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

Blog Post | Consumer Tips, COVID-19, Consumer Protection

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Blog Post | Consumer Tips, COVID-19, Consumer Protection

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

Consumer Complaints Break Records

On the 10th anniversary of the Consumer Financial Protection Bureau’s (CFPB) establishment as a centerpiece of the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act (the law passed on 21 July 2010 and the Bureau opened its doors one year later), we look at the latest results from the CFPB’s public Consumer Complaint Database. This snapshot finds that, as the COVID-19 pandemic wreaks havoc on the financial situations of millions of Americans, consumer complaints to the CFPB have spiked to record levels.

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

Investigation finds 1 in 9 used cars for sale at AutoNation have unrepaired safety recalls

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News Release | U.S. PIRG Education Fund | Public Health, Consumer Protection

New analysis uncovers unsafe blood pressure medication distributed in US

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News Release | Consumer Protection

Statement: Consumer Financial Protection Bureau agrees to retain consumer complaint database and enhance elements of the key resource

The Consumer Financial Protection Bureau announced today it would continue to maintain its public consumer complaint database, and that it also plans to make a number of “enhancements” to the database. These include: providing financial information and details into the complaint process to both better address questions and inform consumers before issuing a complaint; and adding materials to help consumers who seek answers to specific questions from financial companies.

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News Release | U.S. PIRG Education Fund | Consumer Tips, Consumer Protection, Higher Ed

College students can save hundreds as they head back to school

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News Release | U.S. PIRG Education Fund & Kids in Danger | Consumer Protection

1 in 10 surveyed daycares still using deadly, recalled infant sleepers

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Big Banks, Bigger Fees

Since Congress largely deregulated consumer deposit (checking and savings) accounts beginning in the early 1980s, the PIRGs have tracked bank deposit account fee changes and documented the banks’ long-term strategy to raise fees, invent new fees and make it harder to avoid fees. 

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

A Public Interest Internet Agenda

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

Online Behavorial Tracking and Targeting, Legislative Primer

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

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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

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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

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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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Blog Post | Consumer Protection

This New Year, Celebrate the CFPB | Ed Mierzwinski

This month, we published our 8th report based on analyzing consumer complaints collected in the CFPB's Public Consumer Complaint Database. The release of "Big Banks, Big Overdraft Fees" provides a good year-end opportunity to summarize a few of the reasons to be thankful for the Consumer Financial Protection Bureau, which took over in July 2011 as the first federal regulator with just one job: protecting consumers from unfair financial practices. The idea of the CFPB needs no defense, only more defenders.

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Blog Post

In response to a tidal wave of unfair marketplace practices, the CFPB asked the public to submit comments on the impact of junk fees on their lives. Some 2,500 comments later, consumers have described the pain points caused by unfair junk fees.

Cover graphic courtesy Student Borrower Protection Center, used by permission

News Release | U.S. PIRG Education Fund

Today, in response to the Consumer Financial Protection Bureau’s (CFPB) request for information (RFI) on harmful “junk fees,” the Student Borrower Protection Center (SBPC) and the U.S. PIRG Education Fund submitted comments exposing how financial service giants and universities are plaguing postsecondary students with unexpected, unavoidable, and hugely expensive charges on a range of financial products.

Report | U.S. PIRG Education Fund

Report on issues with "Buy Now, Pay Later" financing plans.

Blog Post

Even with the knowledge I’ve gained working as a consumer advocate for several years, getting my finances in order has been a work in progress. 

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