Banks have a bad reputation. Big banks tanked the economy in 2008, and many banks charge fees just for having a checking or savings account.

You give banks your hard-earned money.  They pay almost no interest on it, while dinging you with fees that eat away your hard-earned savings.  Those high fees help explain why nearly 5% of households in the United States don’t use a bank or credit union. 

And the largest banks are major investors in fossil fuels, factory farms, and other industries that harm communities.  

If you don’t trust banks, you’re not alone.  Consumer surveys find that Americans increasingly dislike banks. 

But, if you’re avoiding banks, and using check cashing services, you’re likely worse off.  Payday loan stores charge a percentage of every check cashed – which really adds up.  And payday loans have very high interest rates.  Some charge an annual percentage rate of 400 percent interest!  That’s much higher than a credit card. 

The key is to find a bank or credit union that works for you.  Many smaller banks and credit unions work to support their customers and communities.