Those Bad Bankers

It is useful to know what critics of banks are saying these days. The latest press release from the Public Interest Research Group (PIRG) in Washington, D.C. has the report headed: "Big Banks, Bigger Fees." The first sentence states: "Banks still have their hands buried deep in our wallets." The report charges that "the average consumer that can't afford to meet minimum balance requirements pays $228/year for a regular checking account, when all service fees, account fees, and ATM fees are added together." Further, "Banks have devised a three part strategy to gouge consumers." They have

1. raised existing fees;
2. invented new fees; and
3. made it harder to avoid fees by raising minimum balance requirements.

PIRG recommends several remedies.

1. Turn to credit unions for financial services. Consumers can obtain a list of local credit unions by clicking on "click here" on PIRG's Web site. Since the credit unions are owned by the members, they "don't care to gouge them."
2. Shop for financial services. "Small locally-owned community banks generally have lower prices and better service than out-of-state owned mega-banks."
3. Check PIRG's list of commercial banks to identify the 26 percent that offer free checking.