JACKSONVILLE, Fla. -- For many consumers there is a sense of security in doing business with a big bank. For Jarrod Gibson it has been Bank of America.
"I like the security and the secure feeling you get knowing that they're just about anywhere you need to go," said Gibson.
But after five years, because of what he calls too many fees and a sense of unfairness, Gibson moved his money from the bank to a credit union.
"I'm being charged for things I never used to pay for, things that are free everywhere else," he said.
Where is the beast bank deal? Should you switch to a credit union? What's the difference?
First, the big banks are for profit; it has to make an income for its shareholders. The credit union is not for profit; the income goes back to its customers. When it comes to insurance, they're both insured, just by different agencies. The bank is FDIC, the credit union is NCUA.
To find the best bank deal, start first with your financial needs.
Martha Cox is with Family Foundations Consumer Credit Counseling Services. "You may be paying a little more on a checking account fee but you're getting a discount on your mortgage. So look at your whole financial picture," said Cox.
When you know what you need, you can search the internet for a number of banking sources.
For the best checking, check out: www.bestbankdeals.org
For the best CD rates: www.gobankingrates.com
For the best credit cards: www.bankrate.com
"It is important for consumers to know this is what I'm paying and this is what I'm getting for what I'm paying," said Cox.
Gibson said now that he knows what he was paying, it will be a while before he takes his business back to a big bank.
"I don't think I'm going back to a big bank," he said.
To underscore, the best bank deal comes down to what meets your financial needs.
Once you've narrowed your list of institutions, read the fine print in their customer agreements, and before you switch, cancel your automatic bill payments with your previous bank to avoid an overdraft problem.
First Coast News