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TS09
Guest
Which of these three banks are better? I want to open up a new account and these tree are near me.
- Status
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whatevergirl
Guest
***We bank with Wachovia…with the buyout with Wells Fargo (now owns them as you probably know) they are very solvent. Probably more solvent than the other too…Bank of America is a good one, too. But, I would choose Wachovia. It’s up to you of course…what do you look for in a good bank? ***
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StGerardMajella
Guest
None of these options make sense. Choose a small, locally owned credit union that is financially sound, and contributes back to your local community.
Big banks such as Wachovia, Bank of America, and SunTrust all have major issues.
First, Wachovia is a joke. Management ran the bank into the ground with some terrible business decisions, and now they are being taken over by Wells Fargo. Otherwise, this bank would be in bankruptcy right now. (Wells Fargo is a decent bank, however, and run by competent management.)
Bank of America is a classic “New World Order” kind of bank. Major mismanagement and money laundering take place at this bank. Customer service is terrible. This bank is under-capitalized based on the recent stress tests conducted by Treasury.
Just a year or two ago, they were opening checking accounts for illegal immigrants without Social Security numbers. (How very patriotic.)
SunTrust? More conservative, but again, service is generally poor. The only reason why SunTrust exists even today is because they were one of the first investors in Coca-Cola. News on the street for a long time has been that this bank is ripe for a merger.
All the big banks - including Chase - are monolithic, faceless automatons. Top management at these big banks is pretty deplorable. Just read about Chase CEO Jamie Dimon sometime, and the screaming and humiliation that he does to his staff during meetings. Chase is run by a culture of fear and threatening intimidation.
Not to say that each and every employee at these banks is deserving of criticism, but you are always better off supporting your locally owned bank or credit union.
Stay away from the big banks. Think local.
Big banks such as Wachovia, Bank of America, and SunTrust all have major issues.
First, Wachovia is a joke. Management ran the bank into the ground with some terrible business decisions, and now they are being taken over by Wells Fargo. Otherwise, this bank would be in bankruptcy right now. (Wells Fargo is a decent bank, however, and run by competent management.)
Bank of America is a classic “New World Order” kind of bank. Major mismanagement and money laundering take place at this bank. Customer service is terrible. This bank is under-capitalized based on the recent stress tests conducted by Treasury.
Just a year or two ago, they were opening checking accounts for illegal immigrants without Social Security numbers. (How very patriotic.)
SunTrust? More conservative, but again, service is generally poor. The only reason why SunTrust exists even today is because they were one of the first investors in Coca-Cola. News on the street for a long time has been that this bank is ripe for a merger.
All the big banks - including Chase - are monolithic, faceless automatons. Top management at these big banks is pretty deplorable. Just read about Chase CEO Jamie Dimon sometime, and the screaming and humiliation that he does to his staff during meetings. Chase is run by a culture of fear and threatening intimidation.
Not to say that each and every employee at these banks is deserving of criticism, but you are always better off supporting your locally owned bank or credit union.
Stay away from the big banks. Think local.
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Rach620
Guest
Wachovia. It is now part of Wells Fargo, one of the strongest banks in the country. Wells Fargo really has a customer service focus that I am guessing is present in the Wachovia culture as well–if not now, it will be in the not-so-distant future!
I would definitely stay away from Bank of America, as it actually could be a full government entity in not too long. Never heard of SunTrust…
I would definitely stay away from Bank of America, as it actually could be a full government entity in not too long. Never heard of SunTrust…
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Mattapoisett64
Guest
I would agree that a smaller local or regional bank would be best. Failing that, whatever you do, AVOID Bank of America. Terrible customer service, hidden practices, I know no one who has been happy with them when they moved into this area.
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whatevergirl
Guest
***I disagree, we have been with Wachovia for a while, and they have been great. They are owned by Wells Fargo, who isn’t going anywhere…I don’t know if it’s fair to say mgmt single handedly ran them into the ground…something called a mortgage crisis might have had something to do with that.
To each’s own. ***
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StGerardMajella
Guest
Wachovia is a joke.
Wachovia made a huge blunder. They purchased a sub-prime mortgage lender, Golden West, out of California just before the slowdown started. Took a huge beating in their stock price for this boneheaded decision. Investors took a bath and ousted the CEO for his incompetence.
Anyone with half a brain could see that this mortgage crisis would soon bust. You can’t lend money to unqualified borrowers and expect to get repaid.
Everywhere you turned mortgage brokers were advertising “No Down Payment, Interest Only” loans. “Bad credit score - No problem!”. And Wachovia management, being the absolute incompetents that they are, decided to purchase one of these bogus, fraudulent sub-prime lenders at the height of the feeding frenzy.
If it weren’t for Wells Fargo, Wachovia would be toast.
I don’t care if their customer service is satisfactory - it always has had good ratings - I want a bank that is solvent and has solid management.
Customer service is only great if the bank stays in business. Based on Wachovia’s dismal management, I would never give them a dime of my money to invest or to hold as deposits.
In July of 2008, Wachovia posted a $8.8 billion dollar loss. In October 2008, Wachovia posted a whopping $23 billion dollar loss.
It gets worse. Wachovia was caught up in a huge money laundering scandal in Mexico. You can read about it here in Forbes:
forbes.com/2007/11/15/money-laundering-mexico-biz-wall-cz_nv_1115casa.html
It gets even worse than that. Wachovia paid $144 Million dollars to settle an investigation into telemarketers that were using banking information to scam their elderly customers:
huffingtonpost.com/2008/04/25/wachovia-to-pay-144-milli_n_98630.html
To each his own? Maybe. I guess. If you prefer banking with a bunch of incompetents that promote money laundering and prey on their elderly customers, then Wachovia is the bank for you!
Wachovia made a huge blunder. They purchased a sub-prime mortgage lender, Golden West, out of California just before the slowdown started. Took a huge beating in their stock price for this boneheaded decision. Investors took a bath and ousted the CEO for his incompetence.
Anyone with half a brain could see that this mortgage crisis would soon bust. You can’t lend money to unqualified borrowers and expect to get repaid.
Everywhere you turned mortgage brokers were advertising “No Down Payment, Interest Only” loans. “Bad credit score - No problem!”. And Wachovia management, being the absolute incompetents that they are, decided to purchase one of these bogus, fraudulent sub-prime lenders at the height of the feeding frenzy.
If it weren’t for Wells Fargo, Wachovia would be toast.
I don’t care if their customer service is satisfactory - it always has had good ratings - I want a bank that is solvent and has solid management.
Customer service is only great if the bank stays in business. Based on Wachovia’s dismal management, I would never give them a dime of my money to invest or to hold as deposits.
In July of 2008, Wachovia posted a $8.8 billion dollar loss. In October 2008, Wachovia posted a whopping $23 billion dollar loss.
It gets worse. Wachovia was caught up in a huge money laundering scandal in Mexico. You can read about it here in Forbes:
forbes.com/2007/11/15/money-laundering-mexico-biz-wall-cz_nv_1115casa.html
It gets even worse than that. Wachovia paid $144 Million dollars to settle an investigation into telemarketers that were using banking information to scam their elderly customers:
huffingtonpost.com/2008/04/25/wachovia-to-pay-144-milli_n_98630.html
To each his own? Maybe. I guess. If you prefer banking with a bunch of incompetents that promote money laundering and prey on their elderly customers, then Wachovia is the bank for you!
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purplesunshine
Guest
BOA’s online banking is supreme. I had to switch from M&T and I really like it. You can download your bank statements into excell
They have “keep the change” which takes the cents portion of your purchase and puts it in savings. And they do matching for the first 3 months and then 5% after that…so free money…YAY.
That being said, the cashiers are all a bit twitty no matter where I go (and I’ve been to BOA in several locations across 5 states).
I’d rather a small town bank but the freedom of BOA is rather nice. And about solvencey…its protected by the goverment…so it goes down the government is there to protect your money…and if the goverments not there, I doubt having your money in a little bank would be all that much the wiser.
They have “keep the change” which takes the cents portion of your purchase and puts it in savings. And they do matching for the first 3 months and then 5% after that…so free money…YAY.
That being said, the cashiers are all a bit twitty no matter where I go (and I’ve been to BOA in several locations across 5 states).
I’d rather a small town bank but the freedom of BOA is rather nice. And about solvencey…its protected by the goverment…so it goes down the government is there to protect your money…and if the goverments not there, I doubt having your money in a little bank would be all that much the wiser.
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noclevername
Guest
I don’t like any of those megabanks. They are too big and don’t care about anything. Go to a credit union. I have a wonderful credit union and I love it.
One thing a credit union will do that a megabank won’t do do is process deposits before withdrawals. But the megabanks will process withdrawals then the paycheck and I would end up wiht a lot of overdrawn fees. There were times a while back when I would get really close to the end of my paycheck before the next one came. WHen I was in the megabank they would process the withdrawals first and then hit me tons of overdraft fees. The credit union doesn’t do that. Thankfully those are the old paycheck to paycheck days are over for me though.
Also, most of the megabanks will only let you talk to a real person at customer noservice a couple times a month. After the two phone calls they charge you if you call again. That is why I fired Wachovia. I had a problem with my checking account once and it was their fault. I ended up having to call them three or four times to get it straightened out and they charged me $2 for each call after my two free a month. I thought it was ridiculous so I closed all of my accounts and not bank with my credit union and can’t be happier.
One thing a credit union will do that a megabank won’t do do is process deposits before withdrawals. But the megabanks will process withdrawals then the paycheck and I would end up wiht a lot of overdrawn fees. There were times a while back when I would get really close to the end of my paycheck before the next one came. WHen I was in the megabank they would process the withdrawals first and then hit me tons of overdraft fees. The credit union doesn’t do that. Thankfully those are the old paycheck to paycheck days are over for me though.
Also, most of the megabanks will only let you talk to a real person at customer noservice a couple times a month. After the two phone calls they charge you if you call again. That is why I fired Wachovia. I had a problem with my checking account once and it was their fault. I ended up having to call them three or four times to get it straightened out and they charged me $2 for each call after my two free a month. I thought it was ridiculous so I closed all of my accounts and not bank with my credit union and can’t be happier.
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StGerardMajella
Guest
First, Bank of America is severely under-capitalized, and will have to raise billions of dollars in funds soon if it hopes to stay solvent:
google.com/hostednews/ap/article/ALeqM5gQ6iVGh2tkgdbkyaZBrqeP-BqpdwD984CM582
Secondly, this is the same bank that has been marketing its credit cards to illegal immigrants:
npr.org/templates/story/story.php?storyId=7388709
So you have a bank that doesn’t have enough capital, and needs to raise billions more. Plus it is engaged in nefarious activities by promoting its credit card services to illegal immigrants.
Online banking be darned. In today’s techie era, even the smallest community banks have sophisticated online banking platforms.
The plot thickens. Bank of America uses its subsidiaries in the Cayman Islands to cheat on its taxes:
theweek.com/article/index/96016/Where_money_goes_to_hide
Again, I ask you, why on earth would you want to deposit your hard earned cash into a faceless multinational conglomerate that engages in these criminal practices? They cheat on their taxes, promote illegal immigration, and face the risk of insolvency because they are under-capitalized. They are a major component in the effort to establish a world monetary system.
FDIC insurance is FDIC insurance regardless of the size of the bank. It doesn’t matter if it’s a small bank or a large bank. If the FDIC insures your deposits, the size of the bank doesn’t matter at all.
google.com/hostednews/ap/article/ALeqM5gQ6iVGh2tkgdbkyaZBrqeP-BqpdwD984CM582
Secondly, this is the same bank that has been marketing its credit cards to illegal immigrants:
npr.org/templates/story/story.php?storyId=7388709
So you have a bank that doesn’t have enough capital, and needs to raise billions more. Plus it is engaged in nefarious activities by promoting its credit card services to illegal immigrants.
Online banking be darned. In today’s techie era, even the smallest community banks have sophisticated online banking platforms.
The plot thickens. Bank of America uses its subsidiaries in the Cayman Islands to cheat on its taxes:
theweek.com/article/index/96016/Where_money_goes_to_hide
Again, I ask you, why on earth would you want to deposit your hard earned cash into a faceless multinational conglomerate that engages in these criminal practices? They cheat on their taxes, promote illegal immigration, and face the risk of insolvency because they are under-capitalized. They are a major component in the effort to establish a world monetary system.
FDIC insurance is FDIC insurance regardless of the size of the bank. It doesn’t matter if it’s a small bank or a large bank. If the FDIC insures your deposits, the size of the bank doesn’t matter at all.
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ghssd
Guest
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ack
Guest
Two things that I would look at when choosing my bank:
1 - ATM availability – will a no-fee ATM be available in all the places that you normally visit? For small local banks with few ATMs – do they offer ATM fee refunds, so you don’t lose money when using your ATM card at another bank?
Otherwise, with the small banks, you end up wasting a lot of money with ATM fees whenever you travel.
Also, if you travel abroad often, look for a bank that has a partnership with an international bank, which will give you free currency exchange (for example, Bank of America and Santender Serfin in Mexico)
2 - Fees – If the bank is going to charge you an annual fee to open an account, just keep on walking. There’s no reason to pay a bank for the privilege of taking your money. (Most banks do have fees if you go below a minimum balance, so ensure that this minimum is below the amount you will have in your account.)
I am not very worried about the solvency of banks such as Bank of America, because in the unlikely event that the bank fails (though the government wouldn’t allow it), your deposits are covered by the FDIC insurance. Although the FDIC’s funds are theoretically limited, in practice, the Treasury will allow them to spend whatever they want. Small, local banks have also been failing throughout the credit crisis – not just the big ones.
1 - ATM availability – will a no-fee ATM be available in all the places that you normally visit? For small local banks with few ATMs – do they offer ATM fee refunds, so you don’t lose money when using your ATM card at another bank?
Otherwise, with the small banks, you end up wasting a lot of money with ATM fees whenever you travel.
Also, if you travel abroad often, look for a bank that has a partnership with an international bank, which will give you free currency exchange (for example, Bank of America and Santender Serfin in Mexico)
2 - Fees – If the bank is going to charge you an annual fee to open an account, just keep on walking. There’s no reason to pay a bank for the privilege of taking your money. (Most banks do have fees if you go below a minimum balance, so ensure that this minimum is below the amount you will have in your account.)
I am not very worried about the solvency of banks such as Bank of America, because in the unlikely event that the bank fails (though the government wouldn’t allow it), your deposits are covered by the FDIC insurance. Although the FDIC’s funds are theoretically limited, in practice, the Treasury will allow them to spend whatever they want. Small, local banks have also been failing throughout the credit crisis – not just the big ones.
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StGerardMajella
Guest
Small community banks and credit unions are not known for charging high fees. Only the big banks do that. Just read the post above from the person that switched out of Wachovia because of being charged ridiculous fees.
As far as ATM’s are concerned, the most common practice is that if you use an ATM within the bank’s network, then you are never charged a fee. With my ATM card, I can use any ATM machine anywhere in the U.S., and I am immediately reimbursed if I step outside of their network of ATM machines.
It’s only the large banks that come up with these cockamamied, goofy gimmicks to charge exhorbitant fees, not your local credit union or small community bank.
These are the same banks - Chase, Bank of America, etc. - that are ripping off consumers with their credit card practices as they receive American taxpayer money in the form of TARP funds. The big banks are terrible.
Regarding currency exchange, read the story I posted above about Wachovia’s involvement in aiding and abetting money laundering through their operations in Mexico. That should give you plenty enough reason to stay away from these large banks that are heavily involved in international currency exchange.
You should be worried about the solvency of Bank of America. How will they raise the billions of dollars necessary to stay afloat? The FDIC is a backstop, but what if the FDIC fails? Then what? There are no guarantees in life, and while the FDIC is adequate protection right now, it might not always be that way in the future. The media is indicating that as many as 100 banks will fail this coming year. What happens if the FDIC can’t cover all of them? I would be especially cautious with Bank of America, because if it fails, it will be a major debacle. Doesn’t sound like a prudent plan to me.
With all due respect to the U.S. Federal Government, I wouldn’t put any guarantees that they will continue to bail out these big financial institutions. The American public is sick and tired of these bailouts already.
As Catholics, we have an obligation to do business with ethical companies. We also have an obligation to protect our money wisely, and not to turn a blind eye to corruption and criminality. There are way too many publicly known warning signs to stay away from these big banks and their criminal practices.
Yes, all banks are struggling, big and small. But small banks are struggling primarily for investments in commercial real estate, not from ripping off the elderly or other criminal practices.
If it’s a locally owned bank or credit union, you will know the owners of the financial institution and can make your own judgments about their competence and ethics. It makes business sense and ethical sense to stick local, and not turn over your deposits to crooked institutions.
As far as ATM’s are concerned, the most common practice is that if you use an ATM within the bank’s network, then you are never charged a fee. With my ATM card, I can use any ATM machine anywhere in the U.S., and I am immediately reimbursed if I step outside of their network of ATM machines.
It’s only the large banks that come up with these cockamamied, goofy gimmicks to charge exhorbitant fees, not your local credit union or small community bank.
These are the same banks - Chase, Bank of America, etc. - that are ripping off consumers with their credit card practices as they receive American taxpayer money in the form of TARP funds. The big banks are terrible.
Regarding currency exchange, read the story I posted above about Wachovia’s involvement in aiding and abetting money laundering through their operations in Mexico. That should give you plenty enough reason to stay away from these large banks that are heavily involved in international currency exchange.
You should be worried about the solvency of Bank of America. How will they raise the billions of dollars necessary to stay afloat? The FDIC is a backstop, but what if the FDIC fails? Then what? There are no guarantees in life, and while the FDIC is adequate protection right now, it might not always be that way in the future. The media is indicating that as many as 100 banks will fail this coming year. What happens if the FDIC can’t cover all of them? I would be especially cautious with Bank of America, because if it fails, it will be a major debacle. Doesn’t sound like a prudent plan to me.
With all due respect to the U.S. Federal Government, I wouldn’t put any guarantees that they will continue to bail out these big financial institutions. The American public is sick and tired of these bailouts already.
As Catholics, we have an obligation to do business with ethical companies. We also have an obligation to protect our money wisely, and not to turn a blind eye to corruption and criminality. There are way too many publicly known warning signs to stay away from these big banks and their criminal practices.
Yes, all banks are struggling, big and small. But small banks are struggling primarily for investments in commercial real estate, not from ripping off the elderly or other criminal practices.
If it’s a locally owned bank or credit union, you will know the owners of the financial institution and can make your own judgments about their competence and ethics. It makes business sense and ethical sense to stick local, and not turn over your deposits to crooked institutions.
C
ChristinaM
Guest
I bank with a local bank which reimburses all my ATM fees and offers a very competitive rate of interest on their checking accounts. This is the only bank I’ve come across that offers interest-bearing checking with no monthly fees. I doubt I could get that kind of service from a big bank.
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ack
Guest
An interest-bearing checking account with no minimum balance? This is indeed a good deal. What is their rate?
The best I’ve seen from a checking account is 1.3% APY with a $5000 minimum balance.
The best I’ve seen from a checking account is 1.3% APY with a $5000 minimum balance.
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ack
Guest
If you think the FDIC is going to fail, then no US bank will keep you safe. An FDIC failure would prompt a run on the banks, and the small, local banks will fall just as quickly as the big ones (if the government even allowed the banks to stay open at all.)
If you predict an FDIC failure, the most rational course of action for you would be to safeguard your money in countries with better financial stability than the US (Luxembourg, Sweden, or Canada come to mind.) Other options include installing a private vault, buying Treasury bonds, or converting your currency into a precious metal such as gold…
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StGerardMajella
Guest
I certainly can’t predict the future. But I know with certainty that there will be many more bank failures in the weeks ahead. This is apt to continue for several more months as the economy continues to falter.
We still have to get through a potential GM bankruptcy, and that will take a large toll on the already wobbling economy. Unemployment numbers continue to be abysmal, but show some signs of slowing down.
The FDIC is a human institution, just like any other institution. Given the current economic climate, anything could happen. I certainly do not wish for the FDIC to fail, but it’s not impossible to conceive a situation where it could. If Chase or Bank of America fails, the FDIC will have its hands full. Not to be alarmist, but this recession is much different from other recessions that we have experienced, and the fallout isn’t over yet.
I don’t know that I would favor placing my funds in another country. First, I tend to think it’s generally un-American. Gold, while exceptionally hot right now, has generally performed historically quite poorly compared to other asset classes. A vault at home might work, but opens oneself to being robbed at gunpoint. When the U.S. Government stops borrowing billions of dollars from China, I might consider buying Treasury bonds.
There are still good, sound banks out there. It just takes a little bit of research and investigation. For example, TheStreet.com has a handy little Bank Analyzer open to the public that gives a grade rating to each bank based on asset quality, liquidity, etc.
I am skeptical of the big banks for a number of reasons. First, they have a notorious reputation for engaging in shady business practices that hurt the American taxpayer and consumer. Secondly, they are typically large bureaucracies, and difficult for the average American to navigate. Thirdly, they outsource their call centers to other countries, stripping away American jobs. Fourthly, they are one of the primary parties responsible for the sub-prime loan debacle. Lastly, they tend to be impersonal, and generally poorly run by management.
At a small bank or credit union, the bank is owned by local investors within the community and the credit union is owned by its depositors. Credit decisions are made locally, not in some far off remote credit office in another state. Service tends to be better. A local bank provides well-paying jobs for local bankers. Locally-owned banks tend to be more supportive of the community non-profits. Employees and clients are generally treated better. Community bankers tend to have better relationships with their clients because they understand the local community. Local business owners serve on the Board of Directors, and can take steps to curb any improper practices by bank management.
Naturally, not all local banks are run well. But the abuses and improprieties are less so than the big banks, for the simple fact that they have to stick close to their knitting to keep afloat - And that means good service, competitive rates, and managing expenses carefully.
Big banks are managed from a central office or headquarters typically in another state. Many of the big banks are headquartered out of North Carolina and New York, but have retail branches in multiple states. Credit decisions are centralized in remote out-of-state locations, and these credit decisions are made by credit analysts unfamiliar with the local community. Service is all over the map, but generally poorer than you will find in a smaller bank. Bank employees get paid much less because these large bureaucracies have so many levels of management taking a cut of their paycheck. It’s hard for local businesses to develop relationships with their big bank, because turnover is generally higher than at smaller banks. The Board of Directors is not local, and centralized at the bank’s headquarters.
We still have to get through a potential GM bankruptcy, and that will take a large toll on the already wobbling economy. Unemployment numbers continue to be abysmal, but show some signs of slowing down.
The FDIC is a human institution, just like any other institution. Given the current economic climate, anything could happen. I certainly do not wish for the FDIC to fail, but it’s not impossible to conceive a situation where it could. If Chase or Bank of America fails, the FDIC will have its hands full. Not to be alarmist, but this recession is much different from other recessions that we have experienced, and the fallout isn’t over yet.
I don’t know that I would favor placing my funds in another country. First, I tend to think it’s generally un-American. Gold, while exceptionally hot right now, has generally performed historically quite poorly compared to other asset classes. A vault at home might work, but opens oneself to being robbed at gunpoint. When the U.S. Government stops borrowing billions of dollars from China, I might consider buying Treasury bonds.
There are still good, sound banks out there. It just takes a little bit of research and investigation. For example, TheStreet.com has a handy little Bank Analyzer open to the public that gives a grade rating to each bank based on asset quality, liquidity, etc.
I am skeptical of the big banks for a number of reasons. First, they have a notorious reputation for engaging in shady business practices that hurt the American taxpayer and consumer. Secondly, they are typically large bureaucracies, and difficult for the average American to navigate. Thirdly, they outsource their call centers to other countries, stripping away American jobs. Fourthly, they are one of the primary parties responsible for the sub-prime loan debacle. Lastly, they tend to be impersonal, and generally poorly run by management.
At a small bank or credit union, the bank is owned by local investors within the community and the credit union is owned by its depositors. Credit decisions are made locally, not in some far off remote credit office in another state. Service tends to be better. A local bank provides well-paying jobs for local bankers. Locally-owned banks tend to be more supportive of the community non-profits. Employees and clients are generally treated better. Community bankers tend to have better relationships with their clients because they understand the local community. Local business owners serve on the Board of Directors, and can take steps to curb any improper practices by bank management.
Naturally, not all local banks are run well. But the abuses and improprieties are less so than the big banks, for the simple fact that they have to stick close to their knitting to keep afloat - And that means good service, competitive rates, and managing expenses carefully.
Big banks are managed from a central office or headquarters typically in another state. Many of the big banks are headquartered out of North Carolina and New York, but have retail branches in multiple states. Credit decisions are centralized in remote out-of-state locations, and these credit decisions are made by credit analysts unfamiliar with the local community. Service is all over the map, but generally poorer than you will find in a smaller bank. Bank employees get paid much less because these large bureaucracies have so many levels of management taking a cut of their paycheck. It’s hard for local businesses to develop relationships with their big bank, because turnover is generally higher than at smaller banks. The Board of Directors is not local, and centralized at the bank’s headquarters.
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noclevername
Guest
LIke I said in a previous post I fired Wachovia because they charged me for talking on the phone to an actual person.
I now use my credit union and have been very happy since I went to them. I have free checking, free online banking, and no ATM fees. And i even get 10 free out of network ATM allowances. I can walk into the actual bank to an actual teller live and in person and not get charged. (Bank of America has an account that will charge you if you walk into the bank to talk to a teller).
I really like my credit union and if I ever need a loan for something, credit unions always have better rates for their members than the megabanks.
I now use my credit union and have been very happy since I went to them. I have free checking, free online banking, and no ATM fees. And i even get 10 free out of network ATM allowances. I can walk into the actual bank to an actual teller live and in person and not get charged. (Bank of America has an account that will charge you if you walk into the bank to talk to a teller).
I really like my credit union and if I ever need a loan for something, credit unions always have better rates for their members than the megabanks.
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StGerardMajella
Guest
Before you put your money in Bank of America, you might want to read this article:
mcclatchydc.com/227/story/68039.html
Largely unnoticed in last week’s government report on the condition of the nation’s biggest banks was the disclosure that five of them, topped by Bank of America, could lose $99 billion from the kinds of exotic bets that sank the global economy.
Later in the article, a Bank of America spokesman questioned the government’s stress test of their derivatives portfolio. Nevertheless, you have more than ample warning to be concerned. Yet another reason to stay away from these big banks - highly toxic derivatives portfolios. Your local credit union and small town community bank don’t get involved in derivatives trading.
mcclatchydc.com/227/story/68039.html
Largely unnoticed in last week’s government report on the condition of the nation’s biggest banks was the disclosure that five of them, topped by Bank of America, could lose $99 billion from the kinds of exotic bets that sank the global economy.
Later in the article, a Bank of America spokesman questioned the government’s stress test of their derivatives portfolio. Nevertheless, you have more than ample warning to be concerned. Yet another reason to stay away from these big banks - highly toxic derivatives portfolios. Your local credit union and small town community bank don’t get involved in derivatives trading.
- Status