It's an interesting question if you really think about it. Did you spend tons of time researching the best feature set, rates, or other reasons for choosing your bank? Maybe it was close to your house? When you think about it, choosing a financial institution is almost as important decision as buying a house. It's generally a long term relationship where you entrust your finances and more.

I bet most people get sucked in by a free toaster, or that $50 matching deposit. I'll answer the thread of this post two ways, how I used to bank, and how I do it now. Well when I was 16, I wanted a checking account, so my Mom took me to "Super Big Bank", just down the road from our house. They were always customers of that bank. They're huge, they're everywhere which would make you think it's a good place to go. It really is a good bank, but unless you're a really big customer, and have a lot of money with them, investments, retirement accounts, credit accounts, etc. you're a slave to bank fees.

After almost 20 years with them, and after MANY horror stories and I don't want to add up how much I spent in service fees later, I decided it was time to change. I had heard of credit unions growing up, but never really understood what they were. To be honest, I kind of thought they were for people that had bad credit, or were scared of banks. I was 1/2 right I guess. The huge difference between a bank and a credit union is that credit unions are generally owned by the members and operate for the members, they are a non-profit organization.

Wow. Pretty much all the benefits of a big bank, without the service fees. I had a 'Super Big Bank' credit card for years. Ran thousands of dollars in transactions through it and got no real benefit. With my credit union, I have a rewards card, and after about a year have earned a free airline ticket. 

My credit union does post a schedule of fees for it's members, but outright told me if we ever charge you a fee, just complain and we'll remove it. After more than a year, I have yet to be charged a fee. Their customer service is excellent. The nice thing about credit unions is they all sort of piggyback off each other too, so cash machines out of state don't charge a fee generally if it's a meber of the credit union network. They also offer things like Online Bill Pay, free. I've seen that some banks charge money for this! They also offer things like being able to skip a car payment one time per year (not something I've done) if you're in a pinch, or just need some extra money one month. My credit union's web site is just as 'feature rich' as the big bank that I left.

This is kind of how REI operates (but they're for profit obviously) as a co-op. So ask yourself this question again, why do I bank where I do? Especially if you're constantly paying service fees, and getting little in return other than a monthly statement mailed to your house.