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.
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