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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.
- 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.
- 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.
- 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.
- 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!
- Link a card. Many institutions offer lower interest credit rates and higher credit limits to consumers who have other accounts with them.
- 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.
- 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.
- 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.
- Know about account activity. Sign up for text and/or email notification of large transactions and changes to your account information.
- Ask for what you want. The market for depositors is competitive, meaning that institutions may be willing to sweeten the deal.
Arizona fell in national rankings for energy efficiency, according to a new report released today by the American Council for an Energy-Efficient Economy (ACEEE). The state is now 23rd in the country, down four spots since last year. The annual scorecard measures states’ progress on a variety of energy efficiency efforts, including utility programs and policies, transportation policies, building energy codes, and state government initiatives.
Yesterday the Arizona Corporation Commission voted to help ratepayers struggling to pay their electric bill know there is at least a bit of light heading into 2021. Through the Commission’s action, Arizona Public Service, Tucson Electric Power and Unisource Electric will automatically enroll ratepayers behind on their bills who may be subject to disconnection in an eight-month payment plan, starting in January 2021. Utilities also agreed to work with customers who may need more time to catch up on their bills. In addition, qualified low-income customers will receive a discount up to $250 off their bill, due in part to support from APS, TEP and UNSE shareholders.
The Southwest Energy Efficiency Project (SWEEP), Arizona PIRG Education Fund, and Wildfire: Igniting Community Action to End Poverty in Arizona, commended Chairman Bob Burns and Commissioners Boyd Dunn, Sandra Kennedy, and Lea Marquez Peterson - utility regulators at the Arizona Corporation Commission - for voting yesterday to expand Arizona’s Energy Efficiency Standard through 2030.
Consumer complaints to the Consumer Financial Protection Bureau (CFPB) regarding vehicle loans and leases have increased sharply during the coronavirus pandemic, according to a new report by the Arizona PIRG Education Fund and Frontier Group. The analysis suggests that consumers in Arizona and across the United States are facing abusive and deceptive practices from the automobile lending industry.
A review of consumer complaints to the Consumer Financial Protection Bureau’s Consumer Complaint Database reveals long-standing patterns of abusive and deceptive practices in the automobile industry. The pandemic has brought to light growing auto sales and loan problems.
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