Go Banking Rates Editor Explains Why Big Banks like Chase Aren't Bad Choice for Some in Recent Op-Ed

Dec. 15, 2012 - PRLog -- Last year, the U.S. experienced an incredible shift in personal finance: Individuals recognized they were being taken advantage of by large banking institutions in the form of poor service and rising bank fees, and did something about it by moving their money to credit unions. However, even though credit unions have an incredible number of benefits to offer members, Go Banking Rates managing editor, Casey Bond, explains why she does not make the switch and continues to bank with Chase Bank.

In fact, Ms. Bond lists three reasons why she is content with a big bank, and has no intention of changing.

1.      Few fees: Despite popular belief, depositors cannot always blame their banks for fees — sometimes bank charges are simply the result of poor money management, even laziness.

2.      Easy Access to ATMs: While the credit union co-op network boasts an impressive 30,000 ATMs available to members, Ms. Bond admits she has never had a problem finding a Chase ATM, which seem to continue popping up overnight.

3.      No need to visit a branch: Customer service within bank branches is generally poor, but a simple financial situation combined with sophisticated online banking means some depositors never need to visit physical branches in the first place.

Drawbacks of Big Banks

Despite the many conveniences big banks like Chase offer, Ms. Bond explains that one of the biggest drawbacks to banking with a large institution are the deposit interest rates, which tend to be near-zero.

Ms. Bond recommends that for long-term savings, depositors keep money in CDs at local banks or credit unions, as well as in personal and retirement investment accounts.

"The key point is that regardless of whether you bank with a tiny credit union that truly holds your best interests at heart, or a giant, soulless banking conglomerate, you understand your individual financial situation and do what works best for you, not what a group of homeless protestors on Wall Street say you should do," she advises.

Click here for the full op-ed. (http://www.gobankingrates.com/banking/love-hate-relations...)

About Go Banking Rates

www.GoBankingRates.com is a national website dedicated to connecting readers with the best interest rates on financial services nationwide, as well as informative personal finance content, news and tools. Go Banking Rates collects interest rate information from more than 4,000 U.S. banks and credit unions, making it the only online rates aggregator with the ability to provide the most comprehensive and authentic local interest rate information.

Additionally, Go Banking Rates partners with a number of major media outlets such as Business Insider and US News & World Report to provide compelling and edifying personal finance content, and its expert editors have been featured and quoted on several premier finance websites like Yahoo! Finance, Forbes, The Street, Huffington Post and more.

GoBankingRates.com belongs to a network of more than 1500 finance websites, including GoInsuranceRates.com and GoFreeCredit.com. These sites receive more than 2 million visits each month.

For questions or comments, please contact:

Jaime Catmull, Director of Public Relations
www.GoBankingRates.com
JaimeC@GoBankingRates.com
310.297.9233 x261