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MisterE
August 30, 2009 3:13 PM
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Sigh...I use Navy Federal Credit union. Always have.

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4 replies
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RogerTheAlien
August 30, 2009 11:05 PM
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@MisterE: I had Navy Fed but stopped because there are like NO ATMs anywhere. Not even on bases a lot of times. But they're a nice-to-have for me, not a must-have, since I've been with BofA I've had no problems. A lot of situations from the horror stories I read on here have happened to me, too, and have all transpired without incident, including five different countries in three weeks thanks to my job. So, I'm happy with BofA despite their reputation. But, then again, I like Starbucks, too, which is apparently blasphemous according to this site.

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azntg
August 30, 2009 7:38 PM
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@BluePlastic: Maybe just tired to hear the same thing over and over again.

Unfortunately, not everybody can bank with the \"better financial institutions\" for whatever reason (myself included)

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West Coast Secessionist
August 30, 2009 9:53 PM
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@azntg: What kind of reasons? Last time I checked, there were a lot of choices out there. The only reason I can think of to bank with a bunch of crooks like Wells Fargo is laziness.

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dragonfire81
August 30, 2009 7:43 PM
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@azntg: right it's not always easy to run out and find yourself a credit union.

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Eat A Peach
August 30, 2009 3:16 PM
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I'm already with a smaller, localized banking institution so if I experience a problem, I don't really have anywhere else to go but to a large national chain bank. That's not good. Also, since I've had some financial problems lately, I don't think I'd be able to get another checking acct. at any other banks in today's \"check everything\" mode.

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bohemian
August 30, 2009 4:32 PM
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@Eat A Peach: I have fought to stay with smaller banks and credit unions. I saw what a bullying bag of suck Wells Fargo and BoA were when I lived in CA in the 80's.

I would never keep all of my finances at one bank and certainly not at a big bank. They basically own your life at that point.

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ColoradoShark
August 30, 2009 3:59 PM
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I was with a regional bank that was gobbled up by Wachovia which in turn has been gobbled up by Wells Fargo. So far they haven't done anything to tick me off so we're leaving our everyday stuff there.

Their interest rates are pathetic so we've opened up a money market and CD at other banks.

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kraftmayo
August 30, 2009 4:29 PM
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Now they're too big to fail. We're for serious this time.

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3 replies
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Ghede
August 30, 2009 4:33 PM
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@kraftmayo: They were never too big to fail, and never will be. They are too big to be allowed to fail, and always have been. That is what the saying means.

When things stabilize, some anti-trust action might be a good idea. Just so they aren't too big to fail.

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Amish Undercover
August 31, 2009 1:53 PM
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@Ghede: The only real action needed is for the FDIC to do its job. One big bank going under will sink the FDIC, which means the FDIC isn't actually insuring these banks. (Imagine insuring a $1 million home by a company that only has $50,000 in capital.)

Because these big banks (should) force the FDIC to hold huge amounts of capital to insure them, the FDIC should be charging huge premium rates to these big banks for insurance. Basically, if a bank is big, it should pay huge FDIC premiums, which would then cause the bank to split to get affordable FDIC payments.

I anticipate this solution requires little to no legislation and would quickly force big banks to split into smaller ones, although it would probably be advantageous to phase these payment changes in since the price shock to big banks would sink them if done all at once.

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CheritaChen
September 1, 2009 3:00 PM
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@statgrad: This. Unfortunately our government as an entity (meaning, perhaps not all the individuals within, but certainly most) is so myopic and brainwashed about banks and megacorps that something so simple as applying standard insurer regulations seems beyond impossible.

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mythago
August 31, 2009 5:43 AM
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@Ghede: But they aren't really too big to be allowed to fail. Short-term pain but better in the long run, as the free-market economists are always telling us.

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bohemian
August 30, 2009 4:34 PM
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This is a major problem. The FDIC is running low on money and we have had even more bank consolidation. These banks need to be forced to split up or be massively regulated to make sure they don't fail.

The current situation is just asking for something worse than the crash that started the great depression.

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Esquire99
August 30, 2009 4:57 PM
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I woud rather bank with BofA, Wells Fargo or JPMorgan Chase (who gobble up small banks that fail) than bank with a small bank that will be gobbled up if it does fail. From a consumers point of view (though not my political one), I'd rather be with an institution that the government clearly has decided will not be allowed to fail than with a smaller one that the government doesn't care about (beyond the FDIC).

I currently bank with BofA and haven't had any problems at all.

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mythago
August 31, 2009 5:44 AM
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@Esquire99: You're gambling that the government will actually care about your institution and will prop it up so that your account will be A-OK. I think I'm OK with the government's disinterest in my credit union vs. the regular predatory behavior of the big banks. They're not only too big to fail, they're too big to give a shit if you take your money elsewhere.

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mac-phisto
August 31, 2009 5:29 AM
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@Esquire99: & this is why it's time for the anti-trust division to step in. obviously, the larger banks in this country have been given an unfair advantage within the marketplace which is resulting in a rapid consolidation of the industry.

when a small bank fails, they're gobbled up or paid out. when a large bank comes close to failing, uncle sam steps & in gives them interest-free loans to stay afloat.

i don't fault you for your decision - i fault the regulators with creating an environment where consumers feel safer at the very same institutions that created the economic turmoil we're currently facing.

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bjcolby15
August 31, 2009 1:21 AM
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@Esquire99: Same here.

Joined BofA three years ago and have been very satisfied. My local bank had maybe four branches around the city of Boston by the time I left. Now it's seven. It's still in good shape, but you're right about size - it seems the smaller banks are failing left and right, and the government fears the larger ones will follow suit.

Even if you split the big banks up or regulate tightly to an inch of their lives, there still is that possibility that one of the biggies will find themselves in a dire situation that will cause a bank run and a crash in the markets. Then all that splitting and regulation will have been a waste of time and have done nothing more than accelerate the failure.

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veronykah
August 30, 2009 7:15 PM
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@Esquire99: Why? What's the difference?
I had an account with WaMu, it failed and was eaten by Chase. You know how it affected me?
My bank now says Chase.
I never had a problem with my account, or my money being available to me. I had ZERO issues due to the failure.

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Esquire99
August 30, 2009 9:03 PM
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@veronykah:
I still feel like there is at least the risk of potential inconvenience of banking with a \"small\" bank that may not be as attractive to potential buyers as WaMu was. If you're banking with JimBob's Savings and Loan in PoDunk, Montana and it fails on Tuesday, are you absolutely positive you'll be able to get to your money on Wednesday? It seems there is at least the potential for inconvenience or delay in accessing funds when a bank fails, even though your risk of loss is nill, given the FDIC. What if it takes the FDIC a day or two to arrange a sale, or if they simply can't arrange one?

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veronykah
August 30, 2009 10:27 PM
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@Esquire99: I guess I am in the minority, I always have cash on hand. If I didn't have access to my bank for a week, it wouldn't be a problem. I really only use my bank to pay bills like CCs and rent. Anything else can be paid with cash or a credit card if its that urgent.

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Nascar24Dude
August 30, 2009 5:06 PM
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Now THAT'S what I call a \"corporate fat cat\".

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2 replies
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Trai_Dep
August 30, 2009 11:30 PM
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@HogwartsAlum: Many, many mice died so Phat 'Sploding Kat may live.

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morlo
August 30, 2009 5:06 PM
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Anti-trust hearings have become just a way for the government to encourage bribes from industry. Since the cost of bribes is just passed on to the consumer, it increases bank fees too.

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Trai_Dep
August 30, 2009 11:32 PM
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@morlo: Particularly when Republicans rule the Congressional roost and their President's thumb rests on the scales.
Example: US v Microsoft.

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Intertrode
August 30, 2009 5:12 PM
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All of you need to read \"The Creature from Jekyll Island\". It explains that the the Federal Reserve was created to protect the larger banks from competition from the smaller banks. Here is a perfect example of the Federal Reserve at work!

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YardanCabaret
August 31, 2009 3:56 PM
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@Intertrode: That books been on my shelf for a few years, maybe it's time to dust it off and take a gander, eh?

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PsiCop
August 30, 2009 6:04 PM
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We got a couple of CDs from Wachovia, at a very high interest rate, back in 2008 and it seemed they were eager for deposit money. Now that Wachovia is a subsidiary of Wells Fargo, they no longer need the money, and rates are dismally low. As they renew, we're bringing them to a local community bank, even though their rates aren't a whole lot higher.

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morlo
August 30, 2009 6:14 PM
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@PsiCop: Can't really blame WF for low rates. That lies with the Federal Reserve--and Obama, since he reappointed Bernanke.

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Kimaroo - 100% Pure Natural Kitteh
August 30, 2009 6:19 PM
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I was with WaMu, and now with Chase. It's more ideal for me to be with a big chain since I live in an apartment. Moving every couple years makes it hard to stick with something more local. I could switch if I had to but it would be a pain to do so. Since there are really only 2 other options I would have trouble picking which Satan I would want to do business with.

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HogwartsAlum
August 30, 2009 7:12 PM
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I'm with Commerce and so far so good. It doesn't seem to be better either way anymore to do the small bank or the big banks. There are so many things that can go wrong with either.

One more thing here to consider if I ever move back to Santa Cruz (which I LOVE - I want to retire there, oh please please God).

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Namilia
August 30, 2009 7:39 PM
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It is at this point I hug the local credit union I've been with all my life. Although I have zero experience dealing with banks, all these stories, plus the \"too big to fail\" financial meltdown convince me I'm better off that way. XD

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West Coast Secessionist
August 30, 2009 7:46 PM
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I just did it--in January. Dumped Citibank because of their incompetence and moved all my business to Charles Schwab Bank. Couldn't be happier. It took a lot of effort because my financial life is very automated, so there were a lot of places I needed to update account numbers.

SO worth it though, to be done with those dorks :)

Also, to the educated 21st century banking consumer, geography is not really a good reason for choosing a bank. With the Co-Op network, just about any credit union account is good anywhere, even for ATM deposits and business you take care of at the counter like depositing cash. (Depositing checks can be done by mail.) Furthermore, some banks, like mine, offer unlimited ATM fee rebates. I went from looking for Citibank ATMs (IMPOSSIBLE in California) to using whatever ATM is in front of me. Even \"expensive\" liquor store ones. The $3 or whatever is automatically deposited in my account at the end of every month.

Moral of the story, why not choose a bank based on more than just what's nearby you?

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Ronin-Democrat
August 30, 2009 8:32 PM
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the STRONG small banks in a region should do coop marketing... personal service, know your banker because she has been here an average of x years, small but didn't need bail out, etc

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ThinkerTDM
August 30, 2009 8:41 PM
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...and that's change I can believe in! Thank you, President Obama, for changing the \"business as usual\" that has become commonplace in government.

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TurnkeyDB
August 31, 2009 12:48 AM
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@ThinkerTDM: Um yea also you should be aware that the banking crisis was actually precipitated by Clinton after he signed the banking \"reform\" act in 1999 that repealed the Glass-Steagal Act.

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MrEvil
September 2, 2009 12:17 AM
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@yodel: And Actually one of the big proponents of repealing Glass-Steagal was senator Phil Gramm (R) Texas

We can play this finger pointing game all week long.

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ARP
August 30, 2009 10:18 PM
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@ThinkerTDM: You're aware that most of the acquisitions happened pre-Obama, yes?

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mac-phisto
August 31, 2009 5:39 AM
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@ARP: 26 bank failures last year vs. what - 89 so far this year? yeah, i don't think so. not that it matters - mickey mouse could be president right now & we'd still be facing these closures.

@yodel: clinton was a huge friend of the bankers, so i doubt he would've repealed that legislation, but the legislation had more than enough votes to override his veto anyway - 90 senators & 362 representative voted yea. so please, let's put the blame where blame is due: capitol hill

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DrRoberts
August 30, 2009 11:28 PM
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It has been almost a year since the TARP was created and the Washington Post is still printing ridiculous distortions. The Treasury did not \"give\" banks one thin dime nor was the purpose of TARP to provide funds for acquisitions and TARP money has not been used to make acquisitions. For example, Wells Faro raised several billion dollars in a stock offering in order to fund the acquisition of Wachovia and did the FDIC and in turn the taxpayer a favor, since the FDIC was no longer on the hook for all those deposits. Why does the press have such a difficult time printing the truth?

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ponycyndi
August 31, 2009 11:27 AM
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When I started out as a non-minor with my own account, I had bank one, which failed. Then I had Bank U... which failed. Then I had Wachovia, then Wamu. FAIL. ALL OF THEM...


My only fail was having Compass for years with no issues, then I moved and there isn't a Compass nearby.


Can I please get a bank that isn't Chase or BOA that won't get eaten by them???

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savdavid
August 31, 2009 12:38 PM
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Although I hate the way most banks have treated me in the last 20 years, there is one bank I must say is outstanding. I live in Savannah, GA and I can't say enough good things about First Chatham Bank. They pay me interest on my checking account no matter how little I have in my account, sometimes as much as 4% but currently 2.25%. They charge no monthly fees, they have courteous tellers and free use of coin machines in their lobbies. I can walk into the lobby and if I want to see an officer, it is a matter of minutes. Best bank I have dealt with. I dread the day when one of these gigantic banks like BOA tries to buy them out. Till then, I must encourage people in my area to check them out.

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SonicPhoenix
August 31, 2009 2:45 PM
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I'm with HSBC and I've really enjoyed their service thus far. Additionally, I don't think they needed any bailout money which makes me feel like they must be doing something right. They have pretty competitive interest rates for their online savings account and it's nice to have my checking, savings and mortgage all under one website. They also have ATM's and branches that are local to me, my parents who are about 240 miles away and NYC so I can visit without having to worry about ATM fees if I need to withdraw cash.

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Sarcastichobbes
August 31, 2009 3:18 PM
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Credit Unions FTW

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SacraBos
August 31, 2009 4:34 PM
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If an institution is too big to fail, it's too big. Given the most profits come from the most predatory methods, I'll venture to say that they are now too big to succeed.

Support your local credit unions. They only way as a consumer we have to encourage competition and keep these places from getting to big is to take your business elsewhere.

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Winteridge2
August 31, 2009 6:36 PM
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Doesn't it make you all warm and tingly that you save Bank of America? Your greatgreatgreatgreat-grandkids will be paying for it.

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RStui
September 1, 2009 1:37 PM
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I'm with the other Credit Union people. And my mortgage is at USAA, who, even with mandatory arbitration, are still full of win to me.

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