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74. Why You Should Leave Wells Fargo/Bank of America
Time to leave them! One argument why people stay with them is that they feel like in person banks are "safer". In person banks aren't necessarily "safer" than online banks. Listen to this episode to learn about how Wells Fargo has physical branches and has horrible interest rates and scammed millions of people into creating fake accounts without their consent with the ghost accounts scandal.
Online banks like Ally give you way better interest rates because they pass off the savings of not having brick and mortar branches onto YOU. Same with the Charles Schwab debit card. They don't have ATMs, but I take out as much cash as I need every few days from any ATM all over the world and don't have to pay ATM or exchange fees.
Meanwhile, Bank of America has physical branches. I remember not knowing any better and using their debit card to get cash out and getting dinged when I didn't use a BOA ATM. And their interest rates were/are trash. Physical branches does NOT mean better or safer at all.
I help my clients rethink where they park their cash so that they get more money back in interest. Once you're smarter with your cash, you'll be smarter with investing for early retirement.
Book a call here to start 1:1 money coaching.
Save your spot for my free business finances con confianza class on January 18th here!
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By @travelercharly
4.9
2929 ratings
Time to leave them! One argument why people stay with them is that they feel like in person banks are "safer". In person banks aren't necessarily "safer" than online banks. Listen to this episode to learn about how Wells Fargo has physical branches and has horrible interest rates and scammed millions of people into creating fake accounts without their consent with the ghost accounts scandal.
Online banks like Ally give you way better interest rates because they pass off the savings of not having brick and mortar branches onto YOU. Same with the Charles Schwab debit card. They don't have ATMs, but I take out as much cash as I need every few days from any ATM all over the world and don't have to pay ATM or exchange fees.
Meanwhile, Bank of America has physical branches. I remember not knowing any better and using their debit card to get cash out and getting dinged when I didn't use a BOA ATM. And their interest rates were/are trash. Physical branches does NOT mean better or safer at all.
I help my clients rethink where they park their cash so that they get more money back in interest. Once you're smarter with your cash, you'll be smarter with investing for early retirement.
Book a call here to start 1:1 money coaching.
Save your spot for my free business finances con confianza class on January 18th here!
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