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...