The CEO of my bank apparently made some callous remarks about surviving this economy at a Chamber of Commerce meeting. I can't find a transcript so I can't tell exactly what it was or whether it's being spun (positively or negatively) by reporters.
But in trying to find more about this meeting, I did find out that he's nicknamed "the Golden Boy of Wall Street" and that my bank is more involved in predatory lending than I realized. (Since US Bank didn't appear in many stories about the mortgage debacle, I assumed they were a more temperate bank in their financial behavior.)
So, I dunno. I've had good experiences with the bank overall, and I'm very used to the online checking system. But I'm uncomfortable that banks think they can do business the way they do and think that no one will take their business elsewhere.
I'm online looking at credit unions, and I think I found one that's not too inconvenient to us geographically. (There are closer ones but we don't meet the membership eligibility -- having to work for a specific company or industry.)
Seems like their checking accounts, ATMS, checks, etc. are free, which would be important (I typically don't pay a dime to do my banking). And your money is protected up to $250,000 -- we only have about $20,000 in checking and savings.
Anyone have any thoughts on credit unions? I've been with my big bank for so many years -- are there any drawbacks or inconveniences you can think of?
Pondering a switch to a credit union
November 2nd, 2011 at 10:10 pm
November 2nd, 2011 at 10:35 pm 1320273349
November 2nd, 2011 at 10:58 pm 1320274682
Most CUs network together so that ATM withdrawals are free, from any CU. Living in large metro areas, I always found the "free ATMs at any CUs" far more convenient than sticking to one specific bank.
November 3rd, 2011 at 12:22 am 1320279766
November 3rd, 2011 at 02:37 pm 1320331054
Now I have to look up this information about the US Bank because I go to US Bank.
November 3rd, 2011 at 02:40 pm 1320331207
http://www.nakedcapitalism.com/2011/11/hubris-watch-us-bank-ceo-sniffs-about-breaking-rules-when-his-bank-has-huge-trustee-liability.html
November 3rd, 2011 at 02:51 pm 1320331892