How Americans Lost $603 Billion by Sticking With Big Banks

We tend to assume that big banks like Citi, Bank of America, Wells Fargo, U.S. Bank, and Chase treat us fairly when we deposit our money with them. Relentless advertisements, featuring smiling families and beloved celebrities, are designed to make us, dare I say, trust these big banks.

That trust is totally unwarranted. The Wall Street Journal recently explained how consumers have been losing out bigtime by keeping their money in savings accounts at these banks, which have interest rates at as low as 0.01%. By contrast, smaller banks offer safe, FDIC-insured savings accounts with interest rates (or APY) as high as 4%!

What this means is that you could be making thousands of dollars of passive income per year just by switching banks–a process that takes just a few minutes online. What this also means is that, especially as federal interest rates rise, these big banks are pocketing more and more of your potential earnings!

At Credit Report Law Group, we regularly advocate for consumers who have been wronged by these big banks, particularly in cases where they have placed a fraudulent account or inaccurate missed payment on our client’s credit report. We’ve seen that these banks are often stubborn and unhelpful in those situations. It’s not surprising to us, therefore, that these banks may be pocketing your potential interest earnings, too.

This video confirms that consumers should not “trust” the institutions who hold on to their money for them. Instead, they should be careful to always act in their own best financial interest. And they should promptly contact a consumer attorney if a bank wrongly subjects them to inaccurate billing, false credit reporting, or unfair debt collection.