This is not on the radar screen of the banking industry right now. They're not interested in small depositors.
More Quotes from Stephen Brobeck:
It's discouraging. What we see is little change in the assets of the typical American household between 2001 and 2004, after substantial increases in the previous six years.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
We project for all households in the Northeast, oil and heat bills will be 35 percent higher than last year and that for households in the Midwest, gas bills will be 50 percent higher. Low and moderate income households will be clobbered by these oil and gas price hikes.
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 consumers would simply maintain the minimum balance requirement, they wouldn't get hit with monthly fees and wouldn't bounce checks. You want to find a bank that has a minimum balance requirement you can meet.
Stephen Brobeck
This is an important finding because those who know their personal wealth are more likely to spend, borrow and save sensibly.
Stephen Brobeck
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