Consumer reports says bail on big banks
Ok, I am heavily paraphrasing with that title, but if you read Consumer Reports article entitled When to bail on your bank, the only conclusion your can come to is that big banks suck and small banks rule. Specifically, they find in big banks favor for:
- More branches
- Better online and mobile banking
But, small banks outshine big ones in many more ways:
- Better service
- Closer community ties
- Better credit cards – much lower rates, lower late fees and over-limit fees
- Higher yields on savings accounts
- Low-rate loans
Update 6/5/10: The Wall Street Journal seems to agree.
Customer service, Fees & charges | admin June 5, 2010
