I am not at all surprised at the continuing issues that the banks are having. Customer service has never been their strong suit, and with the loss of the high and punitive late fees it was really only a matter of time before the ads for “no fee checking” died off and they started charging every customer who wasn’t leveraged to the hilt with additional banking products. I am thrilled to say that I am no longer a customer of one of the banks that had fallen victim to its own insane policies. I completed the switch to our new credit union just last week and I am thrilled to pieces with our new place.
When I started looking for a new institution to hold my money, my standards and requirements were very low. I was basically looking for somewhere with options for fee-free banking and ATMs that were available places other than exclusively in 7-11s.1 I had hoped that there would be a wide variety of places with options so I could start adding more requirements, but this was my first weedout criteria.
It turns out to have been my only criteria. I only found one bank and three credit unions that were even close, and the bank didn’t have a good physical local presence to talk to a teller if you needed one. One of the credit unions disqualified itself by having huge distinctions between primary and secondary holders on joint accounts, to where the secondary holder effectively didn’t count. How they get away with that in this day and age is beyond me.
In the end it was almost a coin toss between the last two credit unions, but one had a physical presence near my work an my husbands, so we went with them. It was really a simple decision once I got past the disbelief and shock at the current account types offered by financial institutions. Getting creative about where to look was the hardest part of the whole ordeal, but I am so glad I took the time to do it right. I couldn’t be happier with where we ended up.
- I was quite frankly surprised at how many places had most of their ATMs in 7-11s. I haven’t been a regular of convenience stores for decades, I don’t intend to start spending my days figuring out where they are now. [↩]