Another good reason to switch to local banks/credit unions

[DebbieCDC]

Anyone who has read my rants on DU regarding Bank of America knows how I feel about Megabanks and their role in the current financial meltdown and credit card squeeze. In response, nearly a year ago, I switched all my banking activities to a small-ish regional bank. I have been extremely satisfied with all aspects of their service, but today was reminded again how much better it is to deal locally.

I sent an email to customer service regarding an ATM fee question. A short time later, I saw in my email inbox a new email from "customer service @ your bank". Oh well, I thought, here's one of those "we have received your email and we'll respond within three business days" type of replies. Well, facepalm me!

Not only was it a true reply, answering my question in full, but it had a real person's name and direct dial number to call back if I had further questions.

All this mind you, in less than an hour on a Friday afternoon.

Move your money folks -- that's my advice.

[northofdenali]

1. If I'd never gotten tied up with a megabank (Wells Fargo)

I certainly wouldn't be about to lose my house.

I've moved every account except one - that I am stuck with for now - to my local credit union.

[dkf]

3. Aren't mortgages pretty similar from bank to bank?

Or did they sell you on a option arm or some other bad idea?

[RB TexLa]

4. On modifications, short sales and foreclosures it's the investor and the MI company who

decide that, not the loan servicer. Wells Fargo may be the investor and servicer but maybe not and they aren't the MI company.

[elfin]

2. i switched over a year ago -

Took a few months to sync my automatic withdrawals as to cable, utilities etc. before I could kiss the big bank goodbye. But it is not hard at all.

Being a geezer, my switch was based on better rates for savings and CD's -- now I would do it due to philosophy.

Now my new bank isn't too much better than the pack as to rates-- but they are rated secure and are VERY accessible and friendly for in person service.

Shopping around for another change, but there are so many catches as to minimum deposit, automatic deposits, minimum transactions etc. that I am staying put for a while.

[eridani]

5. A nice Move Your Money flyer

http://www.anewwayforward.org/bankbreakup/

Fighting the big banks is good for the economy, it's good for job building and it good for our politics. And it's fun! The big 4 banks are abusive, so our "Break up With Your Big Bank" campaign is growing - you helped move hundreds of thousands of dollars and more unreported to local banks. Now, let's spread out and flyer others in our own cities. People are already turning the campaign into a movement in your city.

Our friends and neighbors need to stop using their big banks and big bank credit cards now. How can we get this to happen? People are rallying with simple acts at events across the country and are successfully reaching people the internet can't.

[DailyGrind51]

6. My local bank offers significantly higher CD rates than Bank of America.

[Cass]

7. I banked with a local bank for years and they were shut down by the feds last year.

Another local bank took it over but the service was deplorable so I pulled my accounts out. Now I bank with a larger regional bank and so far, knock on wood, have been satisfied.