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Looking For A GOOD Bank. Suggestions?

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posted on Dec, 4 2012 @ 08:18 PM
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Absolutely, credit union is the way to go. I thought you were bank shopping b/c you won the lotto or something and 'had' to find another bank as they only insure so much money. I've actually had customers tell me that before and ask the same question. Some people got it rough I guess.
But for us folk, yes, credit unions are the better choice.
~Lu




posted on Dec, 4 2012 @ 08:33 PM
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Very well put. I use a Credit Union (and love it) but , as you say, I am not high income nor do I travel very often... But absolutely- Business owners and high dollar individuals pretty much HAVE to use banks. My Sisters and her Husband have an Excavating Company and although they themselves hate" banks- There is no way around one for Larger payrolls.


Well, it's a funny situation. We have a tremendous job to do as a country to educate the public on finances, handling money, and banking in general. Most of the complaints about banks are generally unwarranted, over-hyped, and oftentimes a direct result of an individual consumer or business owner failing to adhere to basic principles of sound financial management. The people who complain the most are oftentimes the worst offenders.

If you only could hear the other side of the story from the bank's perspective, most Americans would have an entirely different opinion of the banking industry. Due to privacy laws, and reputation risk, banks are strictly prohibited from commenting on specific cases in the media involving a public complaint lodged against a bank. The bank never gets to tell its side of the story due to privacy laws.

Banks cannot reveal any private financial data to the public, and many times cannot even acknowledge whether a client even has a banking relationship with the said bank under scrutiny.

Having worked within the banking industry in some form or fashion for more than 20 years, I can assure you that most bank employees are pretty level-headed. At most banks, you have to go through a fairly rigorous screening process to get hired in the first place, including background and fingerprint checks, credit and reference checks, etc. You undergo constant training on regulatory changes, risk management, operations, and more. Most of the bankers that I have known over the years are moderate income employees, and generally people of good will and sound character.

By contrast, I could tell you hundreds of stories of clients that were engaged in all forms of nefarious banking practices. Everything from sheer incompetence in managing one's financial affairs, to lying on a credit application. I have heard one story after another about how the matter is "the bank's fault", when the client is clearly the root cause of the matter at hand.

I understand that people get emotional about money, and it is so very easy to point the finger the "big bad bank". But 9 times out of 10, the client has a major stake in how the relationship is managed over time. If you bounce checks, consistently have overdrafts in your account, act deceptively when applying for credit facilities, and the like, then the bank is not at fault. People just don't want to take responsibility for their actions, nor do they want to take the time to become financially literate to avoid mishaps.



posted on Dec, 4 2012 @ 09:36 PM
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What's the best bank? I was going to say - only half flippantly - "piggy."

I agree with the majority of replies: go with a local credit union. Keep it at home.



posted on Dec, 4 2012 @ 09:45 PM
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Yuppers, the credit union is the best choice. But if for some reason you HAVE to go with a bank see if there is a SunTrust bank in your area. I have been with them for three years now and have not had a single complaint. I went to SunTrust from Wells Fargo when they tried to shaft me.



posted on Dec, 4 2012 @ 10:49 PM
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Yuppers, the credit union is the best choice. But if for some reason you HAVE to go with a bank see if there is a SunTrust bank in your area. I have been with them for three years now and have not had a single complaint. I went to SunTrust from Wells Fargo when they tried to shaft me.


Well, to be fair, Sun Trust isn't a community bank. And it was one of the first investors in Coca-Cola. You know, the oh so healthy soda pop? Yep, that's right. Sun Trust built its bank on the rising fortunes of the soda business. As I recall, they had to change the original ingredients of Coca-Cola from coc aine to sugar. Or, maybe that's an old wives tale. I guess if you want to support unhealthy lifestyles, then Coke, er Sun Trust would be your bet.

And regarding credit unions, and community banks for that matter, you might double check and see who sits on the Board of Directors. Many times these smaller institutions are started by a Board that use depositor funds for their own pet projects. These insiders are much more apt to obtain loans than the depositors at the community bank. By contrast, bigger banks are under much wider scrutiny to actively lend to the public.

And the mega-banks, in sheer dollar numbers, are huge contributors to local communities in the form of charitable giving, the United Way, man hours at your local soup kitchen, etc. They have a much larger social impact on local communities than small institutions when it comes to philanthropic causes.

In terms of stability, credit unions don't fall under the same regulatory guidelines as banks, and they have been very aggressive in lobbying to keep it that way, taking more and more risks as they venture into areas of lending to which they are familiar. This is huge issue under discussion right now within the industry. Credit Unions are aggressively lending right now and actively hiring from bank competitors to take on more commercial loans.

Be sure to check the soundness of the institution through an online bank rating agency. Google is your friend.
edit on 4-12-2012 by CookieMonster09 because: (no reason given)



posted on Dec, 4 2012 @ 11:11 PM
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reply to post by CookieMonster09
 





As I recall, they had to change the original ingredients of Coca-Cola from coc aine to sugar. Or, maybe that's an old wives tale.


Cocaine was used quite widely and legally around the late 1800's and early 1900's. Laudanum, a liquid form of coc aine, was given to women who were subject to bouts of "the vapors" or fainting spells. It was, as you stated, an ingredient of Coca Cola at one time. That is where the Coca part of the name came from. When the government started regulating narcotics and other drugs they had to take the coc aine out of the Coca Cola formula. But you were wrong on the part about replacing sugar. Sugar was always used as a sweetener in all sodas until artificial sweeteners came along and took over a part of the market.

As to how SunTrust built their business, I really don't much care. What the heck, NASCAR was built on bootlegging in souped up cars. The Kennedy fortune was also built on bootlegging during the prohibition era. For good or bad that doesn't change what they all are now.

I bet if you had a chance to go back in a time machine and buy stock in Coca Cola when they were first starting you would abandon your moral high ground in a heartbeat for the chance to be a multi millionaire. If SunTrust did indeed invest in Coca Cola it was a sound investment strategy that had nothing to do with undermining the health of the nation. Colas, and other carbonated beverages, were not considered bad for your health until much later.



posted on Dec, 5 2012 @ 12:13 AM
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If SunTrust did indeed invest in Coca Cola it was a sound investment strategy that had nothing to do with undermining the health of the nation. Colas, and other carbonated beverages, were not considered bad for your health until much later.

The question at hand is which bank or credit union should the original poster consider for their banking needs. One factor in this consideration is both the history of the organization and what they do or do not do to benefit their fellow man.

Investing in Coca-Cola - pre- or post-coc aine era - is hardly beneficial to one's fellow man. The damage done to the health of a nation hooked on caffeinated soft drinks is a whole other story. The point, however, is that when market alternatives are available, it might be more prudent to bank with an organization that holds your same values.

And if you value other people's health and well-being, you wouldn't necessarily want to secure your hard-earned cash in a bank that has historically benefited from the degradation of the physical health of others. We're taking about decisions regarding to whom one should or should not do business.

It's no different then investors that invest their retirement assets in mutual funds or companies that align with their moral values. They might not invest in Coca-Cola - or Sun Trust for that matter - because they value physical health over deteriorating health as a personal value.



posted on Dec, 5 2012 @ 12:17 AM
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I have read every reply, and I thank you all for your contributions. There are some great replies here, very well thought out.
Let me give a little more detail about my situation. I am most likely going to be taking a job where I will be traveling, and yet maintaining a residence here in So Cal. So I need the convenience of direct deposit, and yet I must be able to access my cash and/or use my debit card wherever I may be. ( And some of these locations may very well be outside of the U.S.), hence my "need" to do business with a bank. ( and no, I'm not working for the CIA or any nefarious government, it's in the entertainment industry
).
Perhaps I can build a nest egg at a local credit union, and then have a smaller percentage of my money with a "regular" bank so that I have access to funds while traveling. I absolutely detest the idea of using BOA, Chase or Wells Fargo. I did see a response about E-Trade....I may check them out.
Perhaps I should have outlined my situation in more detail in the beginning, but I wanted to get the ball rolling and see what the initial responses had to say.

Anyway, I hope the responses keep coming, and again, I sincerely appreciate everyone's input and opinion, thank you again. I'm finding it's very hard to "just do business" and do it with socially responsible institutions...because really, none of the big players are socially conscious about their practices......
edit on 5-12-2012 by moonzoo7 because: typo



posted on Dec, 5 2012 @ 12:21 AM
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Originally posted by CookieMonster09



If SunTrust did indeed invest in Coca Cola it was a sound investment strategy that had nothing to do with undermining the health of the nation. Colas, and other carbonated beverages, were not considered bad for your health until much later.

The question at hand is which bank or credit union should the original poster consider for their banking needs. One factor in this consideration is both the history of the organization and what they do or do not do to benefit their fellow man.

Investing in Coca-Cola - pre- or post-coc aine era - is hardly beneficial to one's fellow man. The damage done to the health of a nation hooked on caffeinated soft drinks is a whole other story. The point, however, is that when market alternatives are available, it might be more prudent to bank with an organization that holds your same values.

And if you value other people's health and well-being, you wouldn't necessarily want to secure your hard-earned cash in a bank that has historically benefited from the degradation of the physical health of others. We're taking about decisions regarding to whom one should or should not do business.

It's no different then investors that invest their retirement assets in mutual funds or companies that align with their moral values. They might not invest in Coca-Cola - or Sun Trust for that matter - because they value physical health over deteriorating health as a personal value.


Well said. Yes, this is part of my thinking on this matter



posted on Dec, 5 2012 @ 09:37 AM
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Td bank sucks..... I use them and I'm disappointed. I asked them for a loan under 5g, and you know what they said, they can't do it, but they gave me the option to save up money, give it to them, and then they would loan it too me to build up my credit. HUH?! All because I have no credit, no co-signer. They want to loan me my money and charge me interest on my money. Lol



posted on Dec, 5 2012 @ 10:55 AM
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oh! i saw the opening post and just had to reply instantly!
has anybody mentioned credit unions yet ? ....kidding!

several big name banks were stealing money from me, they would seem to come up with a new scam every month.
after 'getting them back', i decided to try a credit union. that was 4 year ago and to this day , they haven't 'stolen' from me at all.
they told me when i started there that many other credit unions [in the united states and canada] were part of some organization that allowed members who were travling to use any participating location for banking services.
the debit card they issue is 'visa', so it's really the same as any other debit card. works online with every site and, as it happened to me once, they moniter the online purchases closeley.
my #'s were stolen but i didn't lose any money!

you need to leave [at mine] $25 in savings at all times - that's the only requirement.

don't listen to the poster that works at the bank, unless you like to be ripped off.



posted on Dec, 5 2012 @ 12:58 PM
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Everybody is saying "credit unions", but most do not realize that credit unions keep their funds with the big banks.

So the big players take a cut either way.

I had the same issue as you. We moved to a different area of Texas, and since we absolutely detested Bank of America (the bank we were using at the time), we didn't want them to handle any more of our money.

We decided to go with a smaller, regional bank in the area (City Bank), which was started by a family that my husband knew when he grew up out here. City Bank is a major regional player in this area, but not so big that they are part of the nasty world wide banking cartel. Not to be confused with "CitiBank", which is a big banking cartel member.

My ATM card works fine no matter where I go.

My suggestion is to find a local, regional bank. Those are more likely to invest in the local economy, such as local homes and small businesses.

Do some research and find one that supports the local area where you live.



posted on Dec, 5 2012 @ 07:19 PM
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More great input. I'll see what kind of regional credit unions are around. I like the idea of being able to travel and use a card, and still keep my business at the credit union level.



posted on Dec, 5 2012 @ 08:28 PM
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Td bank sucks..... I use them and I'm disappointed. I asked them for a loan under 5g, and you know what they said, they can't do it, but they gave me the option to save up money, give it to them, and then they would loan it too me to build up my credit. HUH?! All because I have no credit, no co-signer. They want to loan me my money and charge me interest on my money. Lol


This is exactly what I was referring to earlier. TD Bank declined your credit request for any of a number of legitimate reasons. Based on your response above, they likely declined your credit request due to a lack of credit history.

What TD proposed was a cash secured loan. This means that they would lend you the funds, but you would have to set aside an equivalent dollar amount in a CD as collateral in the event that you would ever default. This loan would then show up on your credit bureau as a credit facility, enabling you to show credit history to future lenders. Many times, once you have demonstrated that you will repay your loan on time, they will release the collateral. In the meantime, you establish some credit history for future credit requests.

TD Bank was actually trying to do you a favor, and instead, you took it as an insult. This is the problem with consumers today. We need to do a better job of educating the public on personal money management.



I am most likely going to be taking a job where I will be traveling, and yet maintaining a residence here in So Cal. So I need the convenience of direct deposit, and yet I must be able to access my cash and/or use my debit card wherever I may be.


There are different modes of thought as to how to pay for travel expenses. The mega-banks offer Travel Credit Cards that reward clients with a whole host of points, perks, mileage, and similar benefits for clients that travel extensively. But, you have to be prudent with using credit cards, as many consumers abuse these cards and don't use them responsibly.

There are national reviews online as to which banks offer the best Travel Credit Card. Your local credit union is not one of them. Also, your local credit union will not have the footprint when you are traveling should you need to conduct banking matters in another state when you are out of town.

Some financial planners advocate paying cash for travel expenses. But, again, you will miss the perks if you do so. This train of thought is that people are more apt to pay more if they use credit cards versus cash, and studies have proven this to be accurate. Some consumers spend as much as 10-30% on consumer goods when they pay with a credit card versus paying in cold hard cash. There is something intrinsically fundamental about paying in cash that makes you become more frugal when spending.



several big name banks were stealing money from me, they would seem to come up with a new scam every month.


Good grief.



Those are more likely to invest in the local economy, such as local homes and small businesses.


Au contraire, mon frere.

Contrary to popular opinion, the mega-banks invest more money and charitable hours in your local community and state than any community bank ever could. They publish the information on their public web sites, and in their annual reports.

First, the mega-banks have thousands of more employees. So, when a local charity needs volunteers, the mega-banks can staff a project with hundreds of volunteers, if needed.

For example, you cited Bank of America. Their employees logged over 1.5 million volunteer hours last year, for projects ranging from helping at soup kitchens, building houses for the homeless, etc.

Here is a link to Bank of America's State of Texas charitable activities this past year:

about.bankofamerica.com...

Let's be straight on the facts on Bank of America's charitable activities just within the State of Texas:

- $3.5 billion in financing to low income families in Texas, including loan modifications
- $867 million lent to Texan small businesses
- $55 million lent to Texan lower income individuals for consumer loans
- $462 million given to Texan non-profits for neighborhood revitalization
- $10 million in charitable grants to Texan non-profits
- $891,000 in charitable donations by Texan Bank of America employees, matched by the bank itself, and given to local causes of the employees' choosing
- $2 million pledge by Texan Bank of America employees to the United Way in 2011
- 34,000 volunteer hours logged by Texan Bank of America employees during the first 6 months of 2012 alone

With all due respect to your "regional bank in Texas", I assure you that their charitable activities are no match for Bank of America's philanthropic work in Texas, whether measured in lending, donations, volunteer hours, or any other metric you so choose.



posted on Dec, 8 2012 @ 11:57 AM
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reply to post by CookieMonster09
 


I have to admit, this is food for thought. There are many sound opinons on this thread, and I do like your contributions as well because you're well-informed about banking in general. I'm surprised that someone hasn't called to a shill for the banking industry...just kidding. No need for any trolling on this thread.
I will do my research and carefully consider my options. Again, thanks to everyone for contributibng.



posted on Dec, 8 2012 @ 12:12 PM
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reply to post by Putyournamehere
 


That's not just TD, that's all banks. Try Capital One if you want to build your credit. American company - but no bank will give you a loan if you don't have previous credit. Capital One while it sucks helps you rebuild credit if you have no history.



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