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 Protection

How I got my finances in order | Mike Litt

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. 

> Keep Reading
Blog Post | Consumer Protection

How I started my estate and end-of-life planning | Mike Litt

Until recently, I did not have estate and end-of-life planning in mind, but it was the natural next step in my quest to be a responsible adult, with a nudge from the existential threat of the COVID-19 pandemic.

> Keep Reading
Blog Post | Consumer Protection

Resources I used to prepare my advance directive | Mike Litt

Advance directives are legal instructions that include a living will (different from a regular will) and a health care proxy. In them, you state what treatments you do or don’t want at the end of your life and who you want making health care decisions for you if you can’t. 

> Keep Reading
News Release | TexPIRG Education Fund | Consumer Protection

Report: Getting off the hook of a predatory tow in Texas

 

Every year, millions of Americans have their cars towed without their consent from a private property or public street. While getting towed is a justified consequence of parking in the wrong place or for too long, most states don’t offer drivers the decency of basic consumer protections such as access to their wallets or medicine, or maximum rates for towing and storage. And that doesn’t even take into consideration those times when drivers believe they’re towed improperly.

> Keep Reading
Blog Post | Consumer Protection

What I decided to do after shopping for long-term care insurance | Mike Litt

Before listening to In Case You Get Hit By a Bus, I didn’t know about insurance that covers the costs of long-term care, such as home health care or nursing home care, for people who need assistance with daily living activities. 

> Keep Reading

Pages

News Release | TexPIRG Education Fund | Consumer Protection

Report: Getting off the hook of a predatory tow in Texas

 

Every year, millions of Americans have their cars towed without their consent from a private property or public street. While getting towed is a justified consequence of parking in the wrong place or for too long, most states don’t offer drivers the decency of basic consumer protections such as access to their wallets or medicine, or maximum rates for towing and storage. And that doesn’t even take into consideration those times when drivers believe they’re towed improperly.

> Keep Reading
News Release | TexPIRG Education Fund | Consumer Protection

Report: Only one-third of largest phone companies have completely adopted anti-robocall technology

A looming deadline should finally force all U.S. phone companies to take stopping robocalls seriously. However, only one-third of the largest mobile and home phone providers nationwide -- and a more disappointing percentage of smaller telecommunications companies -- have installed caller ID verification aimed at squashing illegal robocalls, even though most of those businesses were required to do so by June. The stakes get higher Sept. 28, when phone providers are required to block calls from companies that haven’t at least reported their status to the FCC.

> Keep Reading
News Release | US PIRG | Consumer Tips, Consumer Protection

Back to school: financial literacy tips for college students, teens

During this time of year, families are thinking about the children going back to school, and for parents who are sending their kids to college, it can be a bit overwhelming. A key to addressing those concerns is making sure their teens are prepared for “adulting” -- in other words, taking care of their own lives.

> Keep Reading
News Release | TexPIRG Education Fund | Consumer Protection

Report: The Consumer Financial Protection Bureau turns 10

As the Consumer Financial Protection Bureau (CFPB) turns 10 years old, a new report from TexPIRG Ed Fund recaps how the agency has helped consumers over the past decade and the steps under way to refocus the CFPB on its mission after three years of retrograde decisions under the Trump Administration. The report also provides recommendations for CFPB action moving forward, especially on credit reporting.

The CFPB opened its doors on July 21, 2011, one year after President Barack Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act. Typically referred to as “Dodd-Frank” or “Wall Street Reform,” this law created the CFPB in the aftermath of the 2008 economic crash caused, in large part, by the financial industry’s malfeasance. The CFPB became the United States’ first federal agency dedicated to protecting consumers from financial shenanigans.

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Statement: Johnson & Johnson recalls sunscreen products after tests detect carcinogens

Johnson & Johnson Consumer Inc. said Wednesday it’s voluntarily recalling all lots of five types of Neutrogena and Aveeno aerosol sunscreen after internal testing showed “low levels of benzene” -- which can cause cancer -- in some samples. J&J also said consumers should stop using the sunscreen.

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Pages

Report | TexPIRG Education Fund | Consumer Protection

Make the ringing stop: the FCC is finally fighting back against robocalls

A looming deadline should finally force all U.S. phone companies to take stopping robocalls seriously. However, only one-third of the largest mobile and home phone providers nationwide -- and a more disappointing percentage of smaller telecommunications companies -- have installed caller ID verification aimed at squashing illegal robocalls, even though most of those businesses were required to do so by June. The stakes get higher Sept. 28, when phone providers are required to block calls from companies that haven’t at least reported their status to the FCC.

> Keep Reading
Report | TexPIRG Education Fund | Consumer Protection

Unsafe Used Cars for Sale

AutoNation, which bills itself as “America’s Largest Auto Retailer,” is selling recalled used vehicles that contain dangerous safety defects. In a survey of over 2,400 used vehicles for sale at 28 AutoNation locations, 1 in 9 were found to have unrepaired safety recalls. Those vehicles are potentially hazardous to the people who buy them, their passengers and everyone else on the road. Vehicles with defects subject to safety recalls – including malfunctioning Takata airbags and General Motors ignition switches – have been responsible for thousands of injuries and deaths.

> Keep Reading
Report | TexPIRG Education Fund | Consumer Protection

Driving Into Debt

In much of America, access to a car is all but required to hold a job or lead a full and vibrant life. Generations of car-centric transportation policies – including lavish spending on roads, sprawl-inducing land use policies, and meager support for other modes of transportation – have left millions of Americans fully dependent on cars for daily living.

> Keep Reading
Report | TexPIRG | Consumer Protection

Fixed for the Holidays

Why Shop Refurbished?

Black Friday prices year-round: You can usually find great deals on used electronics, getting something that’s like-new, but for a sizable discount. Technically, the minute you open a new device, it becomes used, so the difference between a used and new item can be negligible. You can get an item that’s close to new at prices lower than Black Friday deals.

> Keep Reading

Pages

Blog Post | Consumer Protection

How I got my finances in order | Mike Litt

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. 

> Keep Reading
Blog Post | Consumer Protection

How I started my estate and end-of-life planning | Mike Litt

Until recently, I did not have estate and end-of-life planning in mind, but it was the natural next step in my quest to be a responsible adult, with a nudge from the existential threat of the COVID-19 pandemic.

> Keep Reading
Blog Post | Consumer Protection

Resources I used to prepare my advance directive | Mike Litt

Advance directives are legal instructions that include a living will (different from a regular will) and a health care proxy. In them, you state what treatments you do or don’t want at the end of your life and who you want making health care decisions for you if you can’t. 

> Keep Reading
Blog Post | Consumer Protection

What I decided to do after shopping for long-term care insurance | Mike Litt

Before listening to In Case You Get Hit By a Bus, I didn’t know about insurance that covers the costs of long-term care, such as home health care or nursing home care, for people who need assistance with daily living activities. 

> Keep Reading
Blog Post | Consumer Protection

How I’m supercharging my savings with socially responsible investing (SRI) | Mike Litt

Getting my finances in order has been a work in progress over several years, starting with tackling credit card debt, paying off my car loan and then building an emergency fund. 

After clearing those hurdles, I set more defined financial goals and plans in motion this year, including automatic deposits into new investment accounts.

> Keep Reading

Pages

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. 

Blog Post

Until recently, I did not have estate and end-of-life planning in mind, but it was the natural next step in my quest to be a responsible adult, with a nudge from the existential threat of the COVID-19 pandemic.

Blog Post

Advance directives are legal instructions that include a living will (different from a regular will) and a health care proxy. In them, you state what treatments you do or don’t want at the end of your life and who you want making health care decisions for you if you can’t. 

Blog Post

Before listening to In Case You Get Hit By a Bus, I didn’t know about insurance that covers the costs of long-term care, such as home health care or nursing home care, for people who need assistance with daily living activities. 

Blog Post

Getting my finances in order has been a work in progress over several years, starting with tackling credit card debt, paying off my car loan and then building an emergency fund. 

After clearing those hurdles, I set more defined financial goals and plans in motion this year, including automatic deposits into new investment accounts.

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