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View Diary: Ten stories of people moving their money, despite bank efforts to stop them (199 comments)

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  •  It's hard work to change (19+ / 0-)

    those automatic payments and deposits.  That's the reason most people put up with their banks regardless of what they did to them.  

    Mine hates me.  I no longer revolve my balance so no interest for them (but I take advantage of all the credit card rewards).  I pay it off online so they can't lie that the payment wasn't on time and charge me interest and a late fee - I've been through that game plenty of times.  

    They need to feel that they no longer have the upper hand.

    There already is class warfare in America. Unfortunately, the rich are winning.

    by Puddytat on Fri Nov 11, 2011 at 11:21:09 AM PST

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    •  It really is hard. (7+ / 0-)

      Changing direct deposits can take as much as 45 days to take effect.  Social Security was very fast but the rest weren't.  Then there are automatic withdrawals to shift.    And the overdraft protection credit card I never use to cancel.  And the new bank's website to adjust to.  I've been at this for 2months and haven't even told the bank yet what  I'm doing, although I've taken almost everything out.  But it is worth it in the end.  Wells Fargo has never been the same since they were taken over by some group in Minneapolis.  

      The scientific uncertainty doesn't mean that climate change isn't actually happening.

      by Mimikatz on Fri Nov 11, 2011 at 01:11:35 PM PST

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    •  it is work to change (8+ / 0-)

      I did an online survey with my bank, WF, in which I rated them low on every single question. That last question (after "Would you recommend this bank to a friend?" -- "NO") was, "Will you continue to bank at WF?" Imagine what a complete loser I felt like when I admitted, Yeah, I will. Because I'm just that lazy.

      Not anymore! There are 3 people (me, spouse, teenage child) involved so it's cumbersome but we're doing it. Feels good to be a vertebrate ;)

    •  One of the things I love about my CU... (5+ / 0-)

      ...is that I"ve had the same $100 savings acount for the last, oh, dozen years and they've never charged me a fee or complained about it.  I also have a credit card that has earned them VERY little interest over the years (I almost alwayls pay it off quickly) and still I never see complaint.

      Banks are there to make money off you.  Credit unions aren't.  It's as simple as that.  If banks can make money off you by gaming the system and charging you as much in fees as they possibly can, they will (and have).

      A credit union works for its members.   Customers of large banks end up working fo the banks.  

      It's an important distinction.

      "And, spite of pride in erring reason’s spite, One truth is clear, whatever is, is right." Alexander Pope -Essay on Man

      by DawnG on Fri Nov 11, 2011 at 02:14:31 PM PST

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      •  I had bad experiences with my (2+ / 0-)
        Recommended by:
        DawnG, Question Authority

        Credit Union.  They were absolutely great, so fantastic that I referred loads of people to them.  I had savings and car loans there.  No hassles and the employees were not only friendly but efficient.  

        Then they were taken over by another, much larger credit union, built a shiny new office TOWER and completely changed.  

        They made sure that their general riff raff customers couldn't visit their new building because parking downtown was difficult (and costly), but opened a few anemic (and not so shiny) "branches" around the city to "service" us.  There was also a huge mega list of new fees for everything that I didn't get until my quarterly statement came and I was already charged 3 MONTHLY fees for my below $1500 savings account (account maintainence fee).  I couldn't imagine being charged for the "priviledge" of saving my money!  Plus, their savings interests rates dropped like a rock - lower than what I was getting at a bank.

        No longer friendly and hardly efficient, they were more interested in charging fees.   Fees for using a teller (mandatory if you don't have one of their debit cards with a checking account), fees to maintain your account, fees for this, fees for that.  Pretty soon they'll charge a fee to cover the cost of charging you other fees.

        Essentially, they're as bad as the big bad banks.  It left a bad taste in my mouth.

        Of course, in the meantime, my friendly local bank got swallowed up by a bigger bank and then re-swallowed by Chase.  They suck too, but they don't pretend to be "all about their members".  Yes, I'll be switching soon, but not to the MMCU Credit Union.

        There already is class warfare in America. Unfortunately, the rich are winning.

        by Puddytat on Fri Nov 11, 2011 at 02:34:52 PM PST

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        •  Wow! (4+ / 0-)

          My CU (Alaska USA) is pretty big.  They have branches in 3 states, but I've never experienced anything like that.

          I've never even heard of a MEGA CU.  The whole reason CUs can offer more is because they're non-profit.  They use whatever proceeds they make from deposits and investments to cover operating expenses so they can afford to offer more fee-free services and higher interest rates on deposits than their for profit equivelant banks.  But then again, blowing a huge wad on a freaking TOWER probably ate into that operating capital and forced them to make up the difference in fees.

          Just because they're not for-profit doens't mean they're automatically better, but they are usually better.  They can still fall prey to bad management just like any other business.

          "And, spite of pride in erring reason’s spite, One truth is clear, whatever is, is right." Alexander Pope -Essay on Man

          by DawnG on Fri Nov 11, 2011 at 02:55:36 PM PST

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          •  The whole thing shocked me (1+ / 0-)
            Recommended by:
            DawnG

            I had been a member for over 20 years.  

            There already is class warfare in America. Unfortunately, the rich are winning.

            by Puddytat on Fri Nov 11, 2011 at 02:59:50 PM PST

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          •  Mega CUs do exist (4+ / 0-)

            but they aren't mega CUs because they act worse than banks.

            Mega CUs are typically employer-founded credit unions in high wage industries.  Looks like your CU got infiltrated by bankers.

            Overall CUs are a better place to put your money than in a bank (even the small community banks) because they can never be gobbled up by the megabanks, which is how most people ended up banking at Chase, Citibank, Bank of America, or Wells Fargo.  The only way a CU can be gobbled up by a megabank is that some banksters infiltrate management and convince the members to vote for conversion into a mutual savings bank.  Once it converts, it is fair game for the megabanks to hunt.

            One way to help stop it is to actually vote in the annual meetings!

            Metricating puts more late-model fuel efficient vehicles on the road. Good for the economy and the environment! U.S. Metric Association www.metric.org

            by movingforward on Fri Nov 11, 2011 at 04:29:27 PM PST

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        •  I had the same experience (2+ / 0-)
          Recommended by:
          brein, Puddytat

          The same thing happened to me.  My credit union, with which I had been perfectly happy for decades, merged with some other, larger, credit unions.  Suddenly their customer service deteriorated, new high fees were added and other things happened, such as my being switched, without my consent, from a plain vanilla checking account to an account with a minimum balance and a monthly charge for letting the balance go below the minimum.  Not every CU is an improvement on a megabank.

      •  Credit Unions are non profit (1+ / 0-)
        Recommended by:
        rangerteeple

        "Politics is like driving. To go backward put it in R. To go forward put it in D."

        by TrueBlueMajority on Fri Nov 11, 2011 at 04:47:36 PM PST

        [ Parent ]

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