A little Urbano Oasis in the Banking Jungle

26.10.11 / Uncategorized / Author: TWGranE

Nov. 5. It’s not a holiday. And, no, it’s not cyber Monday (BTW, it’s on a Saturday), and it probably isn’t your mother’s birthday.

It’s Bank Transfer Day.

This gives you enough time to check with your bank, if you don’t already know, exactly what fees they are placing on your money.

According to Consumers Union, an advocacy division of Consumer Reports, it costs banks 8 cents per debit transaction. So why have banks started charging an average of $5 per month to use your card (not to mention ATM fees, not to even think about not-your-bank ATM extra fees)?

This is the point that I can’t seem to get past, I keep thinking this is MY money and the operation of a bank is dependent on mine and YOUR money.

Operating on a cash basis is scary to me. I don’t want to see my money. I want it hidden away waiting to be transferred to all my lovely creditors, which by the way are mostly banks.

You’ll hear a lot of chat these days about Credit Unions.

Here is what I found out. Anybody can join a credit union, you don’t have to be a teacher or a union worker. They are not-for-profit, volunteer based, they do not pay taxes, they do not pay stockholders. You can get loans and have electronic banking. They usually charge no or smaller fees.

Estimates of savings by switching to a Credit Union are as high as $400 a year.

Nov. 5 is approaching. Take a look at your bank fees. Some smaller banks, like People Saving Bank in Urbano, Ohio, are giving their customers $5 a month to use their cards. What a great marketing plan. That would be an easy decision for me, if I lived in Urbano.