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

Report | OSPIRG Foundation | Consumer Protection

Predatory Loans & Predatory Loan Complaints

This is the seventh in a series of reports that review complaints to the Consumer Financial Protection Bureau. In this report, we explore consumer complaints about predatory loans, categorized in the database as payday loans, installment loans, and auto title loans.

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Blog Post | Consumer Protection

Consumers Count: Five years of the CFPB standing up for consumers | Kathryn Lee

This week, the Consumer Financial Protection Bureau turns five years old! As part of our efforts to tell more people about the CFPB, we're cross-posting this video blog and comments written by Zixta Q. Martinez of the CFPB (check out the infographic at the end, too!).

> Keep Reading
Report | U.S. PIRG Education Fund | Public Health, Consumer Protection

Getting Personal with Chemicals

We should be able to trust that the products we buy are safe — especially the ones our families use every day, directly on our bodies. However, we looked into common ingredients in popular personal care products, and found that when we use these products, like shampoo, baby wipes, deodorant, shaving gel, or perfume, we are often dosing our bodies with chemicals that can disrupt our hormones, cause developmental problems, cause cancer, and more.

This consumer guide describes the results of our investigation of 10 popular personal care products that contain chemicals of concern.

> Keep Reading
News Release | U.S.PIRG Education Fund | Consumer Protection, Make VW Pay, Transportation

Framework for VW Settlement Announced

Statement by Mike Litt, Consumer Program Advocate at U.S. PIRG Education Fund, on todays announced VW settlement. For more details on what a strong settlement agreement ought to look like, please see the open letter that we released earlier this week with other consumer and environmental groups.

> Keep Reading
News Release | U.S.PIRG Education Fund | Consumer Protection, Make VW Pay

Leading Groups Send Criteria for Evaluating VW Settlement

Four leading consumer, environmental, and public health organizations wrote an open letter in advance of the April 21st deadline set by U.S. District Judge Charles R. Breyer for a proposal that deals with Volkswagen’s emission scandal.

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Pages

News Release | U.S.PIRG Education Fund | Consumer Protection, Make VW Pay, Transportation

Framework for VW Settlement Announced

Statement by Mike Litt, Consumer Program Advocate at U.S. PIRG Education Fund, on todays announced VW settlement. For more details on what a strong settlement agreement ought to look like, please see the open letter that we released earlier this week with other consumer and environmental groups.

> Keep Reading
News Release | U.S.PIRG Education Fund | Consumer Protection, Make VW Pay

Leading Groups Send Criteria for Evaluating VW Settlement

Four leading consumer, environmental, and public health organizations wrote an open letter in advance of the April 21st deadline set by U.S. District Judge Charles R. Breyer for a proposal that deals with Volkswagen’s emission scandal.

> Keep Reading
News Release | U.S. PIRG | Consumer Protection

PIRG Commends Release of Labor Dept.'s Proposed Rule To End Conflicted Retirement Advice

PIRG today commended the public release of the Department of Labor’s proposed rule that would strengthen the ability for Americans to save for retirement by addressing conflicts of interest that arise when brokers and financial advisers give retirement advice. Wall Street will fight the rule hard, because it requires them to put consumers first.

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News Release | OSPIRG Foundation | Consumer Protection

Report: Mistaken Identity Tops Debt Collection Complaints

Debt collectors trying to collect debt from the wrong person were the top source of complaints to the Consumer Financial Protection Bureau (CFPB), according to a report released today by OSPIRG Foundation.

> Keep Reading

Pages

Report | OSPIRG Foundation | Consumer Protection

Predatory Loans & Predatory Loan Complaints

This is the seventh in a series of reports that review complaints to the Consumer Financial Protection Bureau. In this report, we explore consumer complaints about predatory loans, categorized in the database as payday loans, installment loans, and auto title loans.

> Keep Reading
Report | U.S. PIRG Education Fund | Public Health, Consumer Protection

Getting Personal with Chemicals

We should be able to trust that the products we buy are safe — especially the ones our families use every day, directly on our bodies. However, we looked into common ingredients in popular personal care products, and found that when we use these products, like shampoo, baby wipes, deodorant, shaving gel, or perfume, we are often dosing our bodies with chemicals that can disrupt our hormones, cause developmental problems, cause cancer, and more.

This consumer guide describes the results of our investigation of 10 popular personal care products that contain chemicals of concern.

> Keep Reading
Report | OSPIRG Foundation | Consumer Protection

TROUBLE IN TOYLAND 2015

Dangerous or toxic toys can still be found on America’s store shelves, according to OSPIRG Foundation’s 30th annual Trouble in Toyland report. The survey of potentially hazardous toys found that, despite recent progress, consumers must still be wary when shopping this holiday season.

> Keep Reading
Report | OSPIRG Foundation | Consumer Protection

Debt Collectors, Debt Complaints

This is the fifth in a series of reports that review complaints to the CFPB nationally and on a state-by-state level. In this report we explore consumer complaints about debt collection, with the aim of uncovering patterns in the problems consumers are experiencing with debt collectors and documenting the role of the CFPB in helping consumers successfully resolve their complaints.

> Keep Reading

Pages

Blog Post | Consumer Protection

Consumers Count: Five years of the CFPB standing up for consumers | Kathryn Lee

This week, the Consumer Financial Protection Bureau turns five years old! As part of our efforts to tell more people about the CFPB, we're cross-posting this video blog and comments written by Zixta Q. Martinez of the CFPB (check out the infographic at the end, too!).

> Keep Reading
Blog Post | Consumer Protection

30 Years of "Trouble in Toyland," 30 Years of Safety Improvements | Anna Low-Beer

Every year, U.S. PIRG Education Fund releases Trouble in Toyland, a report on toy safety which examines toys bought at major national retailers, looking for safety hazards including toxic toys, choking hazards, labeling violations, powerful magnets, and excessibely loud toys. We continue to find these hazards on store shelves, which indicates the need for continued vigilance and adequate enforcement of safety regulations. But despite lingering dangers, in the last 30 years, we've come a long way in terms of both policy and compliance with standards.

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Blog Post | Consumer Protection

Top Ten Ways the CFPB Can Help You

See our new resource about the top ten ways the Consumer Financial Protection Bureau is helping consumers.

> Keep Reading
Blog Post | Consumer Protection

The CFPB is now taking your credit bureau complaints | Ed Mierzwinski

Excellent news! The CFPB is now taking complaints about credit bureaus and credit reports. And unlike the FTC, the CFPB has been given tools so that it will be able to "help consumers with individual-level complaint assistance on issues with their credit report."

> Keep Reading
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