On some small accounts, the fees are so high and the interest is so low that the savings dwindle rather than accumulate.
More Quotes from Stephen Brobeck:
The bottom line for consumers is potentially billions of dollars a year in additional charges, fees, and higher interest rates and lower yields on savings.Stephen Brobeck
This is not on the radar screen of the banking industry right now. They're not interested in small depositors.
Stephen Brobeck
If consumers started to shift money, however, ... from an interest checking or a traditional savings account into even a bank CD or from a bank to a credit union. That would place market pressure on the banks to raise those interest checking rates and those traditional savings rates. They (banks) do not feel as if consumers are demanding higher rates.
Stephen Brobeck
If you ask for understanding and relief from credit card companies and mortgage companies, the cash you raise will go farther,
Stephen Brobeck
More banks should have suitable accounts, he thinks, and suggests that parents look for ones that do. We strongly encourage financial institutions to promote savings by young people, ... It's important to learn savings.
Stephen Brobeck
It's important to pay attention to any mailings from issuers for changes in terms and conditions,
Stephen Brobeck
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