My bank and I have come to a parting of the ways. I have started divorce proceedings, which should be final next month. I finally got tired of paying through the nose, and getting nothing for my trouble, not even a kiss.
So what’s the problem, I mean other than they charge $37.50 for an overdraft. And if you can’t make up the overdraft within 4 days, they start charging you $8 a day “negative balance fee.” Which means they burn poor people like me that have no way to make up the deficit. Except to pay120-300% interest to the loan sharks payday lenders.
Well, the problem is that I found someone new. Yes, I’ve been dating an new financial institution, a credit union. They will only charge me $20 for an overdraft, a savings of nearly 50%. I could get rich off of that alone. And they never heard of a “negative balance fee.”
If that weren’t charming enough, they pay higher interest if you happen to have money to save. As I will when my dad’s estate is settled. And I get my share of his insurance, too.
I already have accounts set up at the credit union. It was so nice to go in and give them $20 each for savings and checking. Many banks won’t take a first deposit of under $100. For the present, it’s just sitting there. I have my online bill pay all set up for the 1st of May, when they can move my Social Security direct deposit. Ah, direct deposit, how do I love thee, let me count the ways. Oh, sorry, you didn’t come here for a sonnet to direct deposit, did you?
In addition, Dad’s insurance is going to give me my “play money.” I know how much it will be, and I’m pricing some gizmos I think I need. (Oh, OK, I just want them.) I see a video camera in my future. Do I want the one that will record in HD? Then I’d have to get a Blu-Ray/HD combo drive for my computer. *sigh* I could probably spend it all, even if it was a $1million, which it’s nowhere close to. But it’s fun dreaming.
And now to sleep, perchance to dream. The weather is totally yucky, wet and cold, so I might as well sleep. Naturally, as soon as I get settled, they will inevitably come to fix the lights in my kitchen. Sadly, then I will no longer have an excuse not to cook and wash dishes.
Silverstar's Magical Adventures (and assorted rants) 
Sometimes you just have to leave your financial institution. I left Bank of America years ago for much the same reasons you cite. I bank at a local bank here, it is locally owned, serves only two communities, lends money to local people only and NEVER sells its mortgages. Oddly enough, it is on quite sound footing and completely unaffected by the national financial crisis! Plus, if I need money for some reason, I can walk in there and say “Patrick, I need $2000” and get the response “Do you need a check right now or can you wait until this afternoon?”
By: healingmagichands on March 25, 2009
at 10:05
Ah, I remember banks like that. We had them in Windy Point. I think Barney could walk up to the banker on the street, tell him he needed $xxx, and the banker would peel it off the roll in his pocket. And then tell him to come in later to sign the papers. I bought a car, and took out an educational loan at that bank. Those were the good old days.
By: silverstar98121 on March 25, 2009
at 10:20
On the street? sounds more like a dealer than a banker 🙂
By: nursemyra on March 25, 2009
at 12:55
I’ve left a bank too. When they became inflexible and unwilling to see things my way, I pulled my freight. I think I have one account left there, but it’s on my to do list to close that one out too.
We’ve never had the local bank experience here. Our banks have always been big; they can only operate under a charter granted by the federal government.
They are mostly reviled too, as (in good times) they make billions of dollars.
Good for you for making/taking a stand. Best of luck at your new credit union; I’ve always liked the “small town” feel of those places.
By: Rob on March 25, 2009
at 16:12
my primary financial institution has been a credit union for 30 years. LOVE ‘EM! you’ll be happy with your new financial partner. shame you can’t get a little revenge on the old one… maybe just a flaming bag of Friday Poo on the doorstep?
By: daisyfae on March 26, 2009
at 14:53
Don’t temp me. Sistah.
By: silverstar98121 on March 26, 2009
at 15:08
I told my dear son to leave his bank when he came back from Iraq with over $26,000 in his checking account and went to them to ask if he could have a loan so he could buy a car. His whole rationale for getting a loan was so he could make payments for a while and improve his credit score. They refused to loan him the money even when he opened a savings account that had more in it than he would owe on his car. I don’t know if he actually moved his money or not, but somebody else decided to take a risk on him and he now has his little sports car.
By: healingmagichands on March 28, 2009
at 09:18
Which credit union, BTW? I’ve been looking for a new bank and am beginning to think I’ll have better luck with a credit union.
By: Marisa Wood on March 28, 2009
at 21:58
I went to BECU, Marisa.
By: silverstar98121 on March 29, 2009
at 17:44