage complaints, the number one source of complaints to the CFPB, totaling 38% of nearly 500,000 complaints posted since 2011.

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Report | U.S. PIRG Education Fund | Consumer Protection

Trouble in Toyland 2014

Among the toys surveyed this year, we found numerous choking hazards and five toys with concentrations of toxics exceeding federal standards. In addition to reporting on potentially hazardous products found in stores in 2014, this installment of the report describes the potential hazards in toys and children’s products.

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Report | U.S. PIRG | Consumer Protection

We Urge CFPB To Provide Mobile Financial Protections

Along with the Center for Digital Democracy, our co-investigator on a series of projects related to "big data" and financial opportunity, we've filed detailed comments to the CFPB regarding the need for strong consumer protections as more and more consumers use mobile financial services. We argue that "mobile technologies and services pose both opportunities and risks to consumers, their privacy, and to the kinds and price of services they are offered."

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Report | U.S. PIRG Education Fund | Consumer Protection

The Unfriendly Skies

Consolidation in the airline industry, along with pressures created by new security rules and the recent high cost of aviation gasoline, has changed the way we fly. It seems as if every consumer has an airline travel story—how they were trapped on the tarmac, tricked by fees, missed their connection, or lost their bag.

What many consumers don’t know is that they do have a number of new rights as well as a right to complain, both to the airline and to the government.

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Report | U.S. PIRG Education Fund | Consumer Protection

Debt Collectors, Debt Complaints

This is the fifth in a series of reports that review complaints to the CFPB nationally and on a state-by-state level. In this report we explore consumer complaints about debt collection, with the aim of uncovering patterns in the problems consumers are experiencing with debt collectors and documenting the role of the CFPB in helping consumers successfully resolve their complaints.

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Blog Post | Consumer Protection

Some Tips To Protect Internet Privacy | Ed Mierzwinski

You may have heard that Congress just voted to take away many of your online broadband privacy protections. After a little background, we will give you some tips on how to protect what’s left.

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Blog Post | Consumer Protection

Congress Votes Against Consumers and Internet Privacy | Kara Cook-Schultz

Yesterday, the House voted to gut online consumer protections, and if the president signs the legislation, internet service providers will be able to use and sell consumers’ personal information without their permission.

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Blog Post | Consumer Protection

CFPB Report Finds 1 In 4 Consumers Feel "Threatened" By Debt Collector Tactics | Ed Mierzwinski

We joined Consumer Financial Protection Bureau Director Richard Cordray and Washington, DC Attorney General Karl Racine for release of new CFPB data on debt collector abuses. Fully 1 in 4 consumers feel "threatened" by abusive, possibly illegal, debt collector tactics. The release also included an emphasis on problems with the "debt buyer" industry, comprised of firms that buy older, uncollected debt for as little as less than a penny on the dollar.

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Blog Post | Consumer Protection

U.S. SUPREME COURT TO DECIDE WHETHER CREDIT CARD COMPANIES CAN CONTINUE TO OBSCURE THE TRUE COST OF CREDIT | Michael Landis

Credit cards are convenient. But using them is expensive. The problem is that most consumers don’t know just how expensive it is. That might change in some states after the U.S. Supreme Court weighs in on a case currently pending before it.

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Blog Post | Consumer Protection, Financial Reform

OUR TAKE ON THE LATEST ATTACK ON THE CONSUMER FINANCIAL PROTECTION BUREAU | Michael Landis

Though the Consumer Financial Protection Bureau finds itself under constant attack. The most recent is from the U.S. Court of Appeals for the D.C. Circuit. U.S. PIRG Education Fund—along with nine other consumer and civil rights organizations—filed an amicus brief in support of the CFPB’s request for a rehearing before the entire D.C. Circuit. The Department of Justice also filed a brief in support of the CFPB’s request. It is important that the October ruling is corrected so that the CFPB remains a strong and independent agency that looks out for consumers.

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