Saturday, January 9, 2010

ABC News Profiles Move Your Money


Last year, my husband and I moved our savings account to a local credit union and our checking  to USAA, a fantastic banking/investment/insurance group in San Antonio for military members. Neither of these institutions charges ATM fees.  In fact, I now use the ATM @ the regional bank we fled, Citizen's Bank, and USAA reimburses the fee for usage. That's $2.75 per use! The credit union has great loan rates and they still call if there's a problem. The bank is now charging $39 for ISF and an annual credit card fee and their interest rate on the ATM (which we've cut up) went to 20%.  My son had an overdraft for a $5 purchase last month and his ongoing, steadily rising ISF fees are now @ $221!  I kid you not. 

Meanwhile, we sold our home of 12 yrs last month, paid off the Countrywide/BofA mortgage which the bank refused to re-negotiate the mortgage. My husband had lost his job but I work and we'd never missed a pymt. We couldn't continue with an interest only mortgage and knew we could handle a standard 30 yr fixed but they wouldn't consider it. We sold it, paid them off and may not buy again for a long time.

Over the past 18 mos, my husband, an experienced businessman with a solid retail background and successful history of owning his own businesses, made & was accepted on two solid ongoing businesses.  But, even with credit ratings in the low 800s, no bank would lend to us without a 30% down.  Now, these are the same banks that received bail out money from the taxpayers.

Enough is enough.  Stand up, move your money into a local institution and repeat that great line from the movie, "Network":

"I'm mad as hell and I'm not gonna take it anymore!"

Read the Article at HuffingtonPost

11 comments:

Brian Miller said...

greed sucks...once they get a taste...they want it all.

otin said...

Gee,talk about people in the same boat! I could lower my mortgage payment by 25% but no bank will do it. Not even the bank that I have had the loan with for the past ten years and have never missed or made a payment late! The government should have given the people the money!!

Baino said...

Sounds very similar to the fees and charges here. If I use an ATM not supported by my bank there's a $2.00 withdrawal charge, if my account is overdrawn there's a $39 charge! Even if they know my pay is going in on the same day. I'm thinking of switching to a credit union. Our banks weren't bailed out but they do have cold feet regarding lending these days.The only way I can borrow is against the colateral held on my property. You're right, time to get enraged. I did object to an overdrawn fee once and managed to get a refund but I don't think they'll fall for that one twice! It also shits me that when interest rates drop, the rate drop is NEVER passed on to credit card holders, just savers and mortgagees.

Ice Queen said...

That's terrible. I'm glad you moved your money and I hope it continues to treat you well.

California Girl said...

Brian, Otin, Baino & IQ: If we refuse to go along with these banks and their ridiculous fees, rules and wrongful practices, they will have to compete & change.

Money talks, bullshit walks...

Nancy said...

I'm with you. A year or so ago we paid off our mortgage and downsized (maybe permanently). We paid everything off and will never again give the banks a dime of our money. We have an account at USAA and are in the process of moving everything there. To hell with the greedy #@!$%#@%!

California Girl said...

thanks Nancy. I probably should have published this under Women of A Certain Age as it is typical of the topical (like that?) things I address.

Good for you and hubby! I am going to follow this movement to see if it has legs and hope to hell it does.

Eternally Distracted said...

Good for you for moving your money - I hope others heed your advice. Good luck.

Noni at The Brick Street Bungalow said...

ABSOLUTELY! I agree with you 100% California Girl! There is nothing that gets my blood boiling like this topic! I have my little assortment of investment properties with a local bank and my support for them is unequivocal.

Kate Hanley said...

When we bought our house we found our best mortgage with a local bank who gave us a lower rate if we moved our money into a bank account there. While their service can be so-so at times, after reading this article, I'm so glad we're with them.

Megan said...

Sigh.