You give them your money with some HORRIBLE, ATROCIOUS, TERRIBLE interest rates that just spit in your face. Then they profit off of it while only giving you pennies. On top of that it is painfully slow to withdraw money, and they have it at the most inconvenient times. work a 9-5 mon to fri/sat, Goodluck because open hours are during those times for a couple hours at a time. Also the million different redtape just waiting for you to make a mistake so you can pay one of their thousands of hidden fees. I just dont understand why people even use them instead of credit unions. now i get there arent many other options, but anything else is better than banks, (credit unions).
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Depends where you are.
My bank serves a purpose –
easy and secure access to cash – 4.5% interest
instant bank transfers to almost anywhere, for free
a debit card for cash withdrawals globally
a credit card for protected purchases globally
Apple Pay compatibility
There’s no ‘hidden’ fees for why it the debit, savings or credit products I use.
It’s all very very simple
zcash zec
i def judge people that don’t use a credit union lol
Being able to transfer money easier and having a card that can be used everywhere does make it more useful.
I work for one of the larger credit unions, and even than it’s very limited banking with partnered banks, loans are kinda more strict but we do get those lower rates.
Credits unions are also slower to update their rates if they do drop, and also have pretty cringe maximum loan amounts, but they do have that rate benifit for people who try to loan normal human amounts of money.
wait, what bank restricts what time you can withdraw?
are you talking about interest on credit cards?
Other than a low interest rate, I’ve never dealt with any of this.
Money can generally be withdrawn nearly instantly if you go to an ATM or visit in person. Might take a little while for online transfers from account-to-account, but most other financial institutions will be the same.
Most banks are also open on Saturday for about half the day.
I’ve also never paid a bank fee.
Most people have bank accounts to receive instant deposits for paychecks, and so they don’t lose their life savings in a house fire.
If your goal is to make yourself a profit, you shouldn’t be looking at a bank in the first place.
Credit unions > banks
I’ve never paid any fees (just don’t go overdrawn) and I can move my money instantly anywhere in the world just using an app? What else are you looking for?
So what you’re saying is that YOUR bank sucks?
Literally nothing of what you’re saying applies to the bank I use.
Every thing you listed is not an issue if you’re responsible with your money, research for good rates, and go to the bank in a Saturday if you need to (which let’s face it, is VERY rare to have to do these days).
Downsides to not using a bank:
Your money doesn’t grow at LEAST with the rate of inflation, unless you keep it in a money market/brokerage account (which is similar to a bank but more annoying to work with).
You can’t write checks when needed.
You can’t pay most bills that require a linked bank account easily. (Credit cards can cover stuff… until the credit card payment is due.)
Your money isn’t insured, and would need to be stored somewhere secure, but is then susceptible to theft, fires, etc.
Can’t easily send money to other people unless you have it on you in person AND are with the person you want to send it to.
My bank is great lol never had any issues
Yeah, that sounds like the US banks. Other than the interest rates that other stuff isn’t a problem in other countries. For example, I almost never use physical cash and I haven’t needed to physically enter a bank in over a year.
Short of you needing to talk to a teller, operating hours shouldn’t matter. Especially when credit union hours are the same, if not worse than the banks. Also, what bank does 9-5, but is also only open for a couple hours at a time?
I agree with the part where they only open at the worst timings.
Same with the post office.