For years, surveys have shown that smaller banks, including online-only institutions, offer checking account customers some of the best deals in the banking industry. Bigger banks, by contrast, continue to boost revenues by slowly raising monthly maintenance fees, overdraft penalties, and ATM fees. Big banks get away with this because they have the resources and market power to pull it off.
It’s the same with big cable companies and wireless telecom companies. All the major players in these industries spend massively to draw customers in, and then they nickel-and-dime consumers to recoup costs and generate big profits. Customers hate paying additional fees, but they feel trapped by the high costs and headaches involved in switching providers. That explains why these industries always rank near the bottom in surveys measuring public trust and respect.
