You are hereHome >
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.
- 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.
- 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.
- 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.
- 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!
- Link a card. Many institutions offer lower interest credit rates and higher credit limits to consumers who have other accounts with them.
- 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.
- 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.
- 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.
- Know about account activity. Sign up for text and/or email notification of large transactions and changes to your account information.
- Ask for what you want. The market for depositors is competitive, meaning that institutions may be willing to sweeten the deal.
The U.S. Food and Drug Administration (FDA) issued a full recall Wednesday of all ranitidine, a heartburn medication known by the brand name Zantac.
Texas Attorney General Ken Paxton did not join in the call to the country’s top online marketplaces to crack down on price gouging amidst the novel coronavirus (COVID-19) outbreak. A bipartisan group of 33 attorneys general, led by Pennsylvania Attorney General Josh Shapiro along with co-leading Attorneys General Hector Balderas (NM), William Tong (CT), and T.J. Donovan (VT), sent a letter today urging the companies -- Amazon, Craigslist, eBay, Facebook and Walmart -- to quickly implement preventative measures on their platforms to ensure that consumers don’t get taken advantage of during this public health crisis.
As the second week of spring break begins, I wanted to update the student resources I sent last week and give you some ways to help others during this unprecedented moment.
As you know, on March 30th, all classes will resume online and students who live on campus are asked to move out throughout this week.
Here are a few resources to turn to if you need them:
The spread of coronavirus across the country is a serious threat to our health and financial security. We here at TexPIRG are working from home and wishing everyone health, calm, and plenty of hand-washing.
During this time, we must ensure that consumers are protected from those who would take advantage of the pandemic situation and that everyone has access to what they need to stay healthy and prevent the spread of this disease.
The changes occurring to our daily lives and the whole country is overwhelming. We’ll get through it by working together, so we wanted to offer some information on what TexPIRG is working on.
As we enter spring break, I wanted to share some important resources as our campuses transition to online classes.
This change to our daily lives - and the whole country - may feel overwhelming. We’ll get through it together and so we wanted to offer some information for students who may be especially struggling to adjust to this major transition.
As you are most likely aware, UT Austin has extended it’s spring break an additional week and will resume classes on March 30th.
TexPIRG is happy to provide the following resources for students during this time.
Your tax-deductible donation supports TexPIRG Education Fund's work to educate consumers on the issues that matter, and to stand up to the powerful interests that are blocking progress.
You can also support TexPIRG Education Fund’s work through bequests, contributions from life insurance or retirement plans, securities contributions and vehicle donations.