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Poll results: Where do you keep your money?

Voters
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  • Bank of America

    2 6.90%
  • Wells Fargo

    4 13.79%
  • JPMorgan Chase

    2 6.90%
  • Citigroup

    0 0%
  • Some other bank

    10 34.48%
  • Credit Union

    11 37.93%
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Thread: How do you Bank?

  1. #1
    Cyburbian michaelskis's avatar
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    How do you Bank?

    A friend recently commented that they are doing to close their account with Bank of America because of the new $5 fee for ATM/Debit cards. I personally was surprised that he even had an account with B of A. But, it got me wondering a bit more about financial institutions in general. Overall, banks are private for-profit businesses and credit unions are not for-profit and are ‘owned’ by the members. I was looking at the services that are provided at my credit union and was impresses as I could not find much of anything that they didn’t offer that a bank did.

    So it got me wondering why would anyone belong to a bank instead of a credit union. What do you belong to? If it is a bank, is it one of the big four (Wells Fargo, B of A, Citigroup, or JPMorgan Chase)?
    If you're not growing, you're dying. - Lou Holtz

  2. #2
    Cyburbian imaplanner's avatar
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    I've had a Bof A account since I was born, but I also have a credit union account. I am going to close my BofA account on national close your big bank account day.
    Children in the back seat can cause accidents - and vice versa.

  3. #3
    Cyburbian wahday's avatar
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    I've been with my credit union now for 13 years. I couldn't be happier and have 0 complaints about them.
    The purpose of life is a life of purpose

  4. #4
    Cyburbian michaelskis's avatar
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    Quote Originally posted by imaplanner View post
    I've had a Bof A account since I was born, but I also have a credit union account. I am going to close my BofA account on national close your big bank account day.
    WHAT? That might just be the coolest thing I have heard today! Where do I get more information?
    If you're not growing, you're dying. - Lou Holtz

  5. #5
    Cyburbian dandy_warhol's avatar
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    I have a credit union account that has just the minimum in it to keep it open. Most of my $ is in big bank but not one of the 4 you mentioned. I have it in that bank because that bank also holds my mortgage and it was easier to just set up the autopayments that way.

    I have two BOA credit cards (1 inactive, 1 active until recently). I'll be closing both cards at the end of the month.

  6. #6
    Cyburbian SW MI Planner's avatar
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    I've had my major savings/checking accounts for as long as I can remember from a credit union that's located where I'm from. I still do the majority of my banking with them via direct deposit, atm deposit/withdrawal, and online banking.

    My mortgage is through a small local bank and I also have a checking/saving through there but don't really use them.

  7. #7
    moderator in moderation Suburb Repairman's avatar
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    I'm a credit union guy, and have been for about 15 years. Over the last couple of decades it has become much easier to join credit unions, allowing them to become true direct competitors with banks.

    My dad, who works for a bank, maintains a credit union account along with a basic checking account with his employer bank (just for solidarity). One thing he preaches to people is to stay away from the national/multistate banks and go with someone more local/regional. Many of the local/regional banks are taking advantage of BofA, etc. debit card fees to attract those customers to them, along with credit unions.

    "Oh, that is all well and good, but, voice or no voice, the people can always be brought to the bidding of the leaders. That is easy. All you have to do is tell them they are being attacked and denounce the pacifists for lack of patriotism and exposing the country to danger. It works the same way in any country."

    - Herman Göring at the Nuremburg trials (thoughts on democracy)

  8. #8
    Cyburbian DetroitPlanner's avatar
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    Credit Union and I have a CMA with Merrill Lynch. The CMA ties all my cash, bonds, and stocks into one tidy package. (This is my outside of retirement savings). Sincle ML was taken over by BOA my returns have been getting worse with each statement. It is a goal of mine to get to the credit union and see if they offer something similar to the CMA so I can simplify things. When I was getting 5% on my cash ML was the way to go, but now that its about %0.025 it seems pointless.
    We hope for better things; it will arise from the ashes - Fr Gabriel Richard 1805

  9. #9
    Cyburbian btrage's avatar
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    We've been with 5/3 Bank for about six years. Our vehicle loans are through a credit union.
    "I'm very important. I have many leather-bound books and my apartment smells of rich mahogany"

  10. #10
    Cyburbian Tarf's avatar
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    I have Wells Fargo - evidently I'm the only one here (so far) with a major bank :P

    I have a fair amount of money in my account, so Wells Fargo avoids charging me for almost everything - even things like cashier's checks are free. I also will be exempt from any ATM use fees, like BofA is charging. So, meh, don't see much of a reason to go to a credit union...
    In the beginning the Universe was created. This has made a lot of people very angry and been widely regarded as a bad move. (Douglas Adams)

  11. #11
    OH....IO Hink's avatar
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    Switched from US Bank to a credit union last year and could not be happier. Not only do I get more %, but the customer service and ease of doing banking, is worth the effort to get all my bills, etc. changed over.
    A common mistake people make when trying to design something completely foolproof is to underestimate the ingenuity of complete fools. -Douglas Adams

  12. #12
    Cyburbian beach_bum's avatar
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    Quote Originally posted by imaplanner View post
    I've had a Bof A account since I was born, but I also have a credit union account. I am going to close my BofA account on national close your big bank account day.
    I will be doing the same or soon, honestly if banking wasn't so convenient and connected with everything, I would have dumped them years ago, their customer service is horrible.
    "Never invest in any idea you can't illustrate with a crayon." ~Peter Lynch

  13. #13
    Cyburbian ursus's avatar
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    I bank with Chase. I'm boring and don't care. I had a car loan through a credit union, but didn't bank there otherwise.

    My dad, no lie, is currently keeping thousands of dollars hidden in barrels of beans in his basement store room. "When the balloon goes up" he keeps saying. I'm pretty sure if the balloon goes up that badly, the beans will be more valuable than the money.
    "...I would never try to tick Hink off. He kinda intimidates me. He's quite butch, you know." - Maister

  14. #14
    Cyburbian Masswich's avatar
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    Quote Originally posted by ursus View post
    I'm pretty sure if the balloon goes up that badly, the beans will be more valuable than the money.
    That's what I keep telling my wife, who is not as radical as your dad but insists on keeping everything in an account with a "guaranteed return." I say that when the S**T hits the fan, cash won't be worth much either.

    As for my banking, I have 2 credit union accounts and an account with a relatively small local bank. The credit unions are great but sometimes I worry they are a little disorganized. Not that they are going to lose my money, but I just wouldn't want to bet the house on them.

    I figure that the rates I get allow me to pay for 1-2 ATM withdrawals from BOA or their ilk a month, which is all I do. There is one local bank that offers to pay all your ATM fees at big banks. Can't say I see the appeal of the big banks anyway (although I do have some money at BOA right now, but that's a long story and will soon be rectified.)

  15. #15
    Cyburbian WSU MUP Student's avatar
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    We do most of our day-to-day banking with a couple credit unions. But most of our large savings accounts (besides retirement stuff) is done through Chase. The interest earned is generally slightly less than what we would get at a credit union (and we have been slowly moving our significant savings over to our better paying credit unions), but we have enough in each of the Chase accounts that we pay no fees for any services, have multiple free safe deposit boxes, free life insurance, estate planning services, etc. My wife used to travel all over the country for work and she also always liked the fact that basically anywhere she went, she was able to find a physical Chase branch. We've also had consistently exceptional service from our local Chase branch office.

    In the end, as somebody who has gone from having basically nothing before he was married to being quite comfortable after he was married, I have to say that there is a noticeable difference in the personal treatment I receive (at either the bank or the credit union) now that I have an account with actual money in it. The only major difference is that when I go into the credit union, they're not constantly trying to sell me on some product.
    "Where free unions and collective bargaining are forbidden, freedom is lost." - 1980 Republican presidential candidate Ronald Reagan

  16. #16
    Cyburbian imaplanner's avatar
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    Quote Originally posted by michaelskis
    WHAT? That might just be the coolest thing I have heard today! Where do I get more information?
    A friend of mine said there was something going around facebook about it. I'm not on facebook so i'm not sure- but it's suppose to be sometime in November I think. I hope the news gets spread and people do it all within a few days- would really be awesome if that happened.

    Credit unions are so much better. My credit union has no fees and I get dividends. The big banks are taking this country down. It's time we fight back!
    Children in the back seat can cause accidents - and vice versa.

  17. #17
    Cyburbian dandy_warhol's avatar
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    Quote Originally posted by imaplanner View post
    A friend of mine said there was something going around facebook about it. I'm not on facebook so i'm not sure- but it's suppose to be sometime in November I think. I hope the news gets spread and people do it all within a few days- would really be awesome if that happened.

    Credit unions are so much better. My credit union has no fees and I get dividends. The big banks are taking this country down. It's time we fight back!
    Nov. 5th (to coincide with Guy Fawkes Day). I think they're calling it Bank Transfer Day - with the idea of switching on or by Nov. 5th.

  18. #18
    Cyburbian boiker's avatar
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    I abandoned the big banks last year. I have a USAA account and a local credit union. They serve my needs.
    Dude, I'm cheesing so hard right now.

  19. #19
    Cyburbian michaelskis's avatar
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    Quote Originally posted by imaplanner View post
    Credit unions are so much better. My credit union has no fees and I get dividends. The big banks are taking this country down. It's time we fight back!
    I agree, I love my CU. I get 3% interest on my checking, they pay my fees if I use a different ATM, they have locations all over this part of the state, and I have yet to find any feature or offer that any bank offers that my CU does not.

    I also agree about the big banks. We need to get away from them and go local.
    If you're not growing, you're dying. - Lou Holtz

  20. #20
    Cyburbian DetroitPlanner's avatar
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    One thing to watch is that CU's are rapidly consolidating. With each consolidation the CU becomes less flexible and things seem to tighten up (in terms of paying interest). The consoldiation of CUs is mimicing what happened to regular banks in the late 80's through the early 2000's.
    We hope for better things; it will arise from the ashes - Fr Gabriel Richard 1805

  21. #21
    Cyburbian Mud Princess's avatar
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    Quote Originally posted by dandy_warhol View post
    I have two BOA credit cards (1 inactive, 1 active until recently). I'll be closing both cards at the end of the month.
    Brownfield Opportunity Area credit cards?? Sorry, that's how my brain sees that acronym.

    I LOVE my credit union. We have all of our accounts there, plus the mortgage. I don't ever want to use a bank again - I had plenty of negative experiences with the Goliath National Banks of the '80s that gobbled up all the local banks.

  22. #22
    Cyburbian Richmond Jake's avatar
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    I use a regional bank and maintain a high enough balance that they better not dare charge me for anything.

    I can't image changing financial institutions and having to contact all the automatic deductions folks....
    Annoyingly insensitive

  23. #23
    Cyburbian imaplanner's avatar
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    Quote Originally posted by RichmondJake View post
    I use a regional bank and maintain a high enough balance that they better not dare charge me for anything.

    I can't image changing financial institutions and having to contact all the automatic deductions folks....
    Its really pretty simple to change. cmon dude- ditch the bank! Fight the man!!!
    Children in the back seat can cause accidents - and vice versa.

  24. #24
    Cyburbian illinoisplanner's avatar
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    My family banked with the same regional community bank for about 14 years, until they decided to sell out by letting themselves get bought out by a regional bank two states west of here. As a result, they lost that local, community feeling that we treasured about the instituion. The fact that they laid off my mom and a bunch of other local administrative people also put a sour taste in our mouth. So, we all went to Chase. If you're going to go with a bigger bank, you might as well go with the best, right? Plus, with where I'm located now, I would be too far from any of the bank branches of my old bank, which were located more in my old community back home and back in my college town.
    "Life's a journey, not a destination"
    -Steven Tyler

  25. #25
    Super Moderator kjel's avatar
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    I ditched BoA a few years ago when they started getting creative in how they processed transactions to gain the maximum fees. I went to WaMu which I liked a lot but was acquired by Chase when it went belly up. It's been ok for the most part, but change is in the air. If they institute a debit card fee or start getting creative it's off to the credit union I go.

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