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Old 10-06-2008, 11:08 AM
 
1,800 posts, read 5,416,394 times
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I can't believe I'm posting this, but I need advice;

The ONLY reason we haven't moved any of our accounts out of Wachovia yet is because we love our banker (as a friend and as a business person). She has been incredibly supportive to us in so many ways, when we first arrived in Charlotte.
In addition, we have lots of friends and neighbors that work for Wachovia and we feel as though we would be "cheating" them if we moved to a different bank.

BUT, after reading this morning's headlines, we're not so sure anymore...
Who is running the place that has all of our money?
...maybe it is time to research some other financial institutions?

Any input?
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Old 10-06-2008, 11:17 AM
 
Location: Huntersville
1,521 posts, read 4,678,454 times
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Once the wife loses her "banking" benefits I think we maybe heading to SunTrust. Throughout it all they seem to be a local bank that have weathered the storm. At least up until today. Just think they were trying to buy First Union when Wachovia merged with them. Could be completely different today!
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Old 10-06-2008, 11:26 AM
 
Location: State of Being
35,883 posts, read 72,013,086 times
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Well, money is insured by FDIC . . . so my thought is . . . "Dance w/ the one who brung ya" . . . meaning . . . I am going to stick in there w/ Wachovia and not add to the run on the bank deposits. Now, if I had $100,000 in that bank (wh/ I do not) . . . I may feel differently. I do not know how much time it takes for the FDIC to clear info on deposits and make sure one's money is "safe" - reimbursed - whatever. So I guess my strategy (if I had a chunk o' cash in a money market or savings acct) would be to take half of it out and put it in a safety deposit box, cause I just would not sleep well at nite otherwise. But that is just me.

However, taking deposits out is, indeed, a run on the bank and can hasten a bank's demise. So I would not want to take all my money out.

Since I don't have that much in Wachovia, I am just holding tight.
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Old 10-06-2008, 11:48 AM
 
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In hindsight, we should have distributed "bit and pieces" in different banks. But, Ani, you're right, I don't want to add to the mess, but I'm feeling less and less confident in what's going on.
I'm a very loyal person, but what if the one who brung me isn't dancing so well anymore?

QC, how long has SunTrust been around?
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Old 10-06-2008, 12:02 PM
 
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No reason to move your money unless your deposits exceed $100K.

Otherwise, stick with your banker friend.

Now, if the new regime changes services and you don't like them, that's a good reason to switch...
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Old 10-06-2008, 12:03 PM
 
Location: Huntersville
1,521 posts, read 4,678,454 times
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SunTrust Banks - Wikipedia, the free encyclopedia

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Old 10-06-2008, 12:11 PM
 
Location: State of Being
35,883 posts, read 72,013,086 times
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Quote:
Originally Posted by stmaarten View Post
In hindsight, we should have distributed "bit and pieces" in different banks. But, Ani, you're right, I don't want to add to the mess, but I'm feeling less and less confident in what's going on.
I'm a very loyal person, but what if the one who brung me isn't dancing so well anymore?

QC, how long has SunTrust been around?
Yeah, that dance is looking pretty shakey right now - I do agree with you.

Have you considered Charlotte's Credit Union for part of your liquid assets? I switched over a chunk of our assets to T-bills last summer. Everyone laughed at me for the "granny money management approach" but . . . at least that part of my assets are not LOST. Can't say that much about our 401Ks at this point.

There are a few financial advisors on our forum, I would suspect. My question is: isn't a bank that does not deal w/ a high % of mortgage loans a "safer" bet at this point? That is why I suggested the local credit union. I would like to hear advice on the type of bank that was not buying up toxic securities - so I guess I am saying - any banking entity that doesn't deal w/ Fannie/Freddie?
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Old 10-06-2008, 12:18 PM
 
Location: North Carolina
6,955 posts, read 7,808,495 times
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I'm going to stick with Wachovia. I only have a checking account with them that has a few grand in it! I do miss my old credit union that would pay interest on my checking account, even if I had on $25 in it! You'll never find a bank that will match what a credit union will do, in the way of interest rates and benefits - free life insurance. Unfortunately, Monroe doesn't have anything nearby - I like being able to go there without using a 1/4 tank of gas in doing so.

I am still hoping that Wells Fargo gets Wachovia for a reason that is substantially different than the usual ones we've all heard about. I have a credit card with Citibank that I've used almost exclusively for 20 years. The problem with them is, that it seems about every three days, I get the "infamous junk mail" from them that contains those "checks" and the offer to "transfer my balances" from other credit cards. I need these "checks" from them to buy more stuff I don't need, like I need a second appendix! If they had done a study on me, they long ago would have found that I pay off my balance at the end of the month no matter what the amount. When I first moved down here, I bought furniture and had balances of over $10,000 for a couple of months that were paid off at the end of each month I had them. I even filled out a form with them that would have supposedly reduced these types of mailings - all to no avail!

With all the costs of of postage and printing costs associated with all this unnecessary crap, if they had sent me a check for what they spent on it, I could have bought Wachovia and everyone would have lived happily ever after! Now, if they end up with Wachovia, I suspect I'll be getting even more useless junk mail.

But then again, maybe I should be grateful! They've managed to help me to keep my upper-body strength intact by having to rip up all those envelopes, because I'm too lazy to walk upstairs to run them through the shredder!
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Old 10-06-2008, 12:29 PM
 
Location: Charlotte, NC
1,808 posts, read 6,167,723 times
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I have had the same experience with Citibank sending me countless offers... I usually get one a week!

Like you, it is the credit card I use most frequently. And like you, I have requested on more than one occasion to stop sending me those "checks" and other offers. They will not stop sending them. It's frustrating and wasteful. UGH!

Quote:
Originally Posted by TheEmissary View Post
I'm going to stick with Wachovia. I only have a checking account with them that has a few grand in it! I do miss my old credit union that would pay interest on my checking account, even if I had on $25 in it! You'll never find a bank that will match what a credit union will do, in the way of interest rates and benefits - free life insurance. Unfortunately, Monroe doesn't have anything nearby - I like being able to go there without using a 1/4 tank of gas in doing so.

I am still hoping that Wells Fargo gets Wachovia for a reason that is substantially different than the usual ones we've all heard about. I have a credit card with Citibank that I've used almost exclusively for 20 years. The problem with them is, that it seems about every three days, I get the "infamous junk mail" from them that contains those "checks" and the offer to "transfer my balances" from other credit cards. I need these "checks" from them to buy more stuff I don't need, like I need a second appendix! If they had done a study on me, they long ago would have found that I pay off my balance at the end of the month no matter what the amount. When I first moved down here, I bought furniture and had balances of over $10,000 for a couple of months that were paid off at the end of each month I had them. I even filled out a form with them that would have supposedly reduced these types of mailings - all to no avail!

With all the costs of of postage and printing costs associated with all this unnecessary crap, if they had sent me a check for what they spent on it, I could have bought Wachovia and everyone would have lived happily ever after! Now, if they end up with Wachovia, I suspect I'll be getting even more useless junk mail.

But then again, maybe I should be grateful! They've managed to help me to keep my upper-body strength intact by having to rip up all those envelopes, because I'm too lazy to walk upstairs to run them through the shredder!
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Old 10-06-2008, 01:08 PM
 
17 posts, read 97,025 times
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Does anyone have any suggestions for a small local bank where I could put my next downpayment on a house, collect a good rate of interest, and not get penalized for taking the money out? i figure i'll be ready to purchase in a year or so...BBT looked like they had a nice savings program, what about CD's?

Thanks!
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