Choosing a bank.

[TNDemo]

So in this day and age of banks going broke (and how long will it take until they go belly-up and we pray FDIC will cover it??), how do you choose one? I know to look at bankrate.com for their safe & secure rating. What else is important? How do you find out how much they are vested in subprime? There is one local bank I am considering but it is very much in the mid range per bankrate.

I posted a couple of months ago about Regions bank and how they took my check for a loan payment and it went into the black hole but not into my loan account and that was a big mess. Now I found out that the on-line banking payments I made a few weeks ago cleared my account but never got to the companies and I started receiving calls that my utilities were going to be cut off. Needless to say, this is it. I never changed banks because I have no many things automatically scheduled through that account and it is a hassle to change but I think I am mad enough now to go to the trouble.

[trixie]

1. Bank????

you are much better off with a credit union.

[CountAllVotes]

2. I'll second that

n/t

:kick:

[TalkingDog]

6. Thirding that second. n/t

My Favorite Master Artist: Karen Parker GhostWoman Studios

[TNDemo]

7. But you have to qualify to join one.

There actually is one I am eligible to join but I looked on their website and there is nothing about checking, not even a "share draft." All I can see are loans and savings. Do they all have checking? I can call Monday but just wondering.

[TalkingDog]

8. In NC you pay a joining "fee" of $30. That's it.

Low interest rate loans on used cars, "green" cars, no fees for ATMs.
They are a non-profit, so they aren't out to screw you out of your last dime.

See if there's a State Employees Credit Union.

Here's the site for NC, maybe it'll help in some as yet unknown way.

http://www.ncsecu.org/


Good Luck


My Favorite Master Artist: Karen Parker GhostWoman Studios

[Warpy]

5. Yes, if you're a small account holder and live paycheck to paycheck

I bank with two megabanks, by merger but not by design. I dislike how one of them does business, so that's the one I use for the junk account I have an ATM card for. If anybody phishes an online purchase, he's not going to get much. The other one has serious money in it, earning interest. I use that one for big ticket things, like my corneal transplant.

Credit unions are likely to be a lot kinder if you do an occasional overdraft or other infraction because you forgot to write something down or your direct deposit check arrived a day late. If you're a customer, they also offer loans at somewhat better rates with less hassle than the big guys.

Plus, they're local. That's always a real plus.

[AmBlue]

3. Or if you must use a bank...

Look for a small local bank that's been around for a while. The big banks, like Bank of America, are buying up the loans and bad debt of lots of other big banks and lenders and they don't give anywhere near the personal service of a small local bank.

For instance, if you had a mortgage that you got behind on with Countrywide (Bank of America just bought them out), Bank of America will raid your personal accounts on deposit with BoA to pay the debt previously held by Countrywide. There are also other big banking institutions doing this and the level of customer service they give is virtually nil.

[Celebration]

4. banks keep getting bought

Maybe it is a conspiracy because of FDIC. Fewer banks=less insurance. :0)

Seriously, keep the FDIC limits in mind, and go with a local bank. I was with one that was gobbled up by Suntrust that still isn't really national. They are supposed to be acquired, and then I am definitely going local. If that goes national, I am going the credit union route.

For me, convenience (branch close to home) is a pretty big issue. Many things to consider here.