Beginning a Bank-Free Life

[RJM62]

Over the past few weeks, I've come to the point of hating banks more than I ever did before (which said hatred has always been considerable). But two weeks ago, something happened that persuaded me to try to completely divest myself of banks.

During that period, fully two-thirds of the checks I received from clients bounced.

When I called the clients to try to collecte (always an unpleasant experience, made all the worse because one happened to be a close friend), they told me that their banks had frozen their credit lines or overdraft privileges -- and hadn't bothered to tell them.

Over the past two years I have had clients who had been in business for three generations shut down. Think about it: These companies made it through the Great Depression, and they can't make it through the present recession. And without exception, each and every one of these companies' stories of failure involved a bank in some way. Couldn't get credit for new projects, credit lines suddenly and inexplicably terminated, interest rates jacked up to Shylock levels, and so forth. And endless litany of horror stories -- all revolving around banks.

Indeed, the business on the tech support end of my business has dwindled to the point that I have given up on it and am dissolving the LLC. This week I'm going to pay the entire balance of my state taxes and officially shut it down. I'll do what little tech support work remains in my own name. Many of my clients are out of business, and those that remain have excess resources because they've laid off so many people that when a computer breaks, they just move the user to another desk. Maybe I get a data recovery job out of it, if that much.

At some point during all of this, I looked at how many different accounts I have at banks that are happy to hold my money, but probably wouldn't loan me a dime of it back if I asked. And I asked myself, "Why, oh why, do I still deal with banks?" I hate banks. I blame them for the demise of America and almost every bit of hardship suffered by my clients, as well as for the resultant failure of one of my own businesses.

So I did some research, spending hours online until I found a credit union I was eligible to join, and I did so today. I opened a "share" (savings) account and a checking account, while enjoying a conversation with the manager about the evils of banks.

The credit union offers all of the things I need for my personal and business needs: savings, checking, loans, ACH, wire transfers, debit cards, ATM cards, and so forth. I do my card processing through PayPal (which I guess is sort of a bank, but doesn't act like one), so I don't need a bank merchant account. Offhand, I really can't think of anything I presently get from banks that I can't get from a credit union, except possibly snotty attitudes and aggravation.

Best of all, the credit union even gave me an insulated coffee mug and an invitation to the annual meeting, which features a free luncheon afterward. Free eats! Cool!

If I have my way, I hope to completely divest myself of banks and never deal with one again for the rest of my life. That is my goal for the rest of this year: To pay off any remaining loans to banks, close all of my deposit accounts with banks, and begin a new, bank-free lifestyle.

-Rich

 

[alaskaflyer]

I agree with your sentiments. Proud member myself and I used to have my plane financed there. But two things you are likely to not find compared to banks: competitive savings rates and mortgages - IMHO.

 

[Dave Siciliano]

Rich: I'm glad you're able to do that. In general, I've had my issues with banks, but we are a large enough business where we have to live with them. Still, credit unions are great. We had one account with one until it converted to a bank! Oh well. I'll probably search out another credit union.
I have one bank that requires a LOC to be renewed annually. This year they just sent a balance due in full notice. No calls, no e-mails and when we called, they didn't return the call. BUT, they still want to handle all our deposits and checking accounts--sure!
Tough times for a lot of folks. You are blessed to get through them reasonably.

Best,

Dave

 

[Let'sgoflying!]

So, gold coins under the floor, cash stuffed in the mattress, bartering for everything?
I am with you but I am having a hard time figuring the details.

 

[RJM62]

So, gold coins under the floor, cash stuffed in the mattress, bartering for everything?
I am with you but I am having a hard time figuring the details.

Well, bartering is always nice and I do it often. But for more traditional transactions, checking accounts at credit unions work pretty much the same way as at banks.

I usually get paid through PayPal, and then transfer the funds to my checking account. PayPal transfers to credit union accounts work exactly the same was as they do to bank accounts. They need the routing number and account number. No change there. Nor is there any difference in the way I write checks, use debit or ATM cards, do wire transfers, etc.

The biggest difference seems to be that I can walk into almost any credit union in America to make deposits, withdrawals, and so forth. They apparently have some sort of a co-op system where they process each others' transactions. There are hundreds of locations in New York City and Long Island, and I can use any one of them I like. Only a few things (like mortgage applications) require a trip to my own CU, which isn't all that far away anyway.

A search on my ZIP code brought up something like 20 participating credit unions within a short drive from where I live that I can do business at. This probably isn't as true for people living in the sticks, but for me it works fine.

I also know that there are no ATM fees -- at all -- as long as I stay within the co-op; and that the non-bank ATM I use most often (at 7-11, of all places) is also free to me as a credit union member. Using my bank card, it's $2.50. I pulled up a list of fee-free ATMs where I live and in the other areas where I work and play, and there are hundreds of them -- including most of the ones that presently charge me a fee when I use my bank card.

I just have to look for this little squiggly logo on the machine... it's kind of cryptic, actually. Sort of like the Masons secret handshake. Or something like that.

-Rich

 

[flyingcheesehead]

Good move. I've had my personal accounts at a credit union since 1993 and LOVE it. No fees on anything, free overdraft protection, I earn interest on my checking account, and otherwise get all of my banking needs taken care of.

I didn't realize there were any credit unions that handled business accounts... I sure couldn't find one when I had my business, so we used a bank that ended up becoming one of our clients until they were bought out by USBank. Maybe for my next business I'll have to try to find a credit union that does handle business accounts.

 

[Let'sgoflying!]

Do most CUs have FDIC coverage?

 

[etsisk]

when I read the title I thought, "Dude! Find yourself a good credit union!!" - that's what I've done and I just love 'em to death! Glad to see you've seen the light!

 

[RJM62]

Do most CUs have FDIC coverage?

They can have (and most do have) NCUA (National Credit Union Administration) insurance, which is essentially the same thing. $250,000 minimum coverage per depositor, same as banks.

It's also optional -- same as banks. Banks are not required to be insured unless they want to do certain kinds of business (most of which involves government guarantees).

The CU I signed up with is NCUA insured.

-Rich

 

[John Baker]

I've been with my bank for over thirty years. I don't use credit cards, nor do I have lines of credit. As our economy continues to deteriorate, I thought having a line of credit would be good, so I want to my bank. All they did was refer me to an SBA person who e-mailed me a couple of loan options. One of them said that it was not for white males unless they can prove they are a veteran. I have no problem doing that, except it bothers me that they are clearly discriminating against white males.

++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++

Community Express SBA Loan


CDC Small Business Finance partners with Business Loan Express (BLX) to administer the Community Express Loan Program. Loans are available up to $50,000 to businesses owned by women, minorities, veterans, or located in low-to-moderate income areas.

Eligibility Criteria

● Utilizes Fair Isaac Credit Score System, which evaluates credit score of applicant and industry data
● For start up businesses, borrower is required to inject 10% of the start up costs
into the business from their own funds.

Terms and Conditions

· Loans range from $5,000- $50,000
· Term of 7 years
· Interest rate: prime + 4.75 (variable)
· No pre payment penalties

Fees:
● $350 application fee (will be deducted from loan proceeds at closing)

● SBA guarantee fee of 2% of guaranteed portion (SBA guarantees 85% of the loan)
● No fees are paid if the loan does not fund
● No penalty for early repayment.

Technical Assistance Requirement

In order to give the bank a higher level of comfort in approving the loan, the applicant may be required to receive some type of technical assistance post funding. The TA Action Plan is created by CDC based on borrower’s needs. Post funding requirements range from quarterly financial reporting to six months of one-on-one counseling. There is no cost to the borrower for this service.

Program Administrator

Susan Lamping
Community Loan Program Coordinator
Phone: (619) 243-8639
Fax: (619) 291-6954
Email: slamping@cdcloans.com

+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++

I am now looking for options. Your idea about credit unions has just solved my problem.

Thanks,

John

 

[RJM62]

Thanks for the positive feedback, guys.

This was one of the more impulsive financial decisions I've ever made. I'd just had it up to here [ * holding outstretched hand to forehead * ] with banks.

I think I made the right move. Thanks for the affirmation.

-Rich

 

[Dave Siciliano]

Rich: The difference is where the profits go. The public banks are under severe pressure to show growing earnings each year. CUs profits go to the owners which can be depositors. http://en.wikipedia.org/wiki/Credit_union

Banks that spend huge amounts on advertising, have to get that money from somewhere. That's why when I get offers for credit cards from places that have national advertising programs, I just dump them. The credit card holders are paying for all that advertising. I'm just not going to do that.

I think a big part of keeping wealth (first one has to earn it) is to keep the middle person out of deals or to keep their fees reasonable. There are a whole lot of folks trying to get between your money and what you purchase. I purchase used cars at dealer auction; no credit cards with national advertising programs; no banks that have national advertising programs except for the company; etc. Give away as little of what you earn as possible (except for where you want it to go).

I see people that just pay retail for everything and wonder why they can't get ahead.

Best,

Dave

 

[ScottM]

Do most CUs have FDIC coverage?

Nope. But they have NCUA or at least the reputable ones do

http://www.ncua.gov/

 

[EppyGA]

Great move. I've been with a credit union for about 20 years now. Even got a great rate on my mortgage when I refied last year.

Enjoy.

 

[Steve]

Credit Union member since 1982.

The main office is 180 miles away. Everything handled online or over the phone; Loans, transfers, CDs. Nationwide network of no fee ATMS (monthly limit on number of withdrawals set well above my needs).

Haven't been inside a bank since 1990.

 

[tparsons]

We've been with a local credit union since sometime in the '80s both for our personal and business accounts and I'll never look back. Great service!

My credit union maintains their own portfolio of their VISA cards. Their policy is to NOT jack up your interest rates because you are late on a payment to them, or late making a payment to someone else, although there is a late fee if you don't get the payment in on time. They have debit cards for my account which, as someone else mentioned, are accepted widely without transaction fees.

I got a car loan from them many years ago at a competitive rate and got a better deal as I could give the dealer a check in the full amount the next day.

They offer other services too such as certified checks, other types of loans, investment services, safe deposit boxes. Best of all, I am a member and a partial owner rather than non-customer shareholder who could give a rip about anything but the dividends.

 

[tdager]

It is NOT just "profits" that are forcing banks to do what they are doing today. Many in the public, and here, say "this mess is all the banks fault" because they were too loose with credit, taking too many risks with questionable loans, etc.

Now they tighten things up and the people STILL scream. You cannot be a bank today and win...they are screwed no matter what they do.

 

[DeeG]

I guess I'm pretty lucky with my bank. It's a small, locally owned bank with about 7 or 8 branches in the valley. No fee checking, no fee ATM's, I think they have overdraft protection, but that's something I've never had to use. Competitive rates on loans and decent interest rates on CD's. And they are the friendliest people to deal with when you visit them, and they even remember your name.

Never, ever again will I deal with the mega banks (B of A, Wells Fargo, etc). They SUCK.

 

[alaskaflyer]

Anyone else use an online bank?

For those angry for philosophical reasons they are off limits. If you are in the loan market they are difficult. If you want a branch to walk in forget it. But currently we have most of our liquidity and all our CDs at one because no credit union can come close to touching their rates on checking or savings and certificate rates have been equal or better (even as they jump around.) And no fees for accounts or typical transactions. Mine even eats the fees from 3rd party ATMs.

I've kept our credit union account active too but frankly it is being outcompeted on the services we currently need. I love customer service at my CU (you are actually calling a live person 24/7 no voicemail hell) but guess what my online bank does that too.

 

[steingar]

My local bank is OK by me. I do have a line of credit I haven't used in years, but it is still there. I've never been charged a fee for a check or ATM withdrawal, although their overdraft fees were pretty annoying happened once on the airplane account). I tried to join the local credit union here when I arrived and found it a bit wanting.

 

[flyersfan31]

I'm scratching my head here.

The bank won't cover these guys for overdrawing on their account, and the BANKS are the bad guys????

Seems to me the folks writing bad checks are the bad guys. If they are going to make a habit of it, they should pay more attention to bank policies.

Every bank in the country was required to send out notification of the changes to overdraft protections as a result of the new federal regulations. I guarantee you your clients received those notices, and likely tossed them into the trash.

The thing about a recession is this: the credit markets ARE tight. It's difficult for many banks to raise funds, and most of the funds are going to shore up their capital ratios.

 

[weilke]

The bank won't cover these guys for overdrawing on their account, and the BANKS are the bad guys????

The bank didn't cover them from drawing against a previously agreed upon credit line.

 

[RJM62]

I'm scratching my head here.

The bank won't cover these guys for overdrawing on their account, and the BANKS are the bad guys????

Seems to me the folks writing bad checks are the bad guys. If they are going to make a habit of it, they should pay more attention to bank policies.

Every bank in the country was required to send out notification of the changes to overdraft protections as a result of the new federal regulations. I guarantee you your clients received those notices, and likely tossed them into the trash.

The thing about a recession is this: the credit markets ARE tight. It's difficult for many banks to raise funds, and most of the funds are going to shore up their capital ratios.

You may be right. But as weilke pointed out, there was a previously agreed-upon credit line in place. As for whether they were notified, who knows?

I do know that one of my own lines (one I didn't use anyway) was canceled, and I wasn't notified until three weeks after the fact. I also know that I'm talking about four separate clients, none of whom (to my knowledge) know each other, and one of whom is a close enough friend that his children call me "Uncle Rich" and have sleepovers with my goddaughters when they are here. He, I know, would have simply told me to hold the check for a few days, as he has before.

Yet all off the clients, without knowing each other, told me the exact same thing. And three of them had the same bank (Bank of America).

As for credit being tight and money hard to find, that's what the bailouts were supposed to be for. The banks were supposed to lend that money out again to jump-start the economy. They were preserved from failure (a horrible mistake, in my opinion) so they could put the bailout money back into the economy, not to hoard it for themselves.

When four separate, good clients, one of whom is a personal friend, separately give me the same story, in the same week, I tend to believe them. Yes, the banks were supposed to notify their customers of changes to policies, interest rates, etc. They were supposed to do a lot of things. But given the banks' track records versus those of my clients, I choose to give my clients the benefit of the doubt.

-Rich

 

[wabower]

I've had checking accounts since the '60's and have never had a check bounced when I had money in the account.

You may be right. But as weilke pointed out, there was a previously agreed-upon credit line in place. As for whether they were notified, who knows?

I do know that one of my own lines (one I didn't use anyway) was canceled, and I wasn't notified until three weeks after the fact. I also know that I'm talking about four separate clients, none of whom (to my knowledge) know each other, and one of whom is a close enough friend that his children call me "Uncle Rich" and have sleepovers with my goddaughters when they are here. He, I know, would have simply told me to hold the check for a few days, as he has before.

Yet all off the clients, without knowing each other, told me the exact same thing. And three of them had the same bank (Bank of America).

As for credit being tight and money hard to find, that's what the bailouts were supposed to be for. The banks were supposed to lend that money out again to jump-start the economy. They were preserved from failure (a horrible mistake, in my opinion) so they could put the bailout money back into the economy, not to hoard it for themselves.

When four separate, good clients, one of whom is a personal friend, separately give me the same story, in the same week, I tend to believe them. Yes, the banks were supposed to notify their customers of changes to policies, interest rates, etc. They were supposed to do a lot of things. But given the banks' track records versus those of my clients, I choose to give my clients the benefit of the doubt.

-Rich

 

[RJM62]

There was no money in the accounts. They had credit lines. Those lines were canceled, without notice according to the clients.

One of the clients (my friend) just called me five minutes ago and told me to stop by to pick up the money he owes me -- in cash. He got some money in. He's been stressing over this ever since the check bounced. He actually was close to tears because he thought it would harm our friendship. (It won't.)

What I'm saying is that these are good people I'm talking about. People I've known for years -- even decades. I'm inclined to believe them. Is my hatred of banks clouding my opinion? Maybe. But again, given the particulars, the timing, and the fact that none of the clients know each other, I'm giving the clients the benefit of the doubt.

-Rich

 

[wabower]

I don't doubt that your clients are good folks. Nor do I doubt for a minute that they may have received a notice of "changes to your account" that banks and credit card companies have been generating for months.

The letters are of such length that most people wouldn't try to read them in their entirety, and couched in language that most people couldn't understand if they did. I have received a number of such letters, all of which have gone directly to the tub file. One of them said they were increasing my interest rate, but that doesn't matter since I don't borrow money anyway.

I don't know what repurcussions may result insofar as my two credit card accounts with Citi are concerned, but neither has ever had a balance, so if they screw with me I'll find something else to replace them.

There was no money in the accounts. They had credit lines. Those lines were canceled, without notice according to the clients.

One of the clients (my friend) just called me five minutes ago and told me to stop by to pick up the money he owes me -- in cash. He got some money in. He's been stressing over this ever since the check bounced. He actually was close to tears because he thought it would harm our friendship. (It won't.)

What I'm saying is that these are good people I'm talking about. People I've known for years -- even decades. I'm inclined to believe them. Is my hatred of banks clouding my opinion? Maybe. But again, given the particulars, the timing, and the fact that none of the clients know each other, I'm giving the clients the benefit of the doubt.

-Rich

 

[Mason]

Thanks for the positive feedback, guys.

This was one of the more impulsive financial decisions I've ever made. I'd just had it up to here [ * holding outstretched hand to forehead * ] with banks.

I think I made the right move. Thanks for the affirmation.

-Rich

I've been with my Credit Union for almost 40 years. Even got a mortgage there once, but they did sell it eventually.

 

[Let'sgoflying!]

A 98 year old woman in the UK wrote this to her bank. The bank manager thought it amusing enough to have it published in the Times.


Dear Sir,

I am writing to thank you for bouncing my cheque with which I endeavoured to pay my plumber last month.

By my calculations, three nanoseconds must have elapsed between his presenting the cheque and the arrival in my account of the funds needed to honour it. I refer, of course, to the automatic monthly deposit of my Pension, an arrangement, which, I admit, has been in place for only thirty-eight years.

You are to be commended for seizing that brief window of opportunity, and also for debiting my account £30 by way of penalty for the inconvenience caused to your bank.

My thankfulness springs from the manner in which this incident has caused me to rethink my errant financial ways.

I noticed that whereas I personally attend to your telephone calls and letters, when I try to contact you, I am confronted by the impersonal, overcharging, pre-recorded, faceless entity which your bank has become.
From now on, I, like you, choose only to deal with a flesh-and-blood person..
My mortgage and loan payments will therefore and hereafter no longer be automatic, but will arrive at your bank by cheque, addressed personally and confidentially to an employee at your bank whom you must nominate.

Be aware that it is an offence under the Postal Act for any other person to open such an envelope.

Please find attached an Application Contact Status which I require your chosen employee to complete. I am sorry it runs to eight pages, but in order that I know as much about him or her as your bank knows about me, there is no alternative.

Please note that all copies of his or her medical history must be countersigned by a Solicitor, and the mandatory details of his/her financial situation (income, debts, assets and liabilities) must be accompanied by documented proof.

In due course, I will issue your employee with PIN number which he/she must quote in dealings with me.

I regret that it cannot be shorter than 28 digits but, again, I have modelled it on the number of button presses required of me to access my account balance on your phone bank service.

As they say, imitation is the sincerest form of flattery..

Let me level the playing field even further. When you call me, press buttons as follows:

1. To make an appointment to see me.
2. To query a missing payment..
3. To transfer the call to my living room in case I am there.
4. To transfer the call to my bedroom in case I am sleeping.
5. To transfer the call to my toilet in case I am attending to nature.
6. To transfer the call to my mobile phone if I am not at home.
7. To leave a message on my computer (a password to access my computer is required. A password will be communicated to you at a later date to the Authorized Contact.)
8. To return to the main menu and to listen to options 1 through to 8.
9. To make a general complaint or inquiry, the contact will then be put on hold, pending the attention of my automated answering service.

While this may, on occasion, involve a lengthy wait, uplifting music will play for the duration of the call.

Regrettably, but again following your example, I must also levy an establishment fee to cover the setting up of this new arrangement.

May I wish you a happy, if ever so slightly less prosperous, New Year.

Your Humble Client


(Remember: This was written by a 98 year old woman; DOESN'T SHE MAKE YOU PROUD!)

(yes I realize it was not truly written by a 98 yr old from England. It's humor!!)

 

[RJM62]

A 98 year old woman in the UK wrote this to her bank. The bank manager thought it amusing enough to have it published in the Times.


Dear Sir,

I am writing to thank you for bouncing my cheque with which I endeavoured to pay my plumber last month.

By my calculations, three nanoseconds must have elapsed between his presenting the cheque and the arrival in my account of the funds needed to honour it. I refer, of course, to the automatic monthly deposit of my Pension, an arrangement, which, I admit, has been in place for only thirty-eight years.

You are to be commended for seizing that brief window of opportunity, and also for debiting my account £30 by way of penalty for the inconvenience caused to your bank.

My thankfulness springs from the manner in which this incident has caused me to rethink my errant financial ways.

I noticed that whereas I personally attend to your telephone calls and letters, when I try to contact you, I am confronted by the impersonal, overcharging, pre-recorded, faceless entity which your bank has become.
From now on, I, like you, choose only to deal with a flesh-and-blood person..
My mortgage and loan payments will therefore and hereafter no longer be automatic, but will arrive at your bank by cheque, addressed personally and confidentially to an employee at your bank whom you must nominate.

Be aware that it is an offence under the Postal Act for any other person to open such an envelope.

Please find attached an Application Contact Status which I require your chosen employee to complete. I am sorry it runs to eight pages, but in order that I know as much about him or her as your bank knows about me, there is no alternative.

Please note that all copies of his or her medical history must be countersigned by a Solicitor, and the mandatory details of his/her financial situation (income, debts, assets and liabilities) must be accompanied by documented proof.

In due course, I will issue your employee with PIN number which he/she must quote in dealings with me.

I regret that it cannot be shorter than 28 digits but, again, I have modelled it on the number of button presses required of me to access my account balance on your phone bank service.

As they say, imitation is the sincerest form of flattery..

Let me level the playing field even further. When you call me, press buttons as follows:

1. To make an appointment to see me.
2. To query a missing payment..
3. To transfer the call to my living room in case I am there.
4. To transfer the call to my bedroom in case I am sleeping.
5. To transfer the call to my toilet in case I am attending to nature.
6. To transfer the call to my mobile phone if I am not at home.
7. To leave a message on my computer (a password to access my computer is required. A password will be communicated to you at a later date to the Authorized Contact.)
8. To return to the main menu and to listen to options 1 through to 8.
9. To make a general complaint or inquiry, the contact will then be put on hold, pending the attention of my automated answering service.

While this may, on occasion, involve a lengthy wait, uplifting music will play for the duration of the call.

Regrettably, but again following your example, I must also levy an establishment fee to cover the setting up of this new arrangement.

May I wish you a happy, if ever so slightly less prosperous, New Year.

Your Humble Client


(Remember: This was written by a 98 year old woman; DOESN'T SHE MAKE YOU PROUD!)

(yes I realize it was not truly written by a 98 yr old from England. It's humor!!)

Now THAT'S funny.

 

[weilke]

The whole notification mumbo-jumbo mostly applies to private accounts. Business lines of credit are frequently called with little or no notice.

 

[wabower]

Local NBC affiliate just carried a major story on 10pm news about the big move from mega-banks to local banks an CU's. Right after the tease on Tiger's first press interview since the night of the 9-iron.

 

[tdager]

As for credit being tight and money hard to find, that's what the bailouts were supposed to be for. The banks were supposed to lend that money out again to jump-start the economy. They were preserved from failure (a horrible mistake, in my opinion) so they could put the bailout money back into the economy, not to hoard it for themselves.

You ACTUALLY bought into that line of thinking? Seriously? Hahahahaha....


Sorry man, truly I am not trying to be a jerk, but the government is not a "friend" to you and me. Neither the last administration or this one is concerned about you....

 

[SkyHog]

Anyone else use an online bank?

For those angry for philosophical reasons they are off limits. If you are in the loan market they are difficult. If you want a branch to walk in forget it. But currently we have most of our liquidity and all our CDs at one because no credit union can come close to touching their rates on checking or savings and certificate rates have been equal or better (even as they jump around.) And no fees for accounts or typical transactions. Mine even eats the fees from 3rd party ATMs.

I've kept our credit union account active too but frankly it is being outcompeted on the services we currently need. I love customer service at my CU (you are actually calling a live person 24/7 no voicemail hell) but guess what my online bank does that too.

I use INGDirect exclusively for checking and savings accounts, and I absolutely love them.

When I make a transfer to or from savings (without fee), it is immediately available in the other account, unlike most banks/credit unions.

I get free ATM withdrawls at many, many ATMS nationwide (all 7-11s locally for example).

Great interest rate on my savings accounts.

They offer loans, investment options, and I have debit cards for my accounts, with Mastercard logos, so they work everywhere.

There are no overdraft fees, but merely a 30 dollar overdraft credit line, which I pay interest on (thankfully, has never come into effect, since I know how to manage my money).

Free online bill pay, and free online check mailing as well.

I'm done with the brick/mortar banks. After being screwed by Bank of America and Wells Fargo, and finding out that every bank I did business with was getting bought out by those two anyway, I refuse to go back. If INGDirect sells out to one of them, I will probably go the CU route.

 

[RJM62]

I stopped by the CU today to make a deposit. The lobby was full of people becoming new members, and the receptionist was swamped with people calling for information. Apparently a lot of people saw that segment on the news last night and decided to ditch their banks.

Then the lady who opened my account for me Saturday saw me and came out to say hello, handed me my starter checks (they'd had a problem with the printer Saturday and couldn't print them up while I was there), and ask me if I had any questions.

As it turns out, I did. The deposit slip was kind of weird. It asked for an account number and then an "SA" number. It turns out that I presently have only one account at the CU, and any additional accounts are sub-accounts of that one. Share (savings) is 00, primary checking is 30, and so forth. Simple enough once she explained it.

-Rich

 

[flyingcheesehead]

When I make a transfer to or from savings (without fee), it is immediately available in the other account, unlike most banks/credit unions.

Banks, maybe - My credit union also has instant funds availability. On both transfers AND check deposits! Love 'em.

 

[jesse]

I use INGDirect exclusively for checking and savings accounts, and I absolutely love them.

When I make a transfer to or from savings (without fee), it is immediately available in the other account, unlike most banks/credit unions.

I get free ATM withdrawls at many, many ATMS nationwide (all 7-11s locally for example).

Great interest rate on my savings accounts.

They offer loans, investment options, and I have debit cards for my accounts, with Mastercard logos, so they work everywhere.

There are no overdraft fees, but merely a 30 dollar overdraft credit line, which I pay interest on (thankfully, has never come into effect, since I know how to manage my money).

Free online bill pay, and free online check mailing as well.

I'm done with the brick/mortar banks. After being screwed by Bank of America and Wells Fargo, and finding out that every bank I did business with was getting bought out by those two anyway, I refuse to go back. If INGDirect sells out to one of them, I will probably go the CU route.

I've been looking at using everbank.com -- sounds like they'll reimburse any ATM fee provided you have a $5000 balance or something like that. That'd work better then using a local bank as far as ATMs go.

 

[alaskaflyer]

A lot of them reimburse outside ATM fees. One of the common loss leads for online banks.


Sent from my iPhone using Tapatalk

 

[Ken Ibold]

Well, I dunno. I've never had a problem with any bank, small or large, or any credit union I've been a member of. I choose a convenient branch location and that's enough. And if I move, I do it again. No fees. No problems.

 

[SCCutler]

I have to admit that, since Chase took over WaMu, they've been generally decent. Some questions about funds availability policy, but no ill effects.

Still, they are aggressively going around installing bulletproof glass in all branches, and I don't deal that way, so think I am likely to change to the same bank at which I have been doing my business banking, a smaller local bank.

That or USAA, who accepts deposits of checks via scanner and email.

 

[Ghery]

Well, I dunno. I've never had a problem with any bank, small or large, or any credit union I've been a member of. I choose a convenient branch location and that's enough. And if I move, I do it again. No fees. No problems.

I have, but not with any bank I'm dealing with now. I had a bank claim "no fees" when I opened a checking account right after graduating from college. First statement had per check charges. I fired them and opened an account at another bank. They were great (but got bought out by a larger bank later on).

Had a go-round with Chase a number of years ago. Had foreign exchange fees on a credit card I used in the UK and they not only wouldn't discuss it, they were rude about it on the phone. A letter to the president of Chase (with a copy to the Comptroller of the Currency) got that straightened out. I fired them, too.

It's funny, I keep reading complaints about BofA, but I've been using them for years with no problems.