Paying fees is so much fun. Seriously, how could you not love paying money to an institution who just wants to nickel and dime you? It's the biggest joy anyone could ever experience.
PSYCH. It's terrible. Which is why this chart from an article on the Consumer Reports website is so cool - it shows the average fee amount of banks vs. credit unions.
What's even better? This chart, from the same article, showing the fees associated with the 10 largest banks vs. fees from the 5 largest credit unions.
The difference is astonishing, isn't it? But I mean, if you still feel like paying a bunch of money to use your money, by all means, go for it. I'll use that $8 a month you pay for your checking account at HSBC to pad my emergency fund -- that I'm not paying any fees on. Or the $35 overdraft fee -- WAIT, I've never been charged an overdraft fee. Because I have a First Gear Account at Michigan First, I have Oops! Forgiveness Overdraft Protection, and I don't even know the pain of an overdraft fee.
But I mean, you know. Keep doin' what you're doin', I guess. If these charts made you reconsider your financial institution, though, stay tuned for Monday's blog post, which will give you advice on switching from a big bank to a more fiscally-friendly financial institution.