I stopped using banks back in 2005, and I am very glad that I did. The recent reports about how badly the banks have begun to fleece hard working Americans for a piece of their earnings, should outrage people enough to stop using a bank, for their financial transactions.
With that said I know that some people will continue to argue about how they are going to pay their bills, or buy groceries, without having a bank account, but then I will argue that I have been able to pay bills and buy groceries, without having a bank account for over 5 years. I do this by acquiring a pre paid debit card for the amount that is due per bill, which cost around $1.00 a transaction, but compared to bank charges, which you don't see until the bank statement arrives, I am saving at least $10 a month. When it comes to paying for groceries, I only pay cash.
The banks that haven't been charging a monthly service fee for checking are now going to charge their customers between $3 - $7, because of the new bank regulations, which will cause banks to lose revenue, due to increased costs that the banks need to make up, so that they won't need to pay out of their own pockets. I know that you don't think that is very much, but when you start to add in other hidden fees, which the banks charge, whenever you slide your debit card, it all begins to add up.
I am including two videos for you to view that will make you more aware of what direction banks are going, which of course won't be good for the bank customer, in the long run.
I am also including two links for the information value.
http://www.marketwatch.com/story/new-bank-regulations-may-end-era-of-free-checking-2010-07-21
http://www.bloomberg.com/news/2010-07-29/wells-fargo-s-stumpf-say-customers-will-share-cost-of-new-bank-regulations.html
Now it is up to you to do what is best for yourself and those who depend on you to take care of them. Will you keep letting your bank take your money, or will you decide to keep your money and avoid using banks?
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