Switch Banks?

- Collapse -

Yes, a couple of times...

by EdHannigan Mar 19, 2010 1:09AM PDT

The old bank doesn't like that. The new bank does.

- Collapse -

Yes

by James Denison Mar 19, 2010 1:34AM PDT

I had an account at Wachovia. I'd been following their situation in the financial pages, they were about to go bankrupt. I went to close out the account and move funds over to another bank, just in case. I got the "talk" in which they were trying to get me to leave the funds there. I didn't. That was on a friday. On Monday, after that weekend, Wachovia was taken over by FDIC and sold off to Citigroup. As it turns out my funds would have been safe, but I'd remembered in the past when accounts would be frozen for awhile till the FDIC,or back then also the FSLIC would get things fixed so people could get funds from their insured accounts again.

Here's some info on that one.
http://www.usatoday.com/money/industries/banking/2008-09-29-wachovia_N.htm

I also remembered Old Court Savings and Loans here in Maryland which only had state deposit insurance, which turned out to be inadequate and people were several years before getting money back from the state for that failed system.

- Collapse -

Yes.

by Angeline Booher Mar 19, 2010 1:52AM PDT

We banked at the same one for ears. Our son had his savings account there for college of oney he earned in the summers since the age of 16. When he went away to college he would ask me to move x amount to his checking.

Right before he graduated the bank told me the funds were gone . They said they had been charging a fee each month because he had quit depositing money for a long period. They said they had sent out a notice to all savings account customers that they would be doing this. No such notice was received at this house.

I might add this was the same time period when they were trying to push average customers to using the machines. exclusively for their trisections.

There were no problems with transferring our stuff, except it took much too long to get rid of that bank's credit card.

Angeline

- Collapse -

I hate that

by James Denison Mar 19, 2010 2:08AM PDT

It's the bank's way of getting around being required to turn dormant accounts over to the state, which would hold in trust for the person when they came to claim it.

- Collapse -

I agree...it's a crappy and dirty trick

by Steven Haninger Mar 19, 2010 3:11AM PDT

played on young people who earn a little by babysitting, carrying papers, etc. and don't have much savings. They assess something like "account maintenance fees" and slowly chip away at these kids money. Heck...so what labor is involved on their part? None. It's just stored on a computer somewhere taking up a few bytes on a disk. I don't see how that could be worth a buck or two a month which was what my daughter faced with her old "childrens" account before I caught that scam and got it fixed.

- Collapse -

Darn fees

by Willy Mar 19, 2010 12:32PM PDT

This is why I harp about bank fees. I mean there's a fee on just about anything. The plain fact is they make $ on these fees and for practically doing nothing. Its not that you shouldn't pay a fee now and then, but its gotten to the point to just know what the balance is may become a fee. In SC, a bank proposed fees just for having a teller being used instead of ATM, etc.. There's a fee for statement printout and when that check# got cashed, etc.. What used to be a free service or convenience has turned into a fee. Blame it on bean counters as for looking for a way to 5&10 you. -----Willy

- Collapse -

Same thing happened to me ...

by Bill Osler Mar 19, 2010 11:25AM PDT

I had funds in accounts for each of my children at my credit union but I stopped depositing when I opened up mutual fund accounts. A couple of years later the credit union closed the accounts and turned the money over to the states escheats fund without any prior notice. I did eventually get the money back from the state but it was a tremendous nuisance. I told the credit union that my only recourse (since they admitted no fault) was to close all of my accounts.

I've come close to changing my local bank a couple of times since then, but changing all of the deposits and drafts would be such as nuisance that I've never done it. It wouldn't take much more, though. If I KNEW that another bank would have more customer friendly policies and better online access I'd make the change but so far I'm not convinced there are any better choices. There are just different hassles.

- Collapse -

Sure, why not

by Willy Mar 19, 2010 1:54AM PDT

I like to think when I did this the bank truly was at error and NOT my fault. They explain this and that but generally speaking CYA sorta thing. The only problem is that banks make mistakes and when that happens you have few options as there are only so many banks in your area/region to service you.

Let me assure you, it was their mistake or lack of service that got me to switch. AND YES, I have stayed at a bank that corrected the mistake to my satisfaction, but a 2nd time, Oh no! -----Willy

- Collapse -

Switching

by guytaur1 Mar 21, 2010 2:14PM PDT

I think this is a problem the world over.
Here in Australia our banks are infamous for their charging.
However now we have some new regulations on what the banks can charge. It comes under consumer protection. The Government was getting so many complaints in the end they had to act.
So if you can check around the world. Find a secure bank that charges no fees. If you can of course.

- Collapse -

Yep,the owner of our dealership switched.........

by Tony Holmes Mar 21, 2010 8:19PM PDT

from PNC to TD Bank a few years back and we're talking a few $M here.

It seems they withheld payment on two truckloads of new cars for insufficient funds when there were several million in the account,plus they charged him an overdraft fee.

He didn't want to hear any excuses or explanations,he put every last dime in TD that same day.TD gave everyone working at the dealer free checking in appreciation.

CNET Forums

Other Forums

Forum Info