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by OkayPhysicist
1136 days ago
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Only the absolute worst bank accounts in the US have monthly fees. And effectively no credit unions do. I certainly wouldn't sign up for an account that charges me anything, but I've never had to bail on making an account because they would have. |
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Sure, and those worst banks have massive market share[1]. I'm sure maybe 50-60% of the people with these accounts actually manage to correctly avoid the fees by minimum balances or direct deposits or the "use your debit card 10 times a month" policies. But like, Chase, BofA, Wells Fargo, Citibank... combined, their market share is massive. Chase, BofA and Citi are $12, Wells is $10. All require you to do certain things each month to waive the fee -- which seems easy to me with a steady job and savings, but a lot of people don't have that.
[1] https://wallethub.com/edu/sa/bank-market-share-by-deposits/2...