If you’re looking to save more of your hard-earned money this year you may want to reconsider where you bank. The thought of switching banks can seem like a stressful endeavor, but it could end up saving you big bucks in the long run. In 2015, the nation’s 3 largest banks collected over 6 billion dollars in fees from consumers.
How to shop online for a new bank
The easiest way to change your luck (and fee structure) is to learn how to shop online for a new bank. Most, if not all, banks have a website that you can use to gather information like account benefits and branch locations. If you’re serious about finding a bank with lower fees, and live in the Chicago area, you’ve got over 100 different banks to choose from. But don’t be overwhelmed – PrimoBanks has done the research required to show you what to expect as far as various fees are concerned.
Here’s an easy 3-step process to get you started on PrimoBanks’ website!
Step 1: Select your State of Residence (*currently only Illinois)
Step 2: Enter your Zip Code(s)
Step 3: Choose a Bank Fee
Chicago banks don’t like to share All fees publicly
Banks will promote their free services such as online banking or bill pay front and center on their website, but not all banks disclose their fees online.
When it comes to account fees banks are not required to display them online, but only during the account opening process.
Only 50% of brick and mortar banks in the U.S. choose to post their fees online for consumers to view, and if they are online they are usually buried in the fine print. That’s why it’s important to consider account fees when shopping around for a new bank. If a bank won’t provide you with their fees upfront it may be a good indication of worse things to come.
Good News for Chicago banking
More banks in Chicago are starting to offer consumers the convenience of applying for a new account online through a secure application. Right now, about 40% of brick and mortar banks offer online account opening capabilities for consumer accounts and look for that number to increase in the future.
Like anything else shopping online for a new bank will require a little bit of research, but will be well worth it to your savings!
What bank do you use for most of your needs? Are you wondering how to shop online for a new bank? Ask your banking questions and leave opinions in the comments!