Quick now, how much did financial institutions collect in overdraft fees in 2017? The answer is $34.3 billion. That's right, billion.
A lot of us are getting soaked by high bank fees and thus TrueFees, founded by Ben Premo whose intent is to shine a light on the actual fees charged by financial institutions.
Premo told me that maybe one in two FIs are opaque about their fees. That is, the info isn't clearly and readily available online.
But this is a fight credit unions are primed to win. Thousands of credit unions offer free checking and many also have low costs for other common bank charges.
Premo's intent at TrueFees is to let consumers easily find which institutions in their region charge low fees.
TrueFees is looking for the right credit unions to partner with and this is a fight credit unions ought to win.
He tells what it's all about in this podcast.