Comments on: How to shop for a new bank (or credit union) http://asklizweston.com/2010/01/20/how-to-shop-for-a-new-bank-or-credit-union/ Personal Finance Columnist Thu, 09 Feb 2012 03:37:26 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: lizweston http://asklizweston.com/2010/01/20/how-to-shop-for-a-new-bank-or-credit-union/comment-page-1/#comment-1082 lizweston Mon, 25 Jan 2010 19:43:27 +0000 http://asklizweston.com/?p=1720#comment-1082 Your experiences show there's no one-size-fits-all solution. Amex, for example, typically tops customer-satisfaction surveys, but that doesn't mean everybody's pleased with how they're treated. What's important is knowing that you have options and exercising that power of choice when you're not happy. Thanks for your comment. Your experiences show there’s no one-size-fits-all solution. Amex, for example, typically tops customer-satisfaction surveys, but that doesn’t mean everybody’s pleased with how they’re treated. What’s important is knowing that you have options and exercising that power of choice when you’re not happy. Thanks for your comment.

]]> By: Rebecca http://asklizweston.com/2010/01/20/how-to-shop-for-a-new-bank-or-credit-union/comment-page-1/#comment-1080 Rebecca Mon, 25 Jan 2010 18:37:49 +0000 http://asklizweston.com/?p=1720#comment-1080 (1)I actually had to switch from a CU to a bank but not one of the 6. America's First CU didn't recognize my home business as income. I found this out when we applied for a second mortgage to pay off some other credit cards a few years back. They actually cancelled my credit card, (perfect payment record) and closed my account. (2)I'd had a good payment record with American Express for over 10 years when I decided to open a Rewards card account. I screwed up putting the information on my bill paying software with my bank so my first payment didn't go through. They told me that they would have to "punish" me for that with a 30% interest rate for a year, even with a good payment history (and I asked for a supervisor). So I shopped around and B of A was the ONLY lender willing to give me a 0% for 12 months card. Not my bank, Discover, or any other local banks, so I gave them the business. (3) I fly twice/year to see my dad so when I needed to make a big purchase in November, it only made sense to get a Citi American Advantage card and get a free flight out of it. So I'm actually doing business with 2/6 big banks but it's not because I didn't look elsewhere. (1)I actually had to switch from a CU to a bank but not one of the 6. America’s First CU didn’t recognize my home business as income. I found this out when we applied for a second mortgage to pay off some other credit cards a few years back. They actually cancelled my credit card, (perfect payment record) and closed my account.
(2)I’d had a good payment record with American Express for over 10 years when I decided to open a Rewards card account. I screwed up putting the information on my bill paying software with my bank so my first payment didn’t go through. They told me that they would have to “punish” me for that with a 30% interest rate for a year, even with a good payment history (and I asked for a supervisor). So I shopped around and B of A was the ONLY lender willing to give me a 0% for 12 months card. Not my bank, Discover, or any other local banks, so I gave them the business.
(3) I fly twice/year to see my dad so when I needed to make a big purchase in November, it only made sense to get a Citi American Advantage card and get a free flight out of it.
So I’m actually doing business with 2/6 big banks but it’s not because I didn’t look elsewhere.

]]> By: lizweston http://asklizweston.com/2010/01/20/how-to-shop-for-a-new-bank-or-credit-union/comment-page-1/#comment-1033 lizweston Thu, 21 Jan 2010 18:21:26 +0000 http://asklizweston.com/?p=1720#comment-1033 That's really disappointing, perfectpacer. CUs definitely aren't perfect, although I hear a lot fewer bait-and-switch stories about them than about the big banks. I hope your letter gets a response. That’s really disappointing, perfectpacer. CUs definitely aren’t perfect, although I hear a lot fewer bait-and-switch stories about them than about the big banks. I hope your letter gets a response.

]]> By: lizweston http://asklizweston.com/2010/01/20/how-to-shop-for-a-new-bank-or-credit-union/comment-page-1/#comment-1032 lizweston Thu, 21 Jan 2010 18:19:47 +0000 http://asklizweston.com/?p=1720#comment-1032 Great point, Marco. My CU has business checking and savings account, but no lines of credit--given how important those can be for smoothing out cash flow, that's a big deficit for a business owner. On the other hand, their rates for personal loans and auto loans absolutely rock. Great point, Marco. My CU has business checking and savings account, but no lines of credit–given how important those can be for smoothing out cash flow, that’s a big deficit for a business owner. On the other hand, their rates for personal loans and auto loans absolutely rock.

]]> By: Marco Carbajo http://asklizweston.com/2010/01/20/how-to-shop-for-a-new-bank-or-credit-union/comment-page-1/#comment-1031 Marco Carbajo Thu, 21 Jan 2010 17:28:31 +0000 http://asklizweston.com/?p=1720#comment-1031 Great post Liz and a much needed post for consumers. Another area that a consumer may want to consider is what financial products a bank offers. If they have an idea of what type of products they may need now or in the future like credit cards, secured/unsecured loans or personal lines of credit it will prevent them from having to find out later that their bank doesn't offer what they need. Keep up the great work! Great post Liz and a much needed post for consumers. Another area that a consumer may want to consider is what financial products a bank offers. If they have an idea of what type of products they may need now or in the future like credit cards, secured/unsecured loans or personal lines of credit it will prevent them from having to find out later that their bank doesn’t offer what they need.

Keep up the great work!

]]> By: perfectpacer http://asklizweston.com/2010/01/20/how-to-shop-for-a-new-bank-or-credit-union/comment-page-1/#comment-1028 perfectpacer Thu, 21 Jan 2010 06:48:12 +0000 http://asklizweston.com/?p=1720#comment-1028 Liz, as always I appreciate your article, however still feeling "snake-bit". After hearing so many good comments, I was excited to be able to take advantage of our local CU for debt consolidation loan in late Nov. They offered a fixed 9.99% rate. Customer service was wonderful. However, my first statement included a statement that said, "As of Feb 19, 2010, the rate will now be 14.99APR", with no explanation as to how the APR will work. I feel taken, rate-jacked!! This is more than my cc rates! We have great credit, never been late. The goal is to pay off the debt, but now more interest as well. So sad!! I wrote a letter to the CEO letting him know our disappointment and we are not accepting the new rate. I'm hoping our non-acceptance is accepted. Really too bad, it's hard to find trustworthy help these days! It definitely has been an eye opener! Liz, as always I appreciate your article, however still feeling “snake-bit”. After hearing so many good comments, I was excited to be able to take advantage of our local CU for debt consolidation loan in late Nov. They offered a fixed 9.99% rate. Customer service was wonderful. However, my first statement included a statement that said, “As of Feb 19, 2010, the rate will now be 14.99APR”, with no explanation as to how the APR will work. I feel taken, rate-jacked!! This is more than my cc rates! We have great credit, never been late. The goal is to pay off the debt, but now more interest as well. So sad!! I wrote a letter to the CEO letting him know our disappointment and we are not accepting the new rate. I’m hoping our non-acceptance is accepted. Really too bad, it’s hard to find trustworthy help these days! It definitely has been an eye opener!

]]> By: lizweston http://asklizweston.com/2010/01/20/how-to-shop-for-a-new-bank-or-credit-union/comment-page-1/#comment-1025 lizweston Thu, 21 Jan 2010 03:33:32 +0000 http://asklizweston.com/?p=1720#comment-1025 Amen to that. Thanks for your comment. Amen to that. Thanks for your comment.

]]> By: DC @ Dollar Commentary http://asklizweston.com/2010/01/20/how-to-shop-for-a-new-bank-or-credit-union/comment-page-1/#comment-1023 DC @ Dollar Commentary Thu, 21 Jan 2010 01:31:21 +0000 http://asklizweston.com/?p=1720#comment-1023 The right bank can make or break your finances. Well, maybe not break them, as long as you have at least a small amount of financial know-how, but some banks can help you achieve your goals much faster than others, especially when it comes to saving money. The right bank can make or break your finances. Well, maybe not break them, as long as you have at least a small amount of financial know-how, but some banks can help you achieve your goals much faster than others, especially when it comes to saving money.

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