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Feb 26, 2024 - 9:01:57 AM
14931 posts since 1/15/2005

LOL ....... I recently started a couple of new accounts with a bank that had sent me a flier in the mail offering 5.3% money market rate (not a CD) and offering to put $450 into a new checking account if I direct deposited $3000 over the next 90 days. Since my current bank was paying me something like .01% on my various checking accounts, with nice balances, I decided to take the new bank up on their offer. My old bank, that I have been with for 50+ years finally offered my 3.5% on my larger account (and acted like they were doing me a favor), so I did keep a some money in it and did keep all my other accounts with much lower balances. All well and fine

However, the other day I was going on line to check my account and happened to see a "review" section for my new bank. Good golly, after reading about a dozen reviews, I began to wonder if I had done the right thing. They were absolotely awful and all but maybe one or two trashed the bank. So then I clicked on reviews for my old bank, which I know has a great reputation, very solid financially, and has been around forever. The reviews were equally as awful ...... which in a way made me feel much better about my new bank.

Moral of the story ...... does everyone hate their bank ....... or just those who hate them bother to post?

Feb 26, 2024 - 9:27:55 AM

40821 posts since 3/5/2008
Online Now

I am comfortable with both banks i use..
Do totaly trust them..
No...

Feb 26, 2024 - 9:58:40 AM
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14931 posts since 1/15/2005

quote:
Originally posted by STUD figmo Al

I am comfortable with both banks i use..
Do totaly trust them..
No...


Maybe "trust and verify"!

Feb 26, 2024 - 10:22:10 AM

donc

Canada

7418 posts since 2/9/2010

Credit Union ,,,yes. Royal Bank of Canada .. idiots

Feb 26, 2024 - 10:27:42 AM

3003 posts since 2/4/2013

It's fairly usual for those who have had problems with banks to post negative reviews but I doubt that hardly anyone who have no problems post reviews. This seems to be more the case with better known names. My main bank has 88% negative reviews on Trustpilot and my second bank has 86% negative reviews.

Feb 26, 2024 - 11:30:46 AM
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Texasbanjo (Moderator)

USA

29963 posts since 8/3/2003

I've been with my credit union for over 50 years and occasionally have had a problem, but usually settled peacefully. I trust them with my checking and savings accounts and they also provide me with a nationally known credit card. They will call if the card has unusual charges/declines on it.

I've been with my bank for almost that long and in that time it's change names/ownership at least half a dozen or more times. What used to be a local bank is now a big bank but so far I've been treated fairly if and when there was a problem. I guess I trust them, as my Social Security and bills all go there and so far there's been no problems or glitches. It was more friendly when it was a local bank but those days are probably gone forever.

Feb 26, 2024 - 12:39 PM

14931 posts since 1/15/2005

quote:
Originally posted by GrahamHawker

It's fairly usual for those who have had problems with banks to post negative reviews but I doubt that hardly anyone who have no problems post reviews. This seems to be more the case with better known names. My main bank has 88% negative reviews on Trustpilot and my second bank has 86% negative reviews.


That seems about the ratio here.  I am thinking the only positive reviews are from people who read the negative reviews and feel somewhat inclined to make a counter post to the negative ones.

Feb 26, 2024 - 1:03:52 PM

banjo bill-e

Tuvalu

13729 posts since 2/22/2007

Hey John, wanna clue me in on that new bank with the attractive offer? I have some available funds which need to earn a bit.
I don't love or hate any of them. I expect them to charge me outrageous fees if I transgress, so I am very careful to not transgress any of their rules and we get along fine.

Feb 26, 2024 - 1:16:43 PM
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14931 posts since 1/15/2005

quote:
Originally posted by banjo bill-e

Hey John, wanna clue me in on that new bank with the attractive offer? I have some available funds which need to earn a bit.
I don't love or hate any of them. I expect them to charge me outrageous fees if I transgress, so I am very careful to not transgress any of their rules and we get along fine.


Private email sent ...... same here with outrageous fees.  I don't recall ever having to pay hardly any fees to my bank, except for $50 a year for a safe deposit box ...... but I am assuming they get plenty of use out of my money.

PS:  Looks like there are some branch offices of subject bank in Nashville.

Edited by - BanjoLink on 02/26/2024 13:18:30

Feb 26, 2024 - 1:51:06 PM

Bill Rogers (Moderator)

USA

27869 posts since 6/25/2005

The ones I have are ok. Not fabulous; not wretched. The employee turnover is too great to develop any personal relationships like I remember from decades ago. OTOH, I don’t write nearly as many checks since the serious expansion of credit-card use and internet payments.

Feb 26, 2024 - 2:33:56 PM

14931 posts since 1/15/2005

quote:
Originally posted by Bill Rogers

The ones I have are ok. Not fabulous; not wretched. The employee turnover is too great to develop any personal relationships like I remember from decades ago. OTOH, I don’t write nearly as many checks since the serious expansion of credit-card use and internet payments.


Same here Bill, except I know two of the tellers at my main bank.  Sure makes it easy when cashing a check not having to go through providing an ID or jump through any other hoops.  I too write very few checks and that saves a bunch of time.

Feb 26, 2024 - 3:33:32 PM

Bill Rogers (Moderator)

USA

27869 posts since 6/25/2005

Probably cultural and job-market differences. Lodi and Greenville are about the same size, so it’s not population. No teller at my branch credit union has stayed more than three or four months that I recall—and that goes back to before the pandemic. I’ve stayed with them in recent years because it’s very convenient—six blocks from my house.

@John B.

Feb 26, 2024 - 3:41:04 PM
Players Union Member

Eric A

USA

1870 posts since 10/15/2019

I like mine just fine, but very soon they'll be closing the branch near my house. The next closest one is several miles away. :(

Feb 26, 2024 - 4:36:06 PM

Owen

Canada

14822 posts since 6/5/2011

I don't keep a tally, but it seems my bank reports record profits for more quarters than it doesn't.  I guess it's nice to know that I'm doing my bit.  crying

Feb 27, 2024 - 6:55:28 AM

14931 posts since 1/15/2005

quote:
Originally posted by Owen

I don't keep a tally, but it seems my bank reports record profits for more quarters than it doesn't.  I guess it's nice to know that I'm doing my bit.  crying


Banks obviously make a lot of money .....well, until they don't ...... like the bank in Silicon Valley that went belly up a couple of years ago.  I am sure that they make a lot of money off of my accounts, but I don't ever recall ever paying fees to my bank for my account (other than my long paid off mortgage).  They charge for "business" accounts, but I have always used a separate account for my business, but never opened  it was a business account.  The IRS doesn't care as long as you pay your taxes, whether it is a business account or a personal account.  My business is a sole proprietorship, not an LLC, or other incorporated business ..... not sure that matters.

Feb 27, 2024 - 7:11:47 AM
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banjoy

USA

11585 posts since 7/1/2006

John you also shared that info on that bank with me when I reached out to when I sold my home last September. That same bank is building a branch here is Spartanburg.

But I decided to go with CapitalOne online. I'm absolutely NOT a fan of CapitalOne but they are currently paying 4.35% APY while my own bank, a solid Federal Credit Union, is paying .25% APY. For the same deposit my regular bank would pay about $320 per year while CapitalOne was about $5,200 per year for the same amount. That's impossible to ignore and I find it real hard to square. I can only figure that paying such a low interest rate allows the bank to absorb all that interest themselves, they certainly re-invest deposits for their own benefit.

Anyway, CapOne has been super easy to deal with, their online and phone support has been excellent and they don't have too many crazy restrictions (ya gotta read the fine print) about how much you can pull back out per day. So far, I'm okay with their service. Today's banks large and small are in it for themselves, the consumers like us is what feeds 'em.

Edited by - banjoy on 02/27/2024 07:14:14

Feb 27, 2024 - 7:13:08 AM
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RB3

USA

1981 posts since 4/12/2004

Until recently, I'd been satisfied with the service I get with the checking account at my bank. I've always appreciated the convenience of being able to pay bills online and they also had an electronic funds transfer (EFT) function that was easy to use. But recently, they changed the EFT function so that it could only be used with a cell phone. Since I don't use my cell phone for any financial transactions, I wasn't happy with that change. About the same time, my brokerage firm added a cash management feature that is essentially the same as a checking account and they actually pay you some interest on your balance. I'm now doing all of my cash transactions with the brokerage firm.

Feb 27, 2024 - 7:17:07 AM
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banjo bill-e

Tuvalu

13729 posts since 2/22/2007

Well, OK, I USED to LOVE my local bank, oh yes, as every single employee seemed to be a young, attractive women not at all averse to displaying her ample endowments. That lasted about six months until the branch manager got fired for a sexual harassment complaint and the staff reverted to normal bank employees. Honestly, the place had begun to resemble Hooters, but it was most interesting for awhile.

Feb 27, 2024 - 8:36:57 AM

14931 posts since 1/15/2005

quote:
Originally posted by banjoy

John you also shared that info on that bank with me when I reached out to when I sold my home last September. That same bank is building a branch here is Spartanburg.

But I decided to go with CapitalOne online. I'm absolutely NOT a fan of CapitalOne but they are currently paying 4.35% APY while my own bank, a solid Federal Credit Union, is paying .25% APY. For the same deposit my regular bank would pay about $320 per year while CapitalOne was about $5,200 per year for the same amount. That's impossible to ignore and I find it real hard to square. I can only figure that paying such a low interest rate allows the bank to absorb all that interest themselves, they certainly re-invest deposits for their own benefit.

Anyway, CapOne has been super easy to deal with, their online and phone support has been excellent and they don't have too many crazy restrictions (ya gotta read the fine print) about how much you can pull back out per day. So far, I'm okay with their service. Today's banks large and small are in it for themselves, the consumers like us is what feeds 'em.


Good move Frank.  That is a tad more than my bank, so I think you did the right thing.  Almost all of the money market type accounts have limited withdrawals and I do not use mine for daily or even weekly activity, so it's no problem for me.  It is good to read the fine print because all of them have some quirks that you should be aware of.  The bank that I still use for my usual stuff and check writing (which is very little) acted like they were doing me a huge favor when they offered me 3.5% on the account that I use for my business account.  I still have not moved all of that money to my new bank as I still use it to write checks to the IRS and state revenue dept.

Feb 27, 2024 - 8:37:48 AM
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14931 posts since 1/15/2005

quote:
Originally posted by banjo bill-e

Well, OK, I USED to LOVE my local bank, oh yes, as every single employee seemed to be a young, attractive women not at all averse to displaying her ample endowments. That lasted about six months until the branch manager got fired for a sexual harassment complaint and the staff reverted to normal bank employees. Honestly, the place had begun to resemble Hooters, but it was most interesting for awhile.


Bill ...... afraid those days, along with attractive flight attendants are long gone!

Feb 27, 2024 - 9:05:41 AM

1633 posts since 11/10/2022

I am with Frank. I set up a capital one account paying good interest for my company. I now feel like a sucker keeping bank of america for my personal account soo long.

Im in the process of kicking BOA and their super low interest to the curb. I have had about half a dozen bad experiences with banks...par for the course.

Feb 27, 2024 - 10:08:28 AM

14931 posts since 1/15/2005

quote:
Originally posted by NotABanjoYoda

I am with Frank. I set up a capital one account paying good interest for my company. I now feel like a sucker keeping bank of america for my personal account soo long.

Im in the process of kicking BOA and their super low interest to the curb. I have had about half a dozen bad experiences with banks...par for the course.


Capital One is a good option, but they do not have any branch offices in my hometown.  I like to have a banker that I can talk to personally and get questions answered.  Their current rate is 4.35 versus 4.30 at my bank so it is worth the tad less interest to be able to talk and meet with my banker face to face.  My daughter banks with USAA, our insurance company whom I like a lot.  That would be another good option for me, except I do not think their interest rates are particularly good.

Feb 27, 2024 - 10:20:26 AM

1633 posts since 11/10/2022

I get the need for a local branch which is why I still use BOA. I havent been inside a bank for 7 years though, I just do online. Take a picture of a check to deposit it. Cash is fungible.

I do not like capital one's online interface. It is simple and cant do everything I need it to do. Most of my money is in Vanguard brokerage accounts, invested in their funds, and making way more than 4%. I can easily transfer Vanguard money to a checking account so its all the same to me.

Feb 27, 2024 - 10:42:07 AM

8551 posts since 9/5/2006

our credit union has many more perks then my bank,,, but i have no feelings one way or the other about my bank,,its just a necessary evil in todays world. i use it mostly for checking to pay bills.

Feb 28, 2024 - 6:25:17 AM

14931 posts since 1/15/2005

quote:
Originally posted by NotABanjoYoda

I get the need for a local branch which is why I still use BOA. I havent been inside a bank for 7 years though, I just do online. Take a picture of a check to deposit it. Cash is fungible.

I do not like capital one's online interface. It is simple and cant do everything I need it to do. Most of my money is in Vanguard brokerage accounts, invested in their funds, and making way more than 4%. I can easily transfer Vanguard money to a checking account so its all the same to me.


Yoda ..... does Vanguard guarantee "way more than 4%".  (I mis-spoke in my second post where I mentioned 4.30% ...... should have been 5.30% like  my first post)  My guess is like any mutual fund, index fund, etc. it does not.  I do not use my money market accounts as my retirement funds, so I too have a portfolio of stocks and various funds which also pay more than 4 or 5%, but have also been subject for steep downturns.  But 5% guaranteed, and not losing any principal is not bad compared to what banks have paid in the past dozen or so years.

Feb 28, 2024 - 8:01:06 AM

79566 posts since 5/9/2007

I've been with my bank since the 80s and have all the faith in the world in them.
They've always been there for me.They made it possible to get my dream lobster boat,live here and get a nice new car,all within my very limited finances.

One time I had a problem with my banking at home and they told me to bring in my laptop and spent a half hour linked into it and fixing the problem...no charge.

I could,ve gotten a new Maverick truck through them,but Ford dropped the ball on that,but I know that if another reasonable deal shows up I'll be able to jump at it because of my brick and mortar local bank which is located 20 miles away.

Edited by - steve davis on 02/28/2024 08:07:04

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