Consumers lose billions in bank fees
ALPENA, Mich. — A recent alarming trend in the banking industry finds customers paying enormous amounts of money out of their pockets which seems to be the opposite case with credit unions.
A leading personal finance site recently reported that in 2019 Americans paid at least 1.1 billion dollars in monthly service fees which equated to at least 91.6 million dollars monthly at five of America’s top U.S. banks.
According to leading finance site www.mybanktracker.com, monthly maintenance fees are a large contributor to how banks make their money.
Marketing Director of Northland Credit Union, Matt Duthler, explains how credit unions are able to stay afloat without charging significant fees.
Duthler went on to explain why profits are priority in the banking industry.
Duthler added that credit unions have not experienced the mergers that banks have which have result in the added fees.
He also says that the minimum to low cost on credit union products is another benefit making them competitive to the banking industry.
