breakheart banks
Banks are supposed to be a safe place to keep your money. But in recent years, they’ve become more and more like businesses, and they’re putting their profits ahead of their customers’ interests. As a result, banks are making it harder for people to save money, get loans, and build their credit. In this article, we’ll expose the predatory practices of banks and show you how to protect yourself.

Why Banks Are Bad for Customers
There are many reasons why banks are bad for customers. Here are just a few:
- Banks charge high fees. Banks make billions of dollars every year from fees. They charge fees for everything from overdrafts and late payments to using ATMs and withdrawing money from other banks’ ATMs. These fees can add up quickly, and they can make it difficult for people to save money.
- Banks offer low interest rates on savings accounts. Banks pay very low interest rates on savings accounts. This means that your money will not grow very quickly in a savings account. In fact, the interest rate on a savings account is often so low that it is less than the rate of inflation. This means that your money is actually losing value over time.
- Banks make it difficult to get loans. Banks have become much more strict about lending money in recent years. This is because they are worried about losing money if borrowers default on their loans. As a result, it is harder for people to get loans for cars, homes, and other big purchases.
- Banks hurt the economy. Banks’ predatory practices can hurt the economy. When banks make it harder for people to save money and get loans, it slows down economic growth. This is because people have less money to spend on goods and services.
What Customers Can Do to Protect Themselves
There are a number of things that customers can do to protect themselves from the predatory practices of banks. Here are a few tips:
- Shop around for banks. Not all banks are created equal. Some banks are more customer-friendly than others. It is important to shop around for banks and compare their fees, interest rates, and lending policies before you choose one.
- Read the fine print. Before you open an account with a bank, be sure to read the fine print. This is where you will find information about the bank’s fees, interest rates, and lending policies. Make sure you understand all of the terms and conditions before you sign up for an account.
- Set up a budget. One of the best ways to protect yourself from banks’ fees is to set up a budget. This will help you track your income and expenses so that you can avoid overdrafting your account.
- Avoid payday loans. Payday loans are short-term loans that are typically due on your next payday. These loans can have very high interest rates, and they can be very difficult to repay. If you need to borrow money, consider getting a loan from a credit union or a community bank instead.
- File a complaint with the CFPB. If you have been wronged by a bank, you can file a complaint with the Consumer Financial Protection Bureau (CFPB). The CFPB is a government agency that protects consumers from unfair and deceptive financial practices.
Conclusion
Banks are big businesses, and they are not always looking out for the best interests of their customers. As a result, it is important for customers to be aware of the predatory practices of banks and to take steps to protect themselves. By shopping around, reading the fine print, setting up a budget, and avoiding payday loans, you can protect yourself from banks’ fees and keep your money safe.
Additional Resources
- The Consumer Financial Protection Bureau
- The National Consumer Law Center
- The Center for Responsible Lending
Tables
Table 1: Bank Fees
Fee | Average Annual Cost |
---|---|
Overdraft fees | $34 |
Late payment fees | $30 |
ATM fees | $4.50 |
Foreign transaction fees | 3% |
Table 2: Interest Rates on Savings Accounts
Bank | Interest Rate |
---|---|
Ally Bank | 0.50% |
Capital One 360 | 0.40% |
Discover Bank | 0.40% |
Marcus by Goldman Sachs | 0.40% |
Table 3: Loan Approval Rates
Loan Type | Approval Rate |
---|---|
Auto loans | 85% |
Mortgages | 75% |
Personal loans | 50% |
Table 4: Payday Loan Statistics
Statistic | Value |
---|---|
Number of payday loans issued each year | 12 million |
Average interest rate on payday loans | 391% |
Average amount of money borrowed on a payday loan | $375 |
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