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Author Topic: The move your money! trend  (Read 4346 times)
monarda
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« on: November 18, 2011, 9:51:05 PM »

I've belonged to a credit union for years, for checking, CDs, mortgages.  Today I opened two credit card accounts at the credit union to replace the ones I have at Bank of America and Citi.  I never carry a balance. It doesn't matter that these banks never made any interest off of me.  It felt good...like when you've just cast your vote for someone you believe in.

I'm liking this movement. Keep things local.  We got angry at Chase customer service years ago and closed our accounts there.  BofA and Citi are both on lists of the big evil banks...
I HATE Wells Fargo and Washington Mutual.  All of our mortgages are held (and processed) locally.

I still have a US Bank card, but I've been unable to determine (yet) if they're a "good bank" or a "bad bank". Any opinions?

<I'm also jazzed because we learned that both our credit scores are A+>
<Not a surprise, but good reason to pat self on shoulder and grin>
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monarda
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« Reply #1 on: November 18, 2011, 10:36:13 PM »

Related Daily Kos post
<that uses too much bold, italics, and other emphases> ... sorry.
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charlesr
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« Reply #2 on: November 19, 2011, 3:54:44 PM »

The article is wrong.  The 12 to 1, or 30 to 1 ratios mentioned refer to how much a dollar of equity can be levered by borrowing.  Deposits are not equity, they are liabilities.  In fact, the deposits are one instrument that banks can use to lever their equity. 

Closing a $1,000 account reduces the assets of the bank by $1,000, not $12,000 or $30,000.
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fizmath
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« Reply #3 on: November 21, 2011, 11:48:08 AM »

Here is a list of banks that are "too big to fail."

http://lewrockwell.com/wenzel/wenzel146.html

The initial list of G-SIFIS:

Belgium: Dexia
China: Bank of China
France: Banque Populaire, BNP Paribas, Crédit Agricole, Société Générale
Germany: Commerzbank, Deutsche Bank
Italy: Unicredit
Japan: Mitsubishi, Mizuho, Sumitomo Mitsui
Netherlands: ING
Spain: Santander
Sweden: Nordea
Switzerland: Credit Suisse, UBS
UK: Barclays, HSBC, Lloyds, Royal Bank of Scotland
US: Bank of America, Bank of New York Mellon, Citigroup, Goldman Sachs, JP Morgan, Morgan Stanley, State Street, Wells Fargo
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spork
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« Reply #4 on: January 06, 2013, 11:23:46 PM »

As I posted elsewhere, I recently refinanced out of a mortgage with Citizen's Bank, which is owned by RBS. Under the old mortgage, monthly payments were autodebited from my checking account and Citizen's waived its usual $20 per month fee for the account.

I suspected that as soon as the refinancing went through Citizen's would start applying the fee, so I went to the closest branch and closed the account. Or at least the person I met with said the account was closed. A couple of days later I went into the Citizen's website to see if I still had online access -- I wanted to make sure the whole online account was erased for security purposes. The checking account was still there online, I still had access, and I saw that Citizen's had charged my account for the monthly payment on the mortgage that the bank no longer held. Twice. Plus applied fees for insufficient funds.

I sent a message through the website and the response was that I needed to call. By the time I called, the autodebits were canceled, but the insufficient funds fees were still there and my account was still open. The person I spoke with said she would remove the fees and close the account. Nope, didn't happen. I called again and was told that the fees would be removed but I would need to call yet again after my account showed a zero balance to close it.

I just checked, and it's a zero balance. So now I'm calling, before more fees are applied to the account . . .

I'm never using this bank again.
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a.k.a. gum-chewing monkey in a Tufts University jacket

"There are no bad ideas, only great ideas that go horribly wrong."

"Please do not force people who are exhausted to take medication for hallucinations." -- Memo from the Chair, Department of White Privilege Studies, Fiork University
karmann
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« Reply #5 on: January 07, 2013, 3:14:32 PM »

Spork, PNC did something very similar to me.  In my case, I had a checking account with a line of credit attached in case of overdraft.  When they closed the checking account, they didn't close the LOC associated with it.  I went on with my life, until I ran a credit check and found a balance on the overdraft account for the annual fee associated with the LOC.  It took multiple phone calls to get the fees erased, and then they couldn't just close the account, for whatever reason.  So that was more phone calls. 

Oh, and the whole reason I closed the accounts was that when PNC bought out my former bank (National City) they did it on a rolling basis, and because my accounts were opened in a different state years before, my accounts actually became PNC before my local branch did.  I couldn't make deposits anywhere within 500 miles of me, and this was before I could do direct deposit of my paychecks.  So for like a month, I had to give my paycheck to my local not-quite-PNC branch, and they would overnight the stupid thing to the nearest fully-PNC branch, which was two states away, so it could be deposited.  I also couldn't make withdrawals and we were in the process of buying a house, so when we needed several thousand dollars for earnest money, our local branch made us get it out of their ATM and they overrode the $200 limit about 20 times.  It was comical. 
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fizmath
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« Reply #6 on: January 10, 2013, 11:47:40 AM »

http://moveyourmoneyproject.org/
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spork
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« Reply #7 on: February 02, 2013, 7:32:05 PM »

I wanted to post an update about the big bank I moved to after refinancing and closing my Citizen's Bank/RBS accounts: Sovereign Bank, which is owned by Santander.

I opened a "premier" account because I'm told by the branch employee who opens the account for me that I will not be charged monthly maintenance fees, due to my mortgage. I am handed literature that says this as well. The refinance goes according to plan, funds are disbursed, etc.

And what do I see today when I log into my account via the bank's website: $120 in applied and pending account maintenance fees. I call the 800 number. After some back and forth, I'm told that the applied fees will be reversed but that I'll have to call back again after the pending fees are charged to my account, to go through the same process all over again. I'm also informed that I was told at the branch was incorrect, and that I should go to the branch to get into a "classic" account package to avoid the monthly fees. The person I'm speaking with on the phone of course can't do this remotely.

So now I have to go to a second branch, on the chance that the person I spoke dealt with at the first branch was an idiot. Or the person I just spoke with on the phone is an idiot.

I'm tempted to simply close the Sovereign account once all the fees get reversed, which I will insist on, and only use my credit union for checking, even though the closest branch is almost 40 miles away (near where I work), and pay my mortgage the old fashioned way by mail with a stamp each month. I think my credit union offers refunds of ATM charges, so I could use nearby ATMs to get cash. Paying the mortgage by hand each month is a pain though.
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a.k.a. gum-chewing monkey in a Tufts University jacket

"There are no bad ideas, only great ideas that go horribly wrong."

"Please do not force people who are exhausted to take medication for hallucinations." -- Memo from the Chair, Department of White Privilege Studies, Fiork University
monarda
younger looking
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Posts: 741


« Reply #8 on: February 05, 2013, 12:04:01 AM »

Spork,
Does your credit union's web site have an on-line bill pay?
I pay my mortgages held by a small local bank from my credit union's web site.
Payment sent from credit union to small local bank electronically.
No stamps, no envelopes.
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spork
If you are reading this, I am naked.
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Posts: 16,155


« Reply #9 on: March 11, 2013, 10:29:14 AM »

After getting two months of Sovereign's inaccurate fees reversed, the bank did the same thing again this month.
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a.k.a. gum-chewing monkey in a Tufts University jacket

"There are no bad ideas, only great ideas that go horribly wrong."

"Please do not force people who are exhausted to take medication for hallucinations." -- Memo from the Chair, Department of White Privilege Studies, Fiork University
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