Getting a bad online review can be a big nightmare for banks and credit unions. As awful as that may seem, nothing could be worse than having a disgruntled consumer who is unhappy with your service… and you never know the reason. No financial institution is ever going to be perfect, and you can’t make every consumer happy. But negative reviews on sites like yelp.com (or depositaccounts.com)* can teach banking executives a lot, and help the bank improve its overall experience for consumers.* My addition.
Why Bad Online Reviews Are Good For Your Bank
The gap between expensive and inexpensive banking grew wider in the first half of 2014. But which side of the divide you choose is still up to you -- and your banking habits. A new survey of checking account fees by MoneyRates.com finds that average fees rose to new heights across a number of categories in the first six months of 2014. But the survey also indicates that free checking is still available to customers who choose their bank wisely and follow responsible banking habits.
Bank Fees Rise Nearly Across the Board in 2014
Overdraft on ATM withdrawals and debit purchases is a debt trap that pushes lower-income people out of the banking system. Regulators should ban this product,” said Josh Zinner, co-director of New Economy Project.read more:
Q. How about municipal bond funds rather than individual bonds? Do they make sense? I have money in a closed-end muni fund (MAV) that’s paying over 7 percent. The interest income comes in at the end of the month, every month. I know that can’t go on forever and I would imagine when interest rates go up I will need to make an adjustment. But 7 percent and no tax ain’t bad! That works for my math. — R.H., by email
Pressure is building within the Federal Reserve for officials to move as early as next month to more clearly acknowledge improvements in the U.S. economy and lay the groundwork for the central bank’s first interest rate hike in nearly a decade.read more: