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View Diary: Breaking up the Banks: I did it! (128 comments)

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  •  Kudos - Please consider a credit union (22+ / 0-)

    CU's are owned by the members.  No profit motive.

    The Fail will continue until actual torches and pitchforks are set in motion. - Pangolin@kunstler.com

    by No one gets out alive on Tue Mar 22, 2011 at 06:48:27 AM PDT

    •  I did consider my credit union (3+ / 0-)

      and actually opened an account.  And then they misspelled my address on my checks - c'mon, they misspelled "Mount" as "Mant" on temp checks they printed right in front of me.

      Then they couldn't understand "Mount" and wrote "Mountain".

      And then they charged me overdraft fees after they allowed me to take $20 out of my account (I had only put in enough to open it) from the atm outside their office (they're in the building) when I only had like $19.  I got a second overdraft fee.

      This is after three weeks of having the account.  

      I haven't had an overdraft fee at Wells Fargo for 15 years.  Never even had to fight one or have it removed.

      I left about $20 in the credit union and am looking for another place for my money.  Not all credit unions are a good choice.

      Still looking.

      Why is it that a 3% tax increase for the wealthy is considered "socialism" and an 8% wage cut for the middle class is "doing your part"? MartyM

      by delphine on Tue Mar 22, 2011 at 07:01:37 AM PDT

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      •  You had fees (1+ / 0-)
        Recommended by:
        Involuntary Exile

        They were hidden

        George Bush is Living proof of the axiom "Never send a boy to do a man's job" E -2.25 S -4.10

        by nathguy on Tue Mar 22, 2011 at 07:52:11 AM PDT

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        •  Not saying Wells Fargo (0+ / 0-)

          is anything but evil.  Just saying my credit union were doofuses.  

          They are in the same building so I went to them first.  I'll definitely move my money but haven't decided where.

          Why is it that a 3% tax increase for the wealthy is considered "socialism" and an 8% wage cut for the middle class is "doing your part"? MartyM

          by delphine on Tue Mar 22, 2011 at 10:42:49 AM PDT

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          •  With all due respect, I'd say the (1+ / 0-)
            Recommended by:
            No one gets out alive

            problem is in your method of shopping ("they were in the same building")...

            Who is the shrewdist person with a buck you know?  Ask him/her for advice, then ask some more friends.  Communities are made for that kind of business planning.

            Kick apart the structures - Seth

            by ceebee7 on Tue Mar 22, 2011 at 12:31:44 PM PDT

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          •  my credit union is okay (0+ / 0-)

            25 years a member  not too many glitches.

            and one of the glitches you point out was your fault

            you opened an acct with $20  and then withdrew from it?

            come on,  

            George Bush is Living proof of the axiom "Never send a boy to do a man's job" E -2.25 S -4.10

            by nathguy on Wed Mar 23, 2011 at 09:38:09 AM PDT

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      •  Good point about not all CU's being equal. (20+ / 0-)

        But please keep up your effort to find a good local bank or CU. Wells Fargo is using your money to lobby against you.

      •  I gave up on one after they said (0+ / 0-)

        my checks wouldn't clear for two weeks upon opening a checking account, and I had no other money to live on during that time.

        "I've taken up sculpting recently. Landscapes mostly." ~ Yogi Bear

        by eXtina on Tue Mar 22, 2011 at 08:29:30 AM PDT

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        •  a holding period for a brand-new account (0+ / 0-)

          is pretty much standard practice. It used to be to prevent you from opening an account, stripping out everything you could and then skipping on it. These days, the time isn't necessary to be sure everything's clear, but financial institutions still use it.

          Things are not what they seem to be; nor are they otherwise. -- The Lankavatara Sutra

          by Mnemosyne on Tue Mar 22, 2011 at 08:46:13 AM PDT

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          •  well I solved the problem by going to (1+ / 0-)
            Recommended by:
            Mnemosyne

            another bank down the street that cleared my checks in a matter of days. they tried to say it was because they didn't have the resources of the big bank but your reason above makes it even less valid to me

            honeslty your response makes no sense to me. stripping what out? my own money? skipping, how?

            "I've taken up sculpting recently. Landscapes mostly." ~ Yogi Bear

            by eXtina on Tue Mar 22, 2011 at 08:51:20 AM PDT

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            •  it dates back to (6+ / 0-)

              the period before automated clearing, when it took a matter of days for a check to be shipped to another bank, and for that bank to say "Yes there is money to cover it."

              Then, you could open an account at another bank, deposit a bad check from elsewhere, draw down the new account completely, and skip town. By the time the new bank found out the deposited check was no good, you were on to the next mark.

              Old and outdated system by now, but some banks still adhere to the pattern because it lets them keep the balances longer. And investing your balances in the overnight markets--those much-maligned traders and speculators--is how banks make a lot, if not most, of their money.

              Things are not what they seem to be; nor are they otherwise. -- The Lankavatara Sutra

              by Mnemosyne on Tue Mar 22, 2011 at 09:05:42 AM PDT

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              •  Now (3+ / 0-)
                Recommended by:
                Mnemosyne, tmo, No one gets out alive

                they can see automatically whether there are funds AND put a hold on the funds electronically so that you can't just float checks around.

                But seriously, it's insulting to have my checks held.

                Why is it that a 3% tax increase for the wealthy is considered "socialism" and an 8% wage cut for the middle class is "doing your part"? MartyM

                by delphine on Tue Mar 22, 2011 at 10:44:26 AM PDT

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                •  agreed, but (1+ / 0-)
                  Recommended by:
                  No one gets out alive

                  it is what it is. There are so many other things wrong with the financial system that fixing that it likely pretty far down the list.

                  And, as I said, they get to use the balances for a few more days. So your hundred dollars, multiplied however many times, gets invested in overnight markets and contributes to the bank's bottom line. Not to yours so much these days, alas.

                  Things are not what they seem to be; nor are they otherwise. -- The Lankavatara Sutra

                  by Mnemosyne on Tue Mar 22, 2011 at 11:10:16 AM PDT

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          •  Checks clear electronically... (3+ / 0-)
            Recommended by:
            tmo, liz dexic, No one gets out alive

            this is one of the biggest scams going.  Checks clear within mili-seconds of being sent (en masse) from one institution to the next.  

            The two week period before you have use of the money is so the banks have two weeks "free" use of your money before they have to book it.  That, times a few million customers, is a large chunk of cash the bank gets to play with, including accumulate interest on, invest, whatever, with absolutely no risk, no regulation, no anything.  The only cost the bank incurs for that benefit is an occasional customer going off in a huff at having to wait 2 weeks for his/her checks to clear.

            It's a(nother) banking scam.  Completely legal, of course.

            Customers do it too, or used to -- write a check and have a couple of days to deposit enough money to make sure the check would be honored... It was called the "float."

            Kick apart the structures - Seth

            by ceebee7 on Tue Mar 22, 2011 at 12:38:39 PM PDT

            [ Parent ]

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