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View Diary: The bank said 'You'll be back.' (549 comments)

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  •  A credit union is owned by the customers (27+ / 0-)

    who vote on board members, etc.

    Banks are owned by stockholders who want performance and dividends, etc.

    Community banks are local, would be as good as but not the same as a CU.

    Keep asking questions on the web, someone will answer!


    Kick apart the structures - Seth

    by ceebee7 on Fri Nov 04, 2011 at 05:36:59 PM PDT

    [ Parent ]

    •  Mutual Savings Bank is too - I moved years ago (0+ / 0-)

      from Bank of Boston (since gobbled up by Fleet, which was then gobbled up by BoA).  I was so tired of the big banks.  I tried a bunch and many were good, but they kept going public and then getting gobbled up (Mutual Banks can only have an IPO by offering the depositors the stock and, if there's not enough interest by the depositors then they go outside).  I have been at my current mutual bank for 9 years and love it.  If I bounce a check by mistake, the branch manager calls me and asks me what's up then, if I have fixed the problem, redeposits the check w/o any fees.  They refund me 100% of all ATM fees charged by anyone.  I am refinancing with them for the 3rd time in 9 years and all it took was a call to a real person that I have met before and she took care of it all - the next week I got approval and I'll be closing in 4 weeks from the phone call (lawyer was slower).  I have my business accounts there as well.  They are not as good with the business side, but still way better than BIG BANK and I always have a real person to talk to.  BTW, my bank is not that small - 25 branches in Boston MetroWest area (not convenient to people in Boston proper, but great for anyone west of Boston).  They have assured me (and the CEO has stated in writing) that they have no plans to go public and will stay a mutual bank.  Obviously that can change, but the consolation price is that I would get to but a lot of stock at a big discount which would pop in an IPO (my preference would be to keep them as they are).

      Unfortunately the S&L fiasco (thanks Bush Family!) destroyed most of the mutual banks and there are relatively few left in the US.  I'm lucky that in MA we still have quite a few (Fl for example doesn't have any).

      Then they came for me - and by that time there was nobody left to speak up.

      by DefendOurConstitution on Sat Nov 05, 2011 at 03:34:25 PM PDT

      [ Parent ]

    •  Being able to vote only goes so far... (0+ / 0-)

      I get to vote for President, Congress, Senate.  That doesn't mean the results are always to my liking.  If the institution gets big enough, it can be a piece of crap, whether or not you get to vote.  

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