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

Blog Post | Public Health, Consumer Protection

#KickTheCan: BPA still found in many grocery stores’ canned foods | Dev Gowda

We’re all told to watch out for BPA in drinking bottles and baby products. But how about BPA in the cans that contain our food? A recent study by Center for Environmental Health (CEH) reveals that the toxic chemical BPA is readily found in canned foods. BPAs are often used in the liners of canned food to keep the aluminum from interacting with the food.

> Keep Reading

L'Oréal: Pledge to Be Toxic-Free

Today, CoPIRG Foundation, Campaign for Safe Cosmetics (a project of Breast Cancer Prevention Partners (BCPP)), and Safer Chemicals Healthy Families delivered more than 150,000 petition signatures calling on the multinational cosmetic giant L’Oréal USA to eliminate cancer causing chemicals and to disclose its secret “fragrance” chemicals. 

> Keep Reading
News Release | CoPIRG Foundation | Consumer Protection

New Report: Medical Debt Collectors Often Target Wrong Person

A new report finds that nearly two-thirds of the complaints about medical debt collection in the Consumer Financial Protection Bureau (CFPB)’s complaint database assert either that the debt was never owed in the first place, it was already paid or discharged in bankruptcy, or it was not verified as the consumer’s debt. According to the report from the CoPIRG Foundation and Frontier Group, Colorado ranked 7th nationally for the most medical debt collection complaints per capita.  

> Keep Reading
Report | CoPIRG Foundation and Frontier Group | Consumer Protection

Medical Debt Malpractice

Medical debt collectors often employ aggressive tactics and attempt to collect debt from the wrong customers – putting consumers' credit records at risk. A review of 17,701 medical debt collection complaints submitted to the Consumer Financial Protection Bureau (CFPB) suggests that many consumers contacted about medical debt should not have been contacted in the first place, and that many contacts involve aggressive or inappropriate tactics.

> Keep Reading
News Release | Consumer Protection

Unilever: Go Toxic-Free

On Valentine’s Day, consumer groups thank Unilever for great first step in disclosing fragrance ingredients and call on personal care giant to go toxic-free.

> Keep Reading

Pages

L'Oréal: Pledge to Be Toxic-Free

Today, CoPIRG Foundation, Campaign for Safe Cosmetics (a project of Breast Cancer Prevention Partners (BCPP)), and Safer Chemicals Healthy Families delivered more than 150,000 petition signatures calling on the multinational cosmetic giant L’Oréal USA to eliminate cancer causing chemicals and to disclose its secret “fragrance” chemicals. 

> Keep Reading
News Release | CoPIRG Foundation | Consumer Protection

New Report: Medical Debt Collectors Often Target Wrong Person

A new report finds that nearly two-thirds of the complaints about medical debt collection in the Consumer Financial Protection Bureau (CFPB)’s complaint database assert either that the debt was never owed in the first place, it was already paid or discharged in bankruptcy, or it was not verified as the consumer’s debt. According to the report from the CoPIRG Foundation and Frontier Group, Colorado ranked 7th nationally for the most medical debt collection complaints per capita.  

> Keep Reading
News Release | Consumer Protection

Unilever: Go Toxic-Free

On Valentine’s Day, consumer groups thank Unilever for great first step in disclosing fragrance ingredients and call on personal care giant to go toxic-free.

> Keep Reading

Statement on Procter & Gamble’s New Preservative Tracker in Personal Care Products

Personal care product giant Procter & Gamble (P&G) recently unveiled a new preservative tracker, which lets consumers know which preservatives are included in various categories of P&G’s products, such as baby wipes, skin care, and hair care products. Consumers can search the tracker by ingredient or by product type.

> Keep Reading
News Release | CoPIRG Foundation | Consumer Protection

31st Annual Survey Finds Recalled Toys in Online Stores

Some toys that have been recalled for lead, powerful magnets, or other hazards can still be available for sale in online stores, according to CoPIRG Foundation’s 31st annual Trouble in Toyland report. The survey of potentially hazardous toys found that consumers should be wary when shopping this holiday season.

The report lists toys recalled by the Consumer Product Safety Commission (CPSC) from January 2015 to October 2016 with the message to consumers that these recalled toys may still be in homes. For large items such as cars, when they get recalled, owners will usually be contacted immediately through VIN numbers. However, that’s not the case with toy recalls.

> Keep Reading

Pages

Report | CoPIRG Foundation and Frontier Group | Consumer Protection

Medical Debt Malpractice

Medical debt collectors often employ aggressive tactics and attempt to collect debt from the wrong customers – putting consumers' credit records at risk. A review of 17,701 medical debt collection complaints submitted to the Consumer Financial Protection Bureau (CFPB) suggests that many consumers contacted about medical debt should not have been contacted in the first place, and that many contacts involve aggressive or inappropriate tactics.

> Keep Reading
Report | CoPIRG Foundation | Consumer Protection

Trouble in Toyland

CoPIRG Foundation staff examined toys recalled by the CPSC between January 2015 and October 2016 and looked at whether they appeared to still be available for sale online. Since January 2015, the CPSC, in cooperation with manufacturers and distributors, has announced over 40 recalls of toys and children’s products totaling over 35 million units. We found that over a dozen recalled toys appeared to be available for sale. Also, parents should watch out for recalled toys that could still be in their homes.

> Keep Reading
Report | CoPIRG Foundation | Consumer Protection

Predatory Loans & Predatory Loan Complaints

This is the seventh in a series of reports that review complaints to the Consumer Financial Protection Bureau. In this report, we explore consumer complaints about predatory loans, categorized in the database as payday loans, installment loans, and auto title loans.

> Keep Reading
Report | CoPIRG Foundation | Consumer Protection

Trouble in Toyland 2015

For 30 years, CoPIRG Foundation has conducted an annual survey of toy safety, which has led to over 150 recalls and other regulatory actions over the years, and has helped educate the public and policymakers on the need for continued action to protect the health and wellbeing of children. Check out the 2015 survey.

> Keep Reading
Report | CoPIRG Foundation | Consumer Protection

Trouble in Toyland 2014

Among the toys surveyed this year, we found numerous choking hazards and five toys with concentrations of toxics exceeding federal standards. In addition to reporting on potentially hazardous products found in stores in 2014, this installment of the report describes the potential hazards in toys and children’s products.

> Keep Reading

Pages

Blog Post | Public Health, Consumer Protection

#KickTheCan: BPA still found in many grocery stores’ canned foods | Dev Gowda

We’re all told to watch out for BPA in drinking bottles and baby products. But how about BPA in the cans that contain our food? A recent study by Center for Environmental Health (CEH) reveals that the toxic chemical BPA is readily found in canned foods. BPAs are often used in the liners of canned food to keep the aluminum from interacting with the food.

> Keep Reading
Blog Post | Consumer Protection

Consumers Count: Five years of the CFPB standing up for consumers | Kathryn Lee

This week, the Consumer Financial Protection Bureau turns five years old! As part of our efforts to tell more people about the CFPB, we're cross-posting this video blog and comments written by Zixta Q. Martinez of the CFPB (check out the infographic at the end, too!).

> Keep Reading
Blog Post | Consumer Protection

30 Years of "Trouble in Toyland," 30 Years of Safety Improvements | Anna Low-Beer

Every year, U.S. PIRG Education Fund releases Trouble in Toyland, a report on toy safety which examines toys bought at major national retailers, looking for safety hazards including toxic toys, choking hazards, labeling violations, powerful magnets, and excessibely loud toys. We continue to find these hazards on store shelves, which indicates the need for continued vigilance and adequate enforcement of safety regulations. But despite lingering dangers, in the last 30 years, we've come a long way in terms of both policy and compliance with standards.

> Keep Reading
Blog Post | Consumer Protection

We went to a VW Dealership today | Danny Katz

Today, I went to a VW dealership with one of the 482,000 VW owners who unknowingly purchased a “clean” diesel vehicle that was designed to get away with violating the law. I went there to encourage dealerships to join with VW customers and call on VW to give people their money back for these misleading vehicles.

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Blog Post | Consumer Protection

CFPB Adds Consumer Stories to Public Complaint Database | Ed Mierzwinski

Today, the CFPB took a step to make its excellent public database of consumer complaints even better, by adding complaint narratives (stories), but only with the consumer's consent. It's a step we've long urged. It will enrich our research into the marketplace, help consumers make choices and help good-actor firms avoid bad practices by others.

> Keep Reading
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