Money in the bank

[freshnesschronic]

So I JUST realized that my PNC bank account charges me $4.00 a moth out of my savings if I don't keep $1,000 in my checking account. WTF? I've lost $20 dollars since the summer because I didn't even know this. Since I have an interest checking account it's like a penalty for not having the minimum. PNC just bought my old bank National City so I didn't do my homework....any bank suggestions I should transfer to?

[Lamplighter]

Find a credit union.

CU's are federally insured and offer just about all the services of a "bank"; and they are usually more local, more customer-friendly, and more flexible on loans, fees, and interest rates.

[bbro]

They should have a free checking option you could transfer to. I think all banks have that now.

[Clodfobble]

Local credit union, all the way. I'm amazed sometimes when people talk about the kind of crap banks pull, I've forgotten what it's like out there. Credit unions are just as safe as banks (safer when you consider that most are too small to engage in stupid shit like mortgage bundling...) and have actual, you know, customer service.

[xoxoxoBruce]

My credit union had some problems with an individual behaving badly with other people's money (and the government's). But the advantage is, unlike the banks the members find out about it. That puts social, as well as legal, pressure on the employees to behave.

[BigV]

Please.

Hie thee to the nearest credit union. Immediately.

Do you realize that you are a cash crop from the perspective of the bank? They have a fiduciary obligation to ... the stockholders. Not to you. The principle function of a bank, is to remain a going concern. They're mission is to stay in business. And that means to keep making a profit. That profit comes *from you* and flows *to them*. Your money goes to the owners of the business. Just like at Subway, or JCPenney or any other business.

A bank gives you a service, holding your money, making it kinda easy to get to, .... that's probably it for you at this time. Perhaps you have a credit card or a loan of some kind with them. You pay for this service. Your money goes to the owners of this business.

A credit union does all the same things, provides all these same services, but with one very fundamental difference. The money you pay for these services goes to YOU, because YOU are one of the owners. That is why it is called a credit UNION. People join together and as a group, a union, they decide to run an operation that does things the bank does, but instead of having the money/profit generated by the operation go outside, we all just share it among ourselves.

You'll still see some fees, and the CU will operate in the black, and those "profits" are returned to you as dividends.

You have the best of both worlds--you get the services of the bank, and you get the profits of the operation.

[BigV]

Another thing... you might wonder why this great deal .. you might think it's too good to be true. Why haven't you heard of it. Because since they're not a for profit outfit, they don't really bother with too much advertising. Compared to the big banks, which advertise a ton. "Your life will be better with a Chase card!!!!!!" etc etc.

The banks need to advertise to get your attention to get your money.

The credit unions don't. They don't need to "grow" like the banks do.

A good analogy might be McDonalds versus your mom's home cooking. McD's is a giant business and you can get fed there, your money goes to the business, including some profit. Mom can also feed you and there are costs involved, but she doesn't need to advertise, she is happy with the size of her operation already. You still get fed. But you don't pay extra for someone else's profit.

[Trilby]

Credit union. I fired 5/3 bank a while ago and it was one of the better things I've done.

[xoxoxoBruce]

Originally Posted by BigV

Why haven't you heard of it. Because since they're not a for profit outfit, they don't really bother with too much advertising. Compared to the big banks, which advertise a ton. "Your life will be better with a Chase card!!!!!!" etc etc.

Credit Unions are also restricted in who can join. You have to be a member of a defined group, so you just can't join any credit union you choose. Most people have a choice of a couple, however. They also may be chartered federally, or by the state, which changes the operating rules a little. Here in PA, the state chartered ones are supervised more closely than the federally chartered, but your money is safe in both.

[Clodfobble]

Yeah, officially my credit union is affiliated with my state university. Possible ways to qualify for membership included:

1.) Being a student of the University
2.) Being an employee of the University
3.) Being a member of a particular University charity organization--which itself can be accomplished by a single $30 donation to said charity. And can be done right there at the credit union as you're applying for an account. Done and done.

[BigV]

xoB, CF:

In Washington, being a resident of the state is the only qualification required for membership in any credit union doing business in the state. BECU is big here, understandably. I could join them if I wished. This is a change from when I first joined the credit union, though. The restrictions on membership used to be much more severe.

Shop around. You're likely to find *some* credit union you can qualify for. You'll never look back.

[xoxoxoBruce]

Cool, but I imagine there are other credit unions besides BECU in the state which would have other conditions. My credit union used to require company employment, then added anyone living in the community. A year later that changed to anyone living or working in the community. 6 months later it was anyone living, working, worshiping, or doing business (shopping) in the community.

[footfootfoot]

How about we wait another few months and claim membership because we know someone online who has an IP address in the community?


We are able to join as a perk of our food coop membership. I love my credit union, I want to hug it... I want to love it... I want to hug it... I want to smooch it... I want to...

[xoxoxoBruce]

C'mon, c'mon, fess up... you want to have sex with it don't you.

[footfootfoot]

Well, there is this one teller...