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View Diary: The big banks aren't done screwing you over (181 comments)

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  •  is there any other way? (0+ / 0-)

    apparently so, since these big beasts exist, and many here are in their clutches.
    I gotta admit to some head scratching about it all though. i've always banked locally, and i've never paid a monthly fee on any account, checking, savings, or CD.
    I've never paid to move my money around inside the bank or between banks. I've never paid a fee to use an ATM, except that one time in the Caribbean when there were no Cirrus machines on the island.
    i take care with my balance, so i've never paid an overdraft fee.
    I suppose it sounds like bragging, but it was an easy decision; the advertisements for "free checking" and "no fee accounts" were hard to miss, and i knew the behemoths were the bad guys a long time ago. I had parents with more brains than money.

    the world inhabited by so many here seems heartless and cruel. i guess I just don't understand why anyone would start an account with any of these crooks; are there places more rural than Vermont, where there are no local banks or credit unions? What's the appeal of these banks in the first place?

    Class war has consequences, and we are living them.

    by kamarvt on Mon Nov 14, 2011 at 01:21:47 PM PST

    [ Parent ]

    •  I opened my checking account (6+ / 0-)

      in the 1970's with United Jersey Bank. In the 1980's they were bought by Summit Bank. In the 1990's they were bought by Fleet Bank. In the 2000's they were bought by BofA. Same bank building on the same street corner. Same account number more or less (it's grown some digits at the front). My first direct deposit paycheck went to that account, and they still do. I did NOT voluntarily open an account with this monster. Extracting myself from it is going to be tricky. Wish me luck!  :>

      •  Good banks get bought by bad ones (2+ / 0-)
        Recommended by:
        NM Ward Chair, kamarvt

        I am currently trying to extract myself (with numerous linked accounts with family) from TD which has just informed me of usurious fees on withdrawals from savings!

        Skepticism of all the elite institutions, not trust, is what required for successful leadership in this era. Digby

        by coral on Mon Nov 14, 2011 at 05:49:15 PM PST

        [ Parent ]

    •  I'm not sure if you want an explanation or not. (0+ / 0-)

      But I'll give it a stab anyway.

      For some folks--like me--banking with "these big beasts" is profitable.

      I haven't overdrafted a check in decades, so the overdraft fees are completely irrelevant to me.

      I get my paycheck direct deposited, thereby waiving minimum balance fees (and I have enough money in other accounts to qualify for "relationship accounts" anyway).

      My debit card automatically rounds purchases up to the nearest whole dollar and adds the difference to my savings account, and at the end of a calendar year, adds 5% the total amount to my savings.  None of the credit unions in my area offer anything similar.

      I make use of Bill Pay and E-Bills so I never miss bill due dates, and whenever possible, to pay automatically on a bill's due date.  This is a godsend for me, because I tend to lose paper bills and/or forget the due dates.  Although I understand some credit unions offer this, even the reports here on the DailyKos suggest their effectiveness is spotty.

      My bank's ATMs are everywhere.  I'm rarely hit by ATM fees, mostly because I tend not to use ATMs anyway.

      I always pay my credit card bills in full on the due date, so their interest rates are as irrelevant to me as insufficient fund fees are.  They're effectively 0%.

      I have cashback rewards cards that kick back between 1-5% (and, in some cases, up to 15%) on purchases.  I have yet to see any credit union offer this.

      Lately, a number of them have been offering between $50-$300 to open accounts with them.  In some cases, it's $250 for spending $500, in others it's $200 for spending $1,000.  Since the holidays are approaching, I know I'm going to spend money.  My partner and I fly home to Nebraska every holiday season, and tickets for two to the Midwest typically exceed $500.  Again, I have yet to see a credit union offer that kind of deal.

      Also, I learned several years back that credit unions aren't necessarily the "good guys".  I had one for my auto loan.  My final auto payment was more than I owed, so they shifted it to my checking account.  No problem.  However, they also moved the minimum balance from $100 to $500, but since their statements only came out every three months, I didn't find out about it until they'd dinged my account three times in monthly fees.  I tried to get them to reverse the fees, but they were adamant.  (Also, they never sent my auto title.  I had to go in last year to get it from them.)

      Beyond that, when the "move your money" campaign started, I looked into the local credit unions I'm eligible for.  Neither of them were much better than my bank on any front, and none of them had the small perks I get from banking with one of the behemoths.

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