[Governor Dinwiddie]

When they did away with passbook savings accounts, they eliminated a valuable tool for promoting financial literacy. Now banking is hardly more than a TikTok app or a video game. Of course now banks charge hefty fees on savings accounts—ridiculous. What kid is going to open a savings account when banks charge $7, $8, or more per month is service charges.

[blueplum]

I remember passbook savings. I had one for the earnings from my weekly TV Guide route. Brother had one for his paper route.

[hardspunned]

My grandfather lost $4000 during the bank failure in 1933. He died when I was 35. I never saw him ever have a bank account. We might want consider his position before we get wiped out as well. Since the banks are on more solid ground than the federal gubmint, I’m not so confident in that FDIC guarantee.

[Graybeard58]

Of course now banks charge hefty fees on savings accounts—ridiculous. What kid is going to open a savings account when banks charge $7, $8, or more per month is service charges.

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WOW! I’ve had the same C.U. checking and savings acct. since 1969 and they have never charged me for anything, not for writing checks or the physical checks themselves and zero fees for savings. Hard to believe that banks charge for using your money.