I Hate Banks

suzanne · Aug 14, 2012

Our small state bank has just been taken over by BB&T Bank. All changes to take affect starting Oct. 15th. They will be issuing new Debit Check Cards and Checking Account Numbers. Then we will need to order new checks. This is a royal pain in the A..... Especially since we leave for 3 weeks in Hawaii on Oct. 28th. The timing really sucks. This means I have to change all Bill Pay Accounts and Direct Deposits. I tried to contact them by phone and email. All I got was non answer, we will be receiving letters in mail as changes occur.

This doesn't help me in Hawaii where I won't be receiving letters in the mail. I hate Banks! :wall:

Sorry for the rant. But this is really frustrating that no one seems to know anything at either bank.

Suzanne

AwayWeGo · Aug 14, 2012

Banker's Trust = Oxymoron.

suzanne said:
I have to change all Bill Pay Accounts and Direct Deposits.

When our regional bank got gobbled up by another, larger regional bank, the new bank transferred over all the internet bill payer stuff from the old bank's (defunct) web site to the new bank's active web site. They also took care of direct deposit arrangements automatically. All we had to get used to was navigating the new bank's billpayer web site, which took some getting used to. Since then, everything has been OK -- except that the new bank has really annoying & off-putting TV commercials. (Fortunately, I don't watch TV all that much.)

-- Alan Cole, McLean (Fairfax County), Virginia, USA.

Luanne · Aug 14, 2012

I'm so glad we bank at a credit union.

ampaholic · Aug 14, 2012

Luanne said:
I'm so glad we bank at a credit union.

Ditto, much easier to deal with.

Fern Modena · Aug 14, 2012

Beat them to the punch. Switch over to Ally Bank. You probably have the time to do all of that including your direct deposits before you go to Hawaii if you act now. They will send you new checks whenever you need them, free of charge. Your ATM card with them is good at every bank I've ever used it at. They refund the fees the banks charge for the ATM at the end of each statement period. Plus they pay really good interest on savings.

Ally is one of the highest rated banks around. They have 24/7 live help, based in the US, and there is rarely more than a minute or two wait for it.

Fern

geekette · Aug 14, 2012

Make a pre-emptive strike and move on while it is convenient to do so. It was nice that they gave you notice now that it would happen in October, but there is no reason for you to wait to make your finances easier to manage.

If you like your bank and want to stay with them, they should try to make you happy. See if that seems like what they will do. They could make the decision to ditch them very easy.

Rob&Carol Q · Aug 14, 2012

Just don't let any Maint Fee fall delinquent by accident...Holy Crap! that's a hard issue to fix if you let it fester too long...

bogey21 · Aug 14, 2012

This stuff all started when Congress took away the majority of the Debit Card fees the Banks earned. To offset the lost income Banks began an all out effort to generate fee income by other means. The secret is to stay a step ahead of them.

George

rapmarks · Aug 14, 2012

our bank was taken over by BBand T We could use our old cheecks for almost a year. the same staff ws still there. i usually get good service when i call them.

geekette · Aug 14, 2012

bogey21 said:
This stuff all started when Congress took away the majority of the Debit Card fees the Banks earned. To offset the lost income Banks began an all out effort to generate fee income by other means. The secret is to stay a step ahead of them.

George

the money grab began long before that, imo. I remember being appalled when "fee for teller" came out (not at my bank, but still, appalling).

But, yes, since the change, it has gotten much worse. There remain plenty of options and CU is an excellent place to start.

I have a local bank , local cu and online banking so I have a lot of choices on fees, online tools and products. The local bank has changed a couple times, but same great people that greet me by name, and no appalling money grabs (or I've been able to sidestep them by moving that item elsewhere). no fee checking, don't buy checks anymore. why ditch fee-less?

I'll eventually ditch local bank but is very convenient right now (esp ATM) and has better hours for the free notary, medallion guarantees and drivethrough. They have not given me a reason in 2 takeovers to bail. Maybe 3 is the charm.

MRSFUSSY · Aug 14, 2012

Our bank was taken over

4 times. Never a real big deal during the transformation. We just had to get used to the new online banking screens. I'm still using checks from the original bank. Don't sweat the small stuff.

dioxide45 · Aug 14, 2012

You should be fine.

When your bank is absorbed, your old checks should still be good to be used for 12 to 18 months. BB&T doesn't really want to pay to give everyone new checks. Also if you have direct deposits or direct debits setup with your employer or other companies. These will be fine also, probably for years. If someone tries to debit or pay to your old routing and account number, the system is mapped to point to the new routing and account number. Our bank was taken over about four or five years ago and I just updated one of our bills direct debit information to have the new account and routing numbers. They have been debiting their money for years with no issue.

Any payees you have setup in your current online banking system should be mapped over. If not, you just add them back once you get access to BB&Ts online website.

bogey21 · Aug 14, 2012

My Son, Daughter and I have kept our Bank of America accounts open because of their convenience. First, is the ability to easily transfer money between the accounts on their website. I am the link as I am a joint owner on all the accounts. Second, is their extensive ATM network which is great when we travel. Third, the account is 100% free (including the ability to write checks) with no minimum balance requirement as long as we don't use a teller and go "paperless" for statements, etc. You can now deposit both cash and checks without an envelope at their ATMs.

George

Luanne · Aug 14, 2012

bogey21 said:
My Son, Daughter and I have kept our Bank of America accounts open because of their convenience. First, is the ability to easily transfer money between the accounts on their website. I am the link as I am a joint owner on all the accounts. Second, is their extensive ATM network which is great when we travel. Third, the account is 100% free (including the ability to write checks) with no minimum balance requirement as long as we don't use a teller and go "paperless" for statements, etc. You can now deposit both cash and checks without an envelope at their ATMs.

George

Gee, I get all of that with my credit union.

dioxide45 · Aug 14, 2012

Luanne said:
I'm so glad we bank at a credit union.

ampaholic said:
Ditto, much easier to deal with.

Credit unions can also merge with each other, and they can also sell themselves to banks. So being a credit union doesn't make you immune to any of the OPs issues.

bogey21 · Aug 14, 2012

I think it is the no cost (for account holders) all over the country ATM network of Bank of America that seals the deal with us.

George

suzanne · Aug 14, 2012

Thanks everyone for your support. DH said we should wait and see what happens, that maybe we might like them. I hope it all goes smoothly.

Suzanne

hvacrsteve · Aug 15, 2012

Beltway Bandits and Thieves!

Pat H · Aug 15, 2012

Hmm, let's see - Merchant National Bank of Allentown - Fidelity - First Fidelity - First Union - Wachovia - Wells Fargo. Not only were my accounts there but my job was also!

I Hate Banks

suzanne

Tug Review Crew: Rookie

AwayWeGo

TUG Review Crew: Expert

Luanne

TUG Review Crew: Expert

ampaholic

Fern Modena

geekette

Rob&Carol Q

bogey21

rapmarks

TUG Review Crew: Elite

geekette

MRSFUSSY

dioxide45

TUG Review Crew: Expert

bogey21

Luanne

TUG Review Crew: Expert

dioxide45

TUG Review Crew: Expert

bogey21

suzanne

Tug Review Crew: Rookie

hvacrsteve

Pat H