Can we talk about banks today?.... Something infuriating happened this week and I just feel like I need to get this off my chest!
Let's face it, the reputation of banking as a profession is probably at an all-time low right now, and rightly so!
The banks used to call it a robbery when bad guys came in and took their money, so what should we call it now that the tables have been reversed and it's the banks that are taking OUR money?
I don't know about you, but I've had it up to my ears with banks. Move over lawyers, bankers are about to usurp your long-standing title of the least respected profession.
They used our money for bailouts when the banks collapsed the industry with predatory lending. The result was that it's harder than ever to borrow money and record profits lie ahead for some banks. Too much is never enough when you're feeding sharks. And right now, the biggest and slimiest shark in the pond seems to be Bank of America, which I am most sorry to say, is where I do my banking, but not by choice.
When my husband & I first got married 35 years ago, we did our banking at North Carolina National Bank (NCNB). It was an enjoyable experience. They were a relatively small regional bank with personable service and we literally had no complaints. But they were gobbled up first by NationsBank (which I didn't enjoy working with) and then ultimately by Bank of America in 1998 (which I detest).
In retrospect, we should have cut our losses and pulled out of Bank of America a long time ago, but here's the deal... there never is a good time to do that, is there? Automatic deposits and transfers can make that process very scary & complicated, and once we started the business in 2004 and opened up a separate Corporate account, the complications became seemingly insurmountable, what with credit card transactions, PayPal payments, internet income, automatic tax payments, payroll issues, etc. etc. In short, we feel trapped. We're stuck with them, or are we?
Something happened this week that made me so mad that I just might be ready to bite the bullet and tell Bank of America to take their bank and SHOVE it!
As you've probably read, Bank of America has led the way in adding new fees & charges of late (which may partially explain why they are the 9th most hated company in the US). And their recent decision to begin charging a $5 monthly debit card fee has been well publicized.
As a longtime debit-card user this disgusted me, but I quit using my debit cards cold turkey, both for our personal & corporate accounts. So no one was more surprised than me when I opened my corporate statement this month, and noticed a $14 service charge. I could see no apparent reason for the charge, so I called the local branch and this is what I was told...
To avoid a monthly service charge, I must satisfy one of the following:
a) maintain an average daily balance of at least $3000, or....
b) use my debit card at least once per month.
Now wait a minute.........
I couldn't believe my ears.
"So let me get this straight", I asked him, "You want to charge me $5/month for using my personal debit card, but on the other hand, you are going to charge me $14/month for NOT using my corporate debit card????."
When I posed this question to the branch manager he seemed to be at a loss for words. I'm glad I don't have to make my living defending an idiotic policy like this. In his defense, he refunded the charge, but once again, Bank of America came off looking like charlatans!
But what about YOU?
What do YOU think the banks should do to make amends for the mess they have made?
*****************************************************************************
Let's face it, the reputation of banking as a profession is probably at an all-time low right now, and rightly so!
The banks used to call it a robbery when bad guys came in and took their money, so what should we call it now that the tables have been reversed and it's the banks that are taking OUR money?
I don't know about you, but I've had it up to my ears with banks. Move over lawyers, bankers are about to usurp your long-standing title of the least respected profession.
They used our money for bailouts when the banks collapsed the industry with predatory lending. The result was that it's harder than ever to borrow money and record profits lie ahead for some banks. Too much is never enough when you're feeding sharks. And right now, the biggest and slimiest shark in the pond seems to be Bank of America, which I am most sorry to say, is where I do my banking, but not by choice. When my husband & I first got married 35 years ago, we did our banking at North Carolina National Bank (NCNB). It was an enjoyable experience. They were a relatively small regional bank with personable service and we literally had no complaints. But they were gobbled up first by NationsBank (which I didn't enjoy working with) and then ultimately by Bank of America in 1998 (which I detest).
In retrospect, we should have cut our losses and pulled out of Bank of America a long time ago, but here's the deal... there never is a good time to do that, is there? Automatic deposits and transfers can make that process very scary & complicated, and once we started the business in 2004 and opened up a separate Corporate account, the complications became seemingly insurmountable, what with credit card transactions, PayPal payments, internet income, automatic tax payments, payroll issues, etc. etc. In short, we feel trapped. We're stuck with them, or are we?
Something happened this week that made me so mad that I just might be ready to bite the bullet and tell Bank of America to take their bank and SHOVE it!
As you've probably read, Bank of America has led the way in adding new fees & charges of late (which may partially explain why they are the 9th most hated company in the US). And their recent decision to begin charging a $5 monthly debit card fee has been well publicized.
As a longtime debit-card user this disgusted me, but I quit using my debit cards cold turkey, both for our personal & corporate accounts. So no one was more surprised than me when I opened my corporate statement this month, and noticed a $14 service charge. I could see no apparent reason for the charge, so I called the local branch and this is what I was told...
To avoid a monthly service charge, I must satisfy one of the following: a) maintain an average daily balance of at least $3000, or....
b) use my debit card at least once per month.
Now wait a minute.........
I couldn't believe my ears.
"So let me get this straight", I asked him, "You want to charge me $5/month for using my personal debit card, but on the other hand, you are going to charge me $14/month for NOT using my corporate debit card????."
Am I the only one who finds
this totally sneaky & completely underhanded?
When I posed this question to the branch manager he seemed to be at a loss for words. I'm glad I don't have to make my living defending an idiotic policy like this. In his defense, he refunded the charge, but once again, Bank of America came off looking like charlatans!
I read recently that Bank of America is trying to change their public image with a new advertising campaign, to which I would have to say,
"Get your heads out of that corporate cloud!"
It's going to take a lot more than a stupid ad campaign
to change MY opinion of Bank of America!
to change MY opinion of Bank of America!
But what about YOU?
What do YOU think the banks should do to make amends for the mess they have made?
*****************************************************************************
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The corporations have gotten much too big. We need to break up the banks and corporations and let General Foods become just general foods, and so on. When my bank got gobbled up I switched to a local bank that swears it will not sell out. I don't know if it will stay that way, but I'm trying to stay local. The banks and corporations have become obscene with their huge bonuses for execs whose companies have needed bailouts. Essentially our money goes for bailouts to help keep these companies stay in business too allow their execs to take big bonuses. I begin to babble when I think about it! None of us have seen any of the stimulation money. It has never gotten out of the corporate offices. No one goes to jail. Why should they be honest? I could babble on and on. I feel like we are the peons and the Sheriff of Nottingham is in charge. Where the hell is King Richard? Off to the crusades. He doesn't seem to care either. He's off with the boys and their toys. Good grief!
ReplyDeleteI love my local credit union because as a member I am a part owner and I find that I am treated with respect there. Most credit unions handle corporate accounts too and I'm sure that if you joined your local one they would do all the paperwork, etc that would be involved with switching from BOA. I left BOA a year ago and have not regretted it for even a second. The service from my credit union is just as good and often better than what I got from BOA and if there is ever a problem that I consider is big I can get on the phone to the top guy and actually talk it through with him. I suggest you look into switching to your local credit union.
ReplyDeleteI don't disagree with your opinion of banks in general or BofA in specific. However, I will clarify one thing. I worked at C&S/Sovran when it was purchased by NCNB through to years after it was called BofA. The actual chain of events was that NCNB purchased C&S/Sovran and then changed the name to NationsBank. Then NationsBank purchased Bank of America and changed the name again. It was always the management team of NCNB that has been leading the bank through all of those changes. When I worked there it was run by Hugh McColl. He was a great leader and did amazing things there. The two succeeding Chairmen have/had no leadership skills at all and that's why the bank sucks so bad right now. There's no excuse for the current state of that bank than a total void of leadership at the top. It's sad to see.
ReplyDeleteI love, love, love USAA. I have a small credit union that I use to deposit checks, but everything else goes through USAA. It was a pain when we switched our bank a couple years ago, but it's worth it now!
ReplyDeleteI am truly fortunate to have accounts at the best credit union in the world. I have had NO complaints in 35(!) years. I think we should arrest one banker for every arrested OWS protester. BoA started its slide into skullduggery when they foreclosed on the window factory in Chicago (remember that?). At the time they came on my radar as evil-doers and I remember feeling happy that I had a credit union.
ReplyDeleteThe big banks seem to believe that they're made of Teflon and they can cook our goose any way they like and nothing will stick. I have been a member of a credit union for 25 years. It has one office and I know everyone who works there by their first names. When my dad passed and I was helping Mom through the paperwork, they tied themselves in knots to help. They don't charge a penny to use any cash machine and I wouldn't dream about going anywhere else. I feel for you as you look at the mountain of details that need to be handled in order to switch banks. But if the new one is worthy of your business, they'll get you through. Good luck!
ReplyDeleteYou're right Diane. I'll try to remember that as we go forward.
ReplyDeleteThanks. :)
Great blog today! Our bank is still a local bank and so far hasn't added some of the nasty fees like BOA and others, but I know that it could happen. I'm ready to transfer over to my credit union, but they don't have online banking services yet; if they added that, I would change over right now.
ReplyDeleteThere was a time, just a few years ago, when my husband had a checking account at a Huntington's Bank, a few blocks from our home. One day we stopped by the bank for him to withdraw a couple hundred dollars from that account, and they told... him that he would be charged a "teller service fee"-- unless he went outside and used the ATM, which had no service charge!
ReplyDeleteWe are both of the belief that we like to do business "face to face" whenever possible and that outdoor ATM's are often vulnerable to robberies. So he asked, "How much will you charge me to close my account?"
They said that there would be no charge for closing his account so, instead of withdrawing a couple hundred dollars-- he just withdrew several thousand...permanently! It made no sense then, and it makes no sense now--- when a bank decides to "rob" you on every transaction, you don't need them~~
I REALLY admire your husband Patricia! Way to go!
ReplyDeleteThe downside of local banks? My friend has always done business with his local bank. A couple of years ago it was forced out and no bail out for them. Many people's loans were sold to predators. So many people in that small town have been forced out of business and out of their homes by these predators. So many have lost their retirement plans due to their property and businesses being taken by predators. My friend has spent 3 years and so far $25,000 in bankruptcy costs - not to get out of any bills (there were only two creditors and he's paying both) but to reorganize to try to keep Summit Financial from taking everything he owns.
ReplyDeleteAround here Summit is right up there with Bank Of America and no bailouts for those of us in the middle of the country. So far I like my credit union.
Not only do the banks charge us move we make, and pay huge salaries and bonuses to their executives no matter what the quality of their work, the banks use OUR money to lobby Congress and state legislatures to loosen the rules so they can steal more of the money we have to earn.
ReplyDeleteI echo what several said already: I love my credit union! Bank of America (and the other big ones) are no better than those payday loan centers. WE pay THEM to keep our money! And we get "fee'd" to death and paid next-to-nothing in interest on our savings and CDs. If my credit union ever decides to act like the banks, I may just adopt great-grandma's banking practices: I'll hide my money in my mattress!
ReplyDeleteGreat blog topic, Kathy.
I've hated Bank of America for years--ever since I moved to a small town in L.A. and opened an account--and wrote checks to pay bills. They slapped a 12-day hold on a payroll check from a company in business for 35 years! Needless to say, all the checks were returned NSF and I was charged outrageous fees. I immediately closed the account and went to Washington Mutual, which I loved but which is now Chase. Boo hiss! I also won't use Union Bank--if you have an item that overdraws your account but also make a deposit on the same day, they will actually overdraw your account and charge you rather than netting the transactions out and then applying them. I'll tell ya--the tricks are never ending!
ReplyDeleteGail D.
Bottom line, get rid of them so you can quit stewing about it. Wells Fargo has been treating us well.
ReplyDeleteMy mom just went through a similar experience and finally did change her account. We live in upstate SC and she changed to Bank of TR (same bank I use) and is very glad she did. It is a local bank without all the gimmicks. So I know it would be a lot of work for you to change but the only way to finally get across to the banks that what they are doing is not going to be tolerated is to get out of them. It will take a lot of people to get the message across but one by one it is possible. I am proud of my mom, she is one. (-;
ReplyDeleteAmen! We went to a credit union about 30 years ago and have been much happier with their policies, although I will admit that they are not perfect, either. We have debit and credit cards with them, can do direct deposit, etc. And as "seniors" are allowed free checks (plain, but who cares) and free checking. Hope you can find a better solution. You begin to understand why a bunch of students burned the Goleta, CA Bank of America in the early 70s.
ReplyDeleteGet thee to a credit union! If at all possible. We were forced to move all our accounts to a certain bank when we relocated and took out a mortgage with the bank we had our prior mortgage with for 10 years. I miss the credit union. They were infinitely more customer oriented. When I go to the bank -- even the employees there secretly admit they hate it there.
ReplyDeleteWe are in a credit union, Option 1 in GR, MI. Love it and their people. We were with FMB when it was taken over by Huntington, many found their deposits not honored in the chaos of this. We call them Huntitdown Bank. Stay away from them...they are still bad news.
ReplyDeleteAmen Sister! You've said everything I think about this company and more. Anything further I would add is really unprintable here. Thanks for speaking up.
ReplyDeleteYou do know that Wells Fargo is foreign owned...
ReplyDelete