Should You Break Up With Your Big Bank?

The video discusses the public's distrust in big banks due to past scandals and risky practices. It highlights alternatives like community banks, online banks, and credit unions, emphasizing their benefits and protections. The video also addresses the limitations of smaller institutions in international banking and digital services. Finally, it encourages viewers to participate in a PBS survey to provide feedback.

What scandal did Wells Fargo admit to in 2016?

• Insider trading activities

• Misleading investors about AAA ratings

• Overcharging for mortgage loans

• Creating fake accounts to collect extra fees

What is a key benefit of local community banks?

• They offer international banking services

• They provide unlimited ATM withdrawals

• They invest in local projects and businesses

• They have the highest interest rates

How do online banks like Simple and Chime keep their fees low?

• By limiting customer support

• By having no physical branches

• By offering premium services

• By charging high overdraft fees

What distinguishes credit unions from traditional banks?

• They charge higher fees than banks

• They return profits to members as benefits

• They have customers instead of members

• They are for-profit entities

What type of protection do credit unions offer similar to FDIC?

• State-backed insurance

• Private insurance

• No protection

• NCUSIF protection

What is a potential drawback of using smaller banks or credit unions?

• They have fewer branches than big banks

• They do not offer any digital banking services

• They offer limited international services

• They charge higher fees than big banks

Why might someone choose to stay with a big bank despite the drawbacks?

• For superior international banking services

• For lower fees and charges

• For better local investment opportunities

• For non-profit benefits