A friend recently commented that they are doing to close their account with Bank of America because of the new $5 fee for ATM/Debit cards. I personally was surprised that he even had an account with B of A. But, it got me wondering a bit more about financial institutions in general. Overall, banks are private for-profit businesses and credit unions are not for-profit and are ‘owned’ by the members. I was looking at the services that are provided at my credit union and was impresses as I could not find much of anything that they didn’t offer that a bank did.
So it got me wondering why would anyone belong to a bank instead of a credit union. What do you belong to? If it is a bank, is it one of the big four (Wells Fargo, B of A, Citigroup, or JPMorgan Chase)?