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Joined: May 2017
Posts: 1,734 Likes: 2
Campfire Regular
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Campfire Regular
Joined: May 2017
Posts: 1,734 Likes: 2 |
There are lots of smaller banks and credit unions that would love to have your business. Their debit cards work just as well as the big boys’ does.
For many years I have wondered why anyone would do business with the likes of Wells Fargo, JP Morgan, Bank of America, or Citibank, unless you are incredibly wealthy or a large corporation. On specific transactions , like the cheapest auto loan, or the best benefits on something like a credit card, I understand. But in regards to them being “your bank” there are a lot of places that will treat you better.
The truth is, once a bank starts moving from $5-10B in assets, they start to lose things that made them successful. They can’t stay customer focused - regulatory, share price, and short term objectives take over.
I will say this on credit unions, they are usually cheaper than banks, and they don’t pay taxes. That’s fine, but if you actually need financial advice, or own a small business, credit unions don’t usually have the expertise that a bank will. They just don’t. The commercial bankers at the credit union are there because none of the banks in town will hire them. If you just need money, as cheap as you can get it, not expertise, go to a credit union.
I’m a banker, full disclosure, but it is the truth.
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Joined: May 2017
Posts: 1,734 Likes: 2
Campfire Regular
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Campfire Regular
Joined: May 2017
Posts: 1,734 Likes: 2 |
I should expand on that. If I was a “consumer”, and all I ever wanted was a home mortgage, Heloc, auto loan, checking/savings account, credit card, and good service, I would go to a credit union. If they are any good, you will be well taken care of.
If I had a small business or agricultural operation, and borrowed, less than say $50mm, I would look for an independent bank of adequate size. There are lots of them and they will fight over your business, to the extent it is worth fighting for.
In other words, those banks are going to treat you more than right if you are a good customer, but don’t expect to be treated like royalty because you keep $5k in your checking account, borrow $25k, and they have to call you for payments every month. They will be good to you, and they very much appreciate good customers. but they are in the business to make money, and they are also be pretty effective in determining if you are a “good customer”. They have a more long term outlook in developing their customers than the big banks do - they will conscientiously “grow” their borrowers, and they will bring more to the table than a credit union.
From there, you have to scale it up. But your business has to be very, very large to need, and to be best served by the likes of real big boys like Wells and JP Morgan.
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Joined: Apr 2019
Posts: 264
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Campfire Member
Joined: Apr 2019
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Just when you think you have have seen it all, this is definitely politically engineered. Why I don’t use the popular banks.
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Joined: Jan 2002
Posts: 12,880 Likes: 5
Campfire Outfitter
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Campfire Outfitter
Joined: Jan 2002
Posts: 12,880 Likes: 5 |
There are lots of smaller banks and credit unions that would love to have your business. Their debit cards work just as well as the big boys’ does.
For many years I have wondered why anyone would do business with the likes of Wells Fargo, JP Morgan, Bank of America, or Citibank, unless you are incredibly wealthy or a large corporation. On specific transactions , like the cheapest auto loan, or the best benefits on something like a credit card, I understand. But in regards to them being “your bank” there are a lot of places that will treat you better.
The truth is, once a bank starts moving from $5-10B in assets, they start to lose things that made them successful. They can’t stay customer focused - regulatory, share price, and short term objectives take over.
I will say this on credit unions, they are usually cheaper than banks, and they don’t pay taxes. That’s fine, but if you actually need financial advice, or own a small business, credit unions don’t usually have the expertise that a bank will. They just don’t. The commercial bankers at the credit union are there because none of the banks in town will hire them. If you just need money, as cheap as you can get it, not expertise, go to a credit union.
I’m a banker, full disclosure, but it is the truth. I agree with most of what you posted, with the exception of “financial advise” from a bank. While there are a few banks with good financial planning departments with access to the full range of investing options, ALMOST ALL “financial planners” at banks are limited to proprietary bank products and insurance products, i.e. annuities and insurance. Run, Forest, run!
Sic Semper Tyrannis
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Joined: Feb 2010
Posts: 16,120 Likes: 2
Campfire Ranger
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Campfire Ranger
Joined: Feb 2010
Posts: 16,120 Likes: 2 |
I've been pleased with our small town, local bank.
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Joined: Jan 2007
Posts: 3,556 Likes: 2
Campfire Tracker
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Campfire Tracker
Joined: Jan 2007
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This sounds like a scam to me.
Clyde
The liberal mind is an endless black hole of stupidity.
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Joined: Aug 2021
Posts: 491
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Campfire Member
Joined: Aug 2021
Posts: 491 |
Did we finally hear if this was a scam yet? I find it hard to believe they'd close the accounts with no prior issues. I know people who have horrible money problems and they still bank at my institution. I mean horrible! Always a dollar short and a day late problems. I'd hate to live life that way.
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Joined: Jul 2009
Posts: 5,183
Campfire Tracker
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"JP Morgan has managed my investments since about 2008."
You let a corrupt bank manage your investments?
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Joined: Jan 2003
Posts: 2,827
Campfire Regular
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Campfire Regular
Joined: Jan 2003
Posts: 2,827 |
I'm surprised at the number of "go to a credit union" responses from this crowd. I'm not at all surprised from the responses to leave the big banks however. Been there myself with similar stories, but currently have accounts in three locally owned community banks in town, and couldn't be happier. Going to a non-tax paying credit union is lower than I could sink.
"Miss Jean Louise, stand up. Your father's passin.'"
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Joined: Dec 2015
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This sounds like a scam to me.
Clyde
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Joined: Jun 2002
Posts: 131,849 Likes: 35
Campfire Sage
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Campfire Sage
Joined: Jun 2002
Posts: 131,849 Likes: 35 |
Yeah, I would definitely look into whether or not it was actually the bank that sent that letter and to whom you were speaking when you called the number in the letter.
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Joined: Jan 2008
Posts: 15,764 Likes: 1
Campfire Ranger
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Campfire Ranger
Joined: Jan 2008
Posts: 15,764 Likes: 1 |
I'm surprised at the number of "go to a credit union" responses from this crowd. I'm not at all surprised from the responses to leave the big banks however. Been there myself with similar stories, but currently have accounts in three locally owned community banks in town, and couldn't be happier. Going to a non-tax paying credit union is lower than I could sink. To whom do they owe taxes, for bringing clients together to bargain and use their own money?
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Joined: Oct 2003
Posts: 1,390
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Campfire Regular
Joined: Oct 2003
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24 years with Chase Bank. Kept several thousand dollar balances in accounts. Financed the house and paid it off. Home equity loan with 0 balance. Savings account with thousands. 830 credit rating....excellent plus. Got a letter today that they have "reviewed my account " and are closing all accounts. Called the phone number with questions and it was confirmed that they are closing all accounts. Asked why and was told that corporate headquarters has reviewed accounts and chooses to break relationships. I told them it has to be politically motivated as I donate to our veterans, purchase firearms on occasions and am a Trump supporter. Basically you don't need to cancel my accounts. I will do it! WTF? Home is paid off, no balance on HEL, great credit. They aren’t making any money off you as a customer. Seems reasonable they’d rather have a dude living paycheck to paycheck with a maxed out 25% interest CC as a customer
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Joined: Nov 2006
Posts: 10,815
Campfire Outfitter
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Campfire Outfitter
Joined: Nov 2006
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24 years with Chase Bank. Kept several thousand dollar balances in accounts. Financed the house and paid it off. Home equity loan with 0 balance. Savings account with thousands. 830 credit rating....excellent plus. Got a letter today that they have "reviewed my account " and are closing all accounts. Called the phone number with questions and it was confirmed that they are closing all accounts. Asked why and was told that corporate headquarters has reviewed accounts and chooses to break relationships. I told them it has to be politically motivated as I donate to our veterans, purchase firearms on occasions and am a Trump supporter. Basically you don't need to cancel my accounts. I will do it! WTF? Home is paid off, no balance on HEL, great credit. They aren’t making any money off you as a customer. Seems reasonable they’d rather have a dude living paycheck to paycheck with a maxed out 25% interest CC as a customer This ^^^^^^^^ It’s probably costing them more to take care of you now than it’s worth to them.
Mathew 22: 37-39
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Joined: Jan 2012
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Campfire Kahuna
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Campfire Kahuna
Joined: Jan 2012
Posts: 67,330 Likes: 51 |
24 years with Chase Bank. Kept several thousand dollar balances in accounts. Financed the house and paid it off. Home equity loan with 0 balance. Savings account with thousands. 830 credit rating....excellent plus. Got a letter today that they have "reviewed my account " and are closing all accounts. Called the phone number with questions and it was confirmed that they are closing all accounts. Asked why and was told that corporate headquarters has reviewed accounts and chooses to break relationships. I told them it has to be politically motivated as I donate to our veterans, purchase firearms on occasions and am a Trump supporter. Basically you don't need to cancel my accounts. I will do it! WTF? Home is paid off, no balance on HEL, great credit. They aren’t making any money off you as a customer. Seems reasonable they’d rather have a dude living paycheck to paycheck with a maxed out 25% interest CC as a customer This ^^^^^^^^ It’s probably costing them more to take care of you now than it’s worth to them. True The OP done got too smart and too solvent. The Jew Money-Power can’t use him anymore
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Joined: Feb 2017
Posts: 3,315 Likes: 10
Campfire Tracker
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Campfire Tracker
Joined: Feb 2017
Posts: 3,315 Likes: 10 |
I got a call like that the other day. Funny thing is I don't have any accounts with them. Hmmm.
Yours in Liberty,
BL
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Joined: Jan 2007
Posts: 3,556 Likes: 2
Campfire Tracker
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Campfire Tracker
Joined: Jan 2007
Posts: 3,556 Likes: 2 |
I would call the local branch and let them tell me the accounts are closing. Send a letter, call this number, give them your account number............
Clyde
The liberal mind is an endless black hole of stupidity.
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Joined: May 2011
Posts: 2,207
Campfire Regular
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Campfire Regular
Joined: May 2011
Posts: 2,207 |
Waiting to hear from the OP how his visit to the bank went? My guess is they're going to ask why he wants to close his accounts and when he tells them about the letter they sent, they're going to want to see the letter and have no idea who sent it, but it wasn't them.
Laws aren't preventative measures. In other words, more laws won't prevent gun crime from happening.
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Joined: Dec 2002
Posts: 32,229
Campfire 'Bwana
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Campfire 'Bwana
Joined: Dec 2002
Posts: 32,229 |
24 years with Chase Bank. Kept several thousand dollar balances in accounts. Financed the house and paid it off. Home equity loan with 0 balance. Savings account with thousands. 830 credit rating....excellent plus. Got a letter today that they have "reviewed my account " and are closing all accounts. Called the phone number with questions and it was confirmed that they are closing all accounts. Asked why and was told that corporate headquarters has reviewed accounts and chooses to break relationships. I told them it has to be politically motivated as I donate to our veterans, purchase firearms on occasions and am a Trump supporter. Basically you don't need to cancel my accounts. I will do it! WTF? If Chase hasn't told you exactly why they are severing their relationship with you, you don't actually know that their decision was politically motivated. You could try contacting your State's banking regulatory authority to see if they can get a straight answer for you. State banking regulators have a lot of power such that they can make a bank jump through hoops and spend a lot of money to defend its practices. If you have an 830 credit rating there ought to be banks lined up to have you as a customer. If you aren't carrying a large credit card balance with a double digit interest rate that you make less than full payments on each month, you probably aren't the kind of customer that big national banks like to keep on the hook.
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Joined: Dec 2006
Posts: 28,172
Campfire Ranger
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Campfire Ranger
Joined: Dec 2006
Posts: 28,172 |
JP Morgan and Citibank, Bank of America and the other big Bolshevik money center NWO banks are going down. No they're not, Jews own the fugking world. No. GOD owns the World. No, the Rothschilds own the world.
Hunt with Class and Classics
Religion: A founder of The Church of Spray and Pray
Acquit v. t. To render a judgment in a murder case in San Francisco... EQUAL, adj. As bad as something else. Ambrose Bierce “The Devil's Dictionary”
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