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Suck It, Banks


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#1 Delhommey

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Posted 11 December 2012 - 11:53 AM

You can see on the chart just how much the credit unions’ gains have come at the expense of the two biggest banks, Chase and Bank of America. Since Chase acquired WaMu in 2008, its share of Seattle-area customers who use it as a primary bank has nosedived by 31 percent compared with when it was still WaMu. Bank of America has only done a little bit better than Chase with customer retention. Interestingly, while Chase and Bank of America have seen sharp declines, the big banks that are not quite as big — Wells Fargo and U.S. Bank — have increased their share of the Seattle market.

Many of the regional banks have gained ground — KeyBank being the big exception. And the number of people who do not have a primary bank, or are “unbanked” — that is, have no bank account at all — has climbed since 2008.


http://blogs.seattle...ank-of-america/

Credit Unions are now the #1 way to do banking in Seattle.

Let's hope this is a trend.

#2 Proudiddy

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Posted 11 December 2012 - 11:59 AM

Forgive me for my ignorance, but I'm intrigued by this... My grandmother used to work for a credit union, but I was always under the impression that you had to set up with them through your employers and I've never really asked otherwise...

What are the options in NC and do you get the same benefits of a "big bank," such as direct deposit, ATMs, etc.? Only one I'm really aware of in NC is the SECU, but again, I thought you had to be employed by the state to bank there.

My wife and I are tired of Wells Fargo, who we were forced to bank with once they took over Wachovia, who we had no problems with... Since WF has taken over, they have virtually stolen hundreds of dollars from us in fees that didn't exist with Wachovia. If this is feasible, I think everyone should do this and take the power away from the banks.

#3 Delhommey

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Posted 11 December 2012 - 12:12 PM

It differs by credit union. University Federal is the big one here in Austin. They have all the amenities (direct deposit, ATM's, etc) of a big bank with none of the stupid fees or tendency to gamble with your money.

#4 Proudiddy

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Posted 11 December 2012 - 12:34 PM

Yeah, I tried to check out the local ones here... I'm not sure about the exact rules but under the SECU policies, they say that children and siblings of state employees can join. My wife's sister and mother are/were state employees, so we're going to get up with them and see if we can set that up ASAP.

#5 rodeo

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Posted 11 December 2012 - 01:10 PM

I've only used a credit union my whole life. It's excellent.

#6 Crixtala

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Posted 11 December 2012 - 01:29 PM

Yeah, I tried to check out the local ones here... I'm not sure about the exact rules but under the SECU policies, they say that children and siblings of state employees can join. My wife's sister and mother are/were state employees, so we're going to get up with them and see if we can set that up ASAP.


a lot of CU's work this way and most even allow eligibility to retain through generations

i bank with USAA (military bank but basically a credit union) because of my wife, who banked with them because of her mother, who banked with them because her father was in the military

when my wife and i got married, i moved everything over from BoA who i had banked with since i got my first job at 14. BoA made so much stupid money off of me over those 8-10 years and i've not been charged a CENT from USAA for the 3-4 years that i've been banking with them. the biggest perk for me is the lack of ATM charges... BoA would rob me blind on top of a non-BoA ATM hitting me up for a couple dollars. with USAA, they have no charges for using another institutions ATM and any charge an ATM machine places on my transaction is paid back every month by USAA

#7 thefuzz

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Posted 11 December 2012 - 01:31 PM

That's awesome.

Watch the banks start getting into the pockets of the legislators to get them to tighten the standards of becoming a CU user.

Just watch.

#8 Darth Biscuit

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Posted 11 December 2012 - 01:44 PM

We haven't had any personal funds at an actual bank in over 20 years... members of SECU and would never go elsewhere.

Banks suck.

#9 Panthro

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Posted 11 December 2012 - 01:45 PM

Yeah, I tried to check out the local ones here... I'm not sure about the exact rules but under the SECU policies, they say that children and siblings of state employees can join. My wife's sister and mother are/were state employees, so we're going to get up with them and see if we can set that up ASAP.


Yeah her mom should be able to get your wife enrolled. I belong to http://www.memcu.com/ who has my truck loan. Our big bank is Suntrust but I see us financing and getting loans through them in the future.

#10 Panthro

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Posted 11 December 2012 - 01:48 PM

That's awesome.

Watch the banks start getting into the pockets of the legislators to get them to tighten the standards of becoming a CU user.

Just watch.

I can definitely see that. My FiL runs a bank in FL and says he cant compete with "nonprofits."



Thanks god we are already in one.

#11 g5jamz

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Posted 11 December 2012 - 01:52 PM

I've been in SECU since I was a teen. Grandfathered in through my relatives being state employees. Rates are generally good for loans, BUT you'll hardly find many really good mortgage rates. The SECU in particular is very conservative in their lending...so you're not going to find a Quicken loan like rate at SECU. Probably same for car loans too, but I haven't had one in forever.

I've never had a problem with my CU.

That being said...I got mortgage redone with BB&T a few years back. NC-based company, for now, that's done quite well.

#12 pstall

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Posted 11 December 2012 - 01:58 PM

I remember some dude with strange analogies mention buying more stock in cu's awhile back.

#13 natty

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Posted 11 December 2012 - 02:02 PM

Forgive me for my ignorance, but I'm intrigued by this... My grandmother used to work for a credit union, but I was always under the impression that you had to set up with them through your employers and I've never really asked otherwise...

What are the options in NC and do you get the same benefits of a "big bank," such as direct deposit, ATMs, etc.? Only one I'm really aware of in NC is the SECU, but again, I thought you had to be employed by the state to bank there.

My wife and I are tired of Wells Fargo, who we were forced to bank with once they took over Wachovia, who we had no problems with... Since WF has taken over, they have virtually stolen hundreds of dollars from us in fees that didn't exist with Wachovia. If this is feasible, I think everyone should do this and take the power away from the banks.


I canceled my account just about as soon as WF took over and I saw the bs fees coming in.

You can join with Charlotte Metro CU for simply being a mecklenberg county resident for X amount of years(I think). Truliant was the other CU I looked in to, which anyone can join. I decided on going with BB&T simply for the convenience of having branches so close to my home and office, but I might switch in the future.

#14 thefuzz

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Posted 11 December 2012 - 02:56 PM

I can definitely see that. My FiL runs a bank in FL and says he cant compete with "nonprofits."



Thanks god we are already in one.



Seeing how easily our politicians are bought, makes me think this will happen fairly quickly.

#15 Panthro

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Posted 11 December 2012 - 03:00 PM

Seeing how easily our politicians are bought, makes me think this will happen fairly quickly.

It's very much the Buildings and Loan vs Mr Potter


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