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Status:
"Let this year be over..."
(set 21 days ago)
Location: Where my bills arrive
19,219 posts, read 17,088,442 times
Reputation: 15538
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Quote:
Originally Posted by mathjak107
You just don’t have the problem so you are unaware of the ramifications of credit unions ..unlike banks most credit unions do cross collateralization...google it rather than me having to explain the gotcha..
People have no home insurance either and never have a fire ...so the fact you don’t have an issue or are unaware of the issues you can have with credit unions does not mean they are not a surprise problem for others..
Only in NY do the institutions create their rules vs the rest of the country. In my experiences the loans were handled the same as any other loan would be, the mortgage was handled by a 3rd party mortgage lender with all the same requirements and credit checks that we experienced through a bank. You don't like them that's fine but I will take the CU any day, my last bank experiences was with Key Bank and that was horrible to say the least...
But they are not the only one, a lot of the big banks are closing branches.
It may be something funny I noticed but I have seen a big turnover at Capital One since they took over from North Fork. Now I used to be in banking and normally people in banking stay in banking. So it is strange to see people at Capital One in their 40s, 50s and 60s suddenly disappear and be replaced by 25 year olds. Maybe something is going on or maybe it is just something anecdotal I noticed, I am not sure.
That's a very important observation you made - and we made it too. They are definitely discriminating & claim that all the staffing changes are to make the bank more diversified. They have been sued before for age discrimination too so you'd think they'd know better but the lawsuit settlement was probably less then what they'd otherwise have to pay out in pension and health benefits as those long time, loyal employees get closer to retirement.
Then the young, arrogant & entitled managers & their millennial staffers run the customers out and the branches down - which get closed - which runs the rest of the customers off.
As a former employee of NFB, back in the days when John Kanas was at the helm and before the merger with Cap1, I can state with authority that NFB leadership was extremely stingy in terms of technology. Back then the excuse for us using Windows 95 when in 2001 the world had moved up to better windows platforms was that they were testing the reliability of the system in terms of client protection. We want to protect our clients. I was in the trust dept and it was always a difficult conversation to try an explain to a client why we were not online for many things as other banks were at the time.
In other words, the culture was to be stingy and it has carried on through the merger and even today. I had accounts there and have moved all but one and they are still lagging way behind in that dept.
Look at a bank with convenient locations. My family is at Chase, and we couldn't be happier. And if you qualify for Chase Private Client, life is even easier since they'll reimburse for any non-Chase ATM fees.
It's pretty easy now to find a brick and mortar bank paying 2% or more interest on money market accounts if you can meet the minimum deposit requirements. Citibank and Chase are paying .01% interest on regular accounts. They are good for convenience since they have ATMs everywhere but it's silly to keep a lot of money in their savings accounts.
Only in NY do the institutions create their rules vs the rest of the country. In my experiences the loans were handled the same as any other loan would be, the mortgage was handled by a 3rd party mortgage lender with all the same requirements and credit checks that we experienced through a bank. You don't like them that's fine but I will take the CU any day, my last bank experiences was with Key Bank and that was horrible to say the least...
Cross collateralization by credit unions is not a ny thing. It is a national thing done by most credit unions ..most who take loans are just not aware of what they agreed to.
I did not say I don’t like credit unions .. I said you need to be aware their loans are generally different then bank loans and nothing is a problem until it’s a problem .. then you learn the difference between a bank loan and a credit union loan
And if you qualify for Chase Private Client, life is even easier since they'll reimburse for any non-Chase ATM fees.
Quote:
Originally Posted by rocafeller05
Bethpage gets my business. I love the fact that I can use any credit union atm or 7-11 atm with no charges.
How does that work with no fees? I thought they charge you at the withdrawing bank and then your bank charges you too. So either one waiving their fees is only half the battle, no?
BTW, Chase Private Client wants a $250k balance - why would you put that kind of money there with their abysmally low interest rates? You'd be missing out on hundreds a month.
How does that work with no fees? I thought they charge you at the withdrawing bank and then your bank charges you too. So either one waiving their fees is only half the battle, no?
BTW, Chase Private Client wants a $250k balance - why would you put that kind of money there with their abysmally low interest rates? You'd be missing out on hundreds a month.
Why give chase 250k ...easy answer .. they gave as a big bonus in dollars to let them baby sit the same etf vanguard baby sat for us with no perks ....now we have all kinds of perks when coupled with our sapphire reserve card.. we keep a small checking account to pay the chase credit cards through . The 250k does not mean cash ..
Plus I have no trading commissions on my chase youinvest account and trade totally free which counts too.
Unlike my main account at fidelity where only some etf’s trade free ,here all stocks and etf’s trade free
$250,000 at .01% a month at Chase is $2 interest a month vs. $416 a month at 2% interest at another bank.
I hope those Chase perks are worth at least $400 a month to compensate for the interest you are not getting from Chase.
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