Growing Number of Consumer Losing Trust in Banks & Don't Use Them

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Growing Number of Consumer Losing Trust in Banks & Don't Use Them

Sep, 26th 2016

How deciding not to use a bank still costs you money

When banks make headlines for taking advantage of consumers, it can be tough to know who to trust.

About a quarter of consumers said they have “very little” confidence in banks, or no confidence at all, according to a 2015 poll by the analytics company Gallup; roughly 45% said they have “some” confidence.

“A lot of people don’t trust banks, and they don’t trust banks for good reasons,” said Keith Weigelt, a professor at the University of Pennsylvania’s Wharton School of Business who also teaches financial literacy to Philadelphia-area consumers at his program, Building Bridges to Wealth.

“Banks don’t really look out for them as consumers.”

So what if you decide not to use a bank or credit union...

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