Aug 152011

I really hate banks. They are a bureaucratic pain in the ass. You allow them to hold your money in a safe place and they act like it is their money and you have no right to it. And lately, with the economic downturn, they have gotten real fee happy on top of the poor customer service.
For a long time I used a national chain simply because they were there. They had bought out a smaller bank I was using so I stuck with them. I got smart when I moved to the Keys and moved my vast fortune, both dollars, into a local bank. Nice folks. They knew everyone on the islands, were involved with all the goings on, and their rates were reasonable. Like you would expect from a small town operation. But, as I mentioned earlier, the economy took a dump and they ran into problems. Then, at the beginning of this summer they were bought out by a larger bank chain. Then a month later that group was bought out by a larger chain. Now with the new owners in place, fees have increased, and customer service went in the toilet. The final straw came when I attempted to do a really simple transaction over the phone and met nothing but resistance and bullshit. So once again I am changing banks. There is another chain that is Keys specific so they are up next. I started the change over today and it will take about a week to settle everything.
But when it really comes down to it I would love to get by without the need for a bank. I am tired of all the bullshit they throw at you. Fees for this, forms for that. All I really use them for is a middle man to transfer my vast brazillions from one place to another. I actually keep very little money with them. And what little I do keep goes for the few bills I have left. Unfortunately, the other accounts I transfer back in forth from require a bank account so I am stuck. I did look into the feasibility of not using a bank. Paypal was a possible option but they are not subject to banking laws meaning they could freeze your account at anytime for no good reason. Their fees are a bit high also. Beyond that there seems to be no real alternative to the current banking system. So for now it is their way. But I will keep looking and if I find an alternative I will most certainly post it up here.

The Fritter

  2 Responses to “Banks are evil…”

  1. I deposited a ck for $6800. from state farm insurance company. hail storm & micro burst.
    for new roof. the ck had been endorsed by state farm and my mortgage company both.
    i called the automated system to ck my balance a few days later. did not match my record.
    i called the bank. they informed me that they “are withholding 4800. for 2 weeks, and an additional 1800. for 2 more weeks. what the????
    they informed me that “it isn’t the bank, it’s a federal regulation.”
    i had never heard of it. (i’m never overdrawn. and i never make that large a deposit.)
    i looked it up on the net. it is an option the bank can use, but it is always at the bank’s discretion. so they not only held up my money. they lied to me while doing it.
    honest to god. sickening. to what… make interest off my little dab of money???? i’ve only banked there for the last 18 years. (i got a note 3 days later telling me the reason they held up the money is because my deposit was over 5,000.)

    • That sucks. And it will only get worse. Wells Fargo will be instituting a $3 a month fee for using your debit card. I switched because my old bank was no longer local. Once it was bought out I got a ton of paper mail with all sorts of new regulations and fees. Made the switch to a more local bank but don’t know how long they will last. I would love to find a way to be able to get by without one but so far no luck. At least for now I qualify for senior banking, which means no fees for checking. Age does have some advantages.
      Good luck with you issues. I know with large deposits around $10000 or better the banks get nervous. Never heard of them holding a large amount like that. Sounds suspicious.