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.

  1. 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
  2. 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.
  3. 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. 
  4. 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!
  5. Link a card. Many institutions offer lower interest credit rates and higher credit limits to consumers who have other accounts with them. 
  6. 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.
  7. 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.
  8. 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.
  9. Know about account activity. Sign up for text and/or email notification of large transactions and changes to your account information.
  10. Ask for what you want. The market for depositors is competitive, meaning that institutions may be willing to sweeten the deal.

Issue updates

News Release | MASSPIRG | Consumer Protection

New report: Hazardous Meat & Poultry Recalls Nearly Double

From E. coli-infected romaine lettuce to Salmonella-tainted beef, contaminated foods lead to illnesses that sicken as many as 1 in 6 Americans annually. In 2018, this epidemic helped spur major recalls, which caused stores and restaurants to toss millions of pounds of meat and produce.  MASSPIRG Education Fund’s new report How Safe is Our Food?, released today, reveals how fundamental flaws in our current food safety system have led to a jump in these recalls since 2013.

> Keep Reading
News Release | U.S. PIRG Education Fund | Consumer Protection

Fiat Chrysler Settlement Fails to Protect Consumers

While we are glad that Fiat Chrysler is paying something for damaging the health of Americans and deceiving customers, this settlement does not go far enough. It neither ensures these violations of the public trust won’t happen again nor makes consumers whole.

> Keep Reading
Blog Post | Consumer Protection

Tips on Preventing ID theft | Deirdre Cummings

In light of recent, high profile data breaches at Marriott and Quora and a new government report about Equifax’s breach, MASSPIRG and U.S. PIRG Education Fund is launching an online campaign to protect consumers as they use their credit and debit cards to travel and buy gifts this holiday season.

> Keep Reading
News Release | MASSPIRG | Consumer Protection, Solid Waste

New Guide Helps Consumers Get Deals on Refurbished Electronics

This holiday season, you can pay even less than you would on Black Friday for electronics, if you buy them used and refurbished. A new guide entitled “Fixed for the Holidays” helps consumers purchase used items with confidence -- detailing what to buy, how to know if you are getting a good deal and where to shop.

> Keep Reading
News Release | MASSPIRG Education Fun | Consumer Protection

THE MARRIOTT BREACH: WHY IT’S BAD AND WHAT YOU CAN DO TO PROTECT YOURSELF

Marriott announces data security breach affecting 500 million people.  

> Keep Reading

Pages

News Release | MASSPIRG | Consumer Protection

New report: Hazardous Meat & Poultry Recalls Nearly Double

From E. coli-infected romaine lettuce to Salmonella-tainted beef, contaminated foods lead to illnesses that sicken as many as 1 in 6 Americans annually. In 2018, this epidemic helped spur major recalls, which caused stores and restaurants to toss millions of pounds of meat and produce.  MASSPIRG Education Fund’s new report How Safe is Our Food?, released today, reveals how fundamental flaws in our current food safety system have led to a jump in these recalls since 2013.

> Keep Reading
News Release | U.S. PIRG Education Fund | Consumer Protection

Fiat Chrysler Settlement Fails to Protect Consumers

While we are glad that Fiat Chrysler is paying something for damaging the health of Americans and deceiving customers, this settlement does not go far enough. It neither ensures these violations of the public trust won’t happen again nor makes consumers whole.

> Keep Reading
News Release | MASSPIRG | Consumer Protection, Solid Waste

New Guide Helps Consumers Get Deals on Refurbished Electronics

This holiday season, you can pay even less than you would on Black Friday for electronics, if you buy them used and refurbished. A new guide entitled “Fixed for the Holidays” helps consumers purchase used items with confidence -- detailing what to buy, how to know if you are getting a good deal and where to shop.

> Keep Reading
News Release | MASSPIRG Education Fun | Consumer Protection

THE MARRIOTT BREACH: WHY IT’S BAD AND WHAT YOU CAN DO TO PROTECT YOURSELF

Marriott announces data security breach affecting 500 million people.  

> Keep Reading
News Release | MASSPIRG Education Fund | Consumer Protection

Popular toys contain toxics and other hazards

This holiday season, watch out for dangerous and toxic toys. MASSPIRG’s 33rd annual Trouble in Toyland report found toxic amounts of boron in slime products and a failure by Amazon to appropriately label choking hazards. Boron can cause nausea, vomiting and other health issues.

> Keep Reading

Pages

Report | MASSPIRG Education Fund | Consumer Protection

Trouble in Toyland

MASSPIRG releases 33rd anual toy safety report at the Floating Hospital for Children at Tufts Medical Center. This holiday season, watch out for dangerous and toxic toys. MASSPIRG’s 33rd annual Trouble in Toyland report found toxic amounts of boron in slime products and a failure by Amazon to appropriately label choking hazards. Boron can cause nausea, vomiting and other health issues.

> Keep Reading

Safer School Supplies: Shopping Guide

With this Safer School Supplies: Shopping Guide, parents, teachers, and students can make more informed decisions while shopping for school supplies this Back to School season. We want to give parents and teachers the option to choose school supplies that do not contain toxic chemicals. This Shopping Guide should serve as a handy tool for finding products free of several types of toxic chemicals.

 

> Keep Reading
Report | MASSPIRG Education Fund | Consumer Protection

Equifax Breach: 1 Year Later

A year ago, Equifax announced that hackers had breached its system and accessed the data of nearly 150 million U.S. consumers. To mark the anniversary of that notorious announcement, MASSPIRG called on state lawmakers to pass the pending Security Breach Bill, H4806,  and released a new report containing suggestions on how lawmakers, regulators, and consumers can safeguard personal information.

> Keep Reading

Safer School Supplies: Shopping Guide

With this Safer School Supplies: Shopping Guide, parents, teachers, and students can make more informed decisions while shopping for school supplies this Back to School season. We want to give parents and teachers the option to choose school supplies that do not contain toxic chemicals. This Shopping Guide should serve as a handy tool for finding products free of several types of toxic chemicals.

 

> Keep Reading
Report | MASSPIRG Education Fund | Consumer Protection

Trouble in Toyland

Stores nationwide are still offering dangerous and toxic toys this holiday season and, in some cases, ignoring explicit government safety regulations in the process. 

> Keep Reading

Pages

Blog Post | Consumer Protection

Tips on Preventing ID theft | Deirdre Cummings

In light of recent, high profile data breaches at Marriott and Quora and a new government report about Equifax’s breach, MASSPIRG and U.S. PIRG Education Fund is launching an online campaign to protect consumers as they use their credit and debit cards to travel and buy gifts this holiday season.

> Keep Reading
Blog Post | Consumer Protection

USPIRG Offers Consumer Tips in Wake of Hurricane Florence | Deirdre Cummings

Consumer tips offered to those impacted by Hurricane Florence

 

> Keep Reading
Blog Post | Consumer Protection

ID Theft & Privacy Checklists | Mike Litt

Today, we're releasing our revamped Identity Theft and Online Privacy resources.

> Keep Reading
Blog Post | Consumer Protection

Statement on resignation of CFPB Director | Deirdre Cummings

Richard Coudray, Director of CFPB, stepping down.

> Keep Reading

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