Banks are supposed to be friendly places where people put their money and, perhaps, earn a little interest. Back in the day, before Obama, there was such a thing as a neighborhood or family bank. When I lived in Colorado, there was a town bank called First Street Bank. It was started by a family that made a fortune in Colorado oil. Only two branches existed in the whole world. One was on the north end of town and one was on the south. The people at both branches knew me and were friendly and cordial. They would stop and talk when we saw each other at the grocery store, for example. Bush’s and Obama’s banking regulations closed 22,000 local, neighborhood banks, including First Street.
Now banks act like they are doing people a favor by taking your money and it usually costs more to keep it in there than the interest pays. I am moving my money out of Bank of America because they went from a free checking account, as long as I had direct deposit, to a $25 a month checking account unless I kept a balance of $12,000.00. I closed my checking and my savings and a credit card I had with them. I paid off the credit card with what was in my checking account. Because I had closed the card before paying it off, they charged me a $25 fee. I called Bank of America and said that was wrong. I said that the account was paid off and closed. She said she would reverse the charge as a “one time convenience.” I explained that it was not a convenience, it was the right thing to do. She was taken aback by that and explained that Bank of America did not owe me anything. I am glad that I am out of that evil bank.
If there were a small, local bank, I would use them, but alas all those have been destroyed by the Federal Government banking rules. I am moving my money into a bank that has no branches, but does everything online. Branches do not serve me, anyway, so why not do it all online.
Studies have shown the customer service has gone down in quality in a major way over the last 16 years. I have seen it at stores and banks. One thing that people do not realize is that if I go into a store, and I am treated poorly, I will spend my money elsewhere. If I go into a bank and I am condescended to and treated like property, I will take my money elsewhere. In both cases, I now do most of my stuff online. I buy online and now I bank online. I think that is the natural outcome of poor customer service and poor face-to-face communication. When I retire and move far away, there will be no need to move my bank, Because it is in the cloud. The world is changing and commercial banks, like Bank of America only want large depositors and large companies. Average people need
local, neighborhood banks to come back, but I don’t think that is going to happen.
Now banks act like they are doing people a favor by taking your money and it usually costs more to keep it in there than the interest pays. I am moving my money out of Bank of America because they went from a free checking account, as long as I had direct deposit, to a $25 a month checking account unless I kept a balance of $12,000.00. I closed my checking and my savings and a credit card I had with them. I paid off the credit card with what was in my checking account. Because I had closed the card before paying it off, they charged me a $25 fee. I called Bank of America and said that was wrong. I said that the account was paid off and closed. She said she would reverse the charge as a “one time convenience.” I explained that it was not a convenience, it was the right thing to do. She was taken aback by that and explained that Bank of America did not owe me anything. I am glad that I am out of that evil bank.If there were a small, local bank, I would use them, but alas all those have been destroyed by the Federal Government banking rules. I am moving my money into a bank that has no branches, but does everything online. Branches do not serve me, anyway, so why not do it all online.
Studies have shown the customer service has gone down in quality in a major way over the last 16 years. I have seen it at stores and banks. One thing that people do not realize is that if I go into a store, and I am treated poorly, I will spend my money elsewhere. If I go into a bank and I am condescended to and treated like property, I will take my money elsewhere. In both cases, I now do most of my stuff online. I buy online and now I bank online. I think that is the natural outcome of poor customer service and poor face-to-face communication. When I retire and move far away, there will be no need to move my bank, Because it is in the cloud. The world is changing and commercial banks, like Bank of America only want large depositors and large companies. Average people need
local, neighborhood banks to come back, but I don’t think that is going to happen.
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