You and Your Money
Hang Onto Your Money with CRL’s Guide to Better Banking
When you open an account at a bank or credit union you should be able to trust that— aside from a fair administration fee—your money will be there when you need it.
But despite passage of significant financial reforms, Americans continue to lose billions of dollars every year to financial institutions through unfair fees and terms of credit. The FDIC estimates that 25 percent of Americans are now either “unbanked” or “underbanked;” many of them left the system to avoid being surprised by fees.
While CRL advocates for eliminating financial abuses wherever they exist, we also want to provide useful “warning signs” for consumers on these issues. Today we’re unveiling our new “Keep Your Balance” guide for people who want to protect themselves from problem banking practices.
If you’re opening your first bank account or moving your money to a new bank or credit union, call their customer service representative first and ask them the specific questions we recommend. This will help you discover whether your new bank or credit union engages in any problem practices you should look out for.
And please let us know what you find, so we can continue to document the abusive financial practices that are so costly to Americans.
Watch our one-minute video and dive into the guide here: