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Thursday, October 06, 2011

Save Money By Leaving Bank Of America

Ok so I know you have heard by now that Bank Of America is going to start charging a $5 monthly fee to use your own money. Well to add more insult to it, "Bank of America CEO Brian Moynihan has said his bank’s new $5 fee debit card fee is justified because the bank “has a right to make a profit,” according to CNN Money." The video is on Huffingtonpost

How ridiculous is that? Some may say well what's 5 dollars. Well here's a scenario. If you are one of those people that lives paycheck to paycheck like most people, and you have $20 left in your account, you go purchase some gas or something for $16 then the $5 fee hits the account so now you have a negative dollar in your account and here comes the big whopper with that nasty $35 over draft fee. So that $5 fee just cost you an additional $35 which would never happen if you didn't have the fee.

I personally don't like banks and stick with my credit unions. I love them. I actually have 2. Two are online and one local. My favorite one is USAA They rock!! I actually got in when they were accepting non military customers. I hear they periodically do this and I never have complaints.

Bottom line this extra $5 fee comes up to $60 a year that you can add to your savings. Why throw money away? Leave the bullies and find a bank that wont charge you to spend YOUR money.

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