Your Bank May Not Be Your Good Ol’ Bank

By LIFELines Staff

Along with the anxiety we are all facing by the current financial crisis, consumers have something else to worry about – “Your bank may not be the bank you signed up with.”

Wachovia, Washington Mutual, National City Bank, Countrywide and many others have been bought or traded to larger banks. The rules and benefits may not be what you think.

Here are some of the benefits that may change:

1.    Free checking – If your bank changed hands you’d better check it out.
2.    Free Online Banking – New fees may be attached.
3.    ATM Fees – No ATM fees may change to as-much-as $2 per use. 

4.    Bank Credit and Debit Transaction cards may be outsourced.
5.    Online Bill Payment may add new per transaction fees.
6.    Weekend hours, early morning and evening hours may be eliminated.

7.    Check holding may change without question.
8.    Direct Deposits/Direct Withdrawal – Check your account frequently. Direct deposits from any source, particularly the government, can be taken back without notice.

The Navy says the most serious problem facing service members and families is poor money management.