Governor says shop around for a bank

HOLYOKE, Mass. (WWLP) - Most of us shop around before we buy in hopes of saving some money. So why not shop around for the place that keeps your cash safe?

A survey from the Governor's Office says consumers could save a chunk of change by doing their homework before they open a bank account.

“A lot of people don't put enough thought into it. That's the main problem,” said Aaron Desnoyers of West Springfield.

He's talking about shopping around for the right bank. A new survey compares the least expensive checking accounts at the fifteen largest banks across the state. And it doesn't stop at monthly fees; some banks require a minimum deposit or balance, and others charge you for using tellers rather than ATMs.

A lot of customers are with their banks for a reason. They like to hold on to their money. But if they started getting slapped with monthly fees, they'd look elsewhere.

“I don't want to have a monthly fee. I shouldn't have to have a monthly fee. I shouldn't have to have a minimum balance. You shouldn't charge me just to keep my money,” said People’s Bank customer Jessica Larivee.

“A lot of other banks do now, so that's one of the reasons I stay with United. No fees, no checking fees,” said United Bank customer Tony Nascembeni.

Hampden Bank is one of several in Western Massachusetts that doesn't charge monthly fees. And there can be even more incentives for choosing a smaller bank.

“The reason I got with West Springfield Credit Union because through my auto insurance company there was a discount for just simply having an account,” said West Springfield Credit Union customer Aaron Desnoyers.

This mother says they shopped around for the right bank, and they'll do it again if they have to.

“I would definitely look around. Important because we have this little one to think about. Family expenses come first,” said Easthampton Savings Bank customer Doreen McCarthy.

The most important thing is to ask questions before signing on with a new bank. Visit www.Mass.gov/consumer to see the full survey.