The reason banks continue to create junk fees is simple: they understand that consumers are creatures of habit; slaves to our own laziness. Just think about the fees you “agree” to pay when you use an ATM outside of your banks network. Ever paid $4.50 to get $20 out of the machine? Hurts, doesn’t it? And yet, you do it again and again anyway!
The thought of trying to move your money and automatically scheduled bill payments from one checking account to another is often enough for most people to drop the idea before they even get started. But what’s the point in being mad at your big abusive bank and all of the excessive fees you despise, if you’re going to let a little leg work and advance planning keep you from ditching and switching?
Patrice C Washington is a preeminent Personal Finance Author, Speaker, Coach & Blogger dedicated to changing the lives of women, youth & people of colour nationwide and beyond.
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