Banking services that are useless or that bring little or no profit

                                

Some bank users in the United States sometimes use banking services that may be considered unhelpful or that do not generate significant profits. This may be due to several factors:

1. Low-Yield Services

Traditional savings accounts: These often offer very low-interest rates, sometimes below inflation, meaning that the money deposited loses purchasing power over time.

Short-term certificates of deposit (CDs): These products tend to have higher interest rates than savings accounts, but penalties for early withdrawals and modest returns can make them unattractive.

2. Hidden or Unnecessary Fees

Checking accounts with high fees: Some banks charge fees for services that users may not use or need, such as account maintenance fees if a minimum monthly balance is not met, overdraft fees, or transfer fees.

Credit cards with high annual fees: Some credit cards charge high annual fees without providing enough benefits or rewards to justify the cost.

3. Bank Insurance Products

Overdraft protection insurance: Banks often offer overdraft protection, but this service can result in high fees that outweigh the benefit, especially when cheaper options exist, such as linking the account to a savings account.

Insurance sold by banks: Some banks sell insurance that is not always necessary, or that users can obtain at more competitive prices through specialized companies.

4. Diluted Reward Programs

Reward programs with restrictions: Credit cards and bank accounts that offer reward programs often have restrictions that make it difficult to accumulate points or benefits, reducing their usefulness.

5. Costly Financial Planning Services

Low-value financial advice: Some banks offer financial planning services, but these may be designed to sell financial products rather than provide genuine advisory value.

6. High-Interest Loans

Personal loans or payday loans: These products often have extremely high-interest rates and can trap users in debt cycles.

7. Superfluous Digital Services

Accounts with limited access to digital services: Some banks offer digital services to customers for a fee, but many of these services are free at other banks or with independent financial apps.

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In general, many of these services may be considered of little use to certain users due to high fees, low returns, or limited utility. Consumers who are not well-informed about alternatives often end up paying too much or using banking products that do not provide them with significant value.

Better Banking Services in the U.S.

Some banks in the United States stand out for offering more useful services, with fewer fees, and products that generate greater value for users. Here is a list of banks that offer beneficial services, along with some of the most useful services:

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1. Ally Bank

Key Services:

• High-yield savings accounts: They offer competitive interest rates with no minimum balance requirements or monthly fees.

• Fee-free checking accounts: No maintenance fees, automatic overdraft protection, and unlimited ATM fee rebates in the U.S.

• No-penalty CDs: They offer certificates of deposit (CDs) that allow early withdrawals without penalties.
  Benefits: No monthly fees, above-average savings rates, and flexibility with CDs.

2. Discover Bank

Key Services:

• High-yield savings account: Offers competitive interest rates with no minimum balance requirements or monthly fees.

• Fee-free checking account: No maintenance fees and reward programs for debit purchases.

• No-annual-fee credit cards: Discover is known for not charging annual fees and having cashback rewards programs.
  Benefits: High-yield savings and checking accounts, credit cards with rewards, and no hidden fees.

3. Charles Schwab Bank

Key Services:

• Investor checking account: Unlimited reimbursement of all ATM fees worldwide.

• Low-fee savings account: Offers low-cost savings accounts with competitive rates.

• Free investment access: No fees for opening investment accounts, commission-free trades, and free basic financial advice.
  Benefits: No ATM fees globally, low-cost banking products, and investment opportunities.

4. Chime Bank

Key Services:

• No-fee checking accounts: No monthly fees, no overdraft fees, and free access to over 60,000 ATMs.

• Automatic savings rounds: Users can round their purchases to the nearest dollar and transfer the difference to a savings account automatically.

• Early direct deposit: Allows users to receive direct deposits up to two days earlier than traditional banks.
  Benefits: No service fees, ATM rebates, and automatic savings tools.

5. Capital One 360

Key Services:

• High-yield savings accounts: No fees or minimum balance requirements, with above-average interest rates.

• Fee-free checking accounts: No monthly fees, no overdraft fees, and access to a wide network of free ATMs.

• Rewards credit cards: Credit cards with generous rewards programs and no annual fees in various options.
  Benefits: Fee-free accounts, good interest rates, and competitive rewards credit cards.

6. SoFi

Key Services:

• High-yield checking and savings accounts: Offers high-yield checking and savings accounts with no service fees.

• Personal loans and student loan refinancing: Offers loans with competitive rates and additional benefits like free financial advice.

• Cashback rewards: On credit card accounts, SoFi offers cashback rewards for purchases.
  Benefits: No hidden fees, good yields on checking accounts, and additional financial advisory services.

7. Citi

Key Services:

• Competitive yield savings accounts: Offers savings accounts with above-average interest rates and no monthly fees on some products.

• Global access checking accounts: Reimbursement of international ATM fees for certain clients.

• Reward credit cards: A variety of cards with rewards, including travel and cashback, some with zero annual fees.
  Benefits: Global products with no international transaction fees and a solid offering of traditional banking products with rewards.

8. American Express

Key Services:

• High-yield savings accounts: Offers competitive interest rates with no fees or minimum balance requirements.

• Reward credit cards: American Express is known for its credit cards with generous rewards in travel, dining, and more.

• Additional financial tools: Provides access to tools for financial planning, saving, and expense management.
  Benefits: No hidden fees, high returns on savings accounts, and premium credit card benefits.

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Online banks like Ally Bank, Chime, and Discover tend to offer better conditions in savings and checking accounts, avoiding common fees that traditional banks often charge. Traditional banks like Citi and American Express excel in global products and credit cards with rewards.

When choosing a bank, it's important to consider fees, interest rates, rewards, and additional benefits to ensure that the products offered are truly useful and beneficial to your financial needs.