Nov 5th was bank transfer day and although I had been receptive about the event from the start, it’s reasons being sound, I did not think I would do such a thing. I thought it was too much of a hassle to close my bank account and move my funds over to a local non-profit credit union. But, a few day’s later I did and was glad I did. We all have similar reasons why we moved our accounts from these very large banks to local credit unions, with what large banks have done to this economy and us in general, but unfortunately, I don’t think these mega-banks even know why. They should know at least in my case and perhaps in other people’s cases that it was not just one thing or the fact that Nov 5th was the day to transfer your account that made people close their bank accounts, but a series of events over a period of time.
Although I had bank transfer day in mind when I closed my account at the mega-bank, it was a small factor in my shift of loyalties. The growing disdain of my banks policy’s and actions were fifteen years in the making. See, they were not even my original bank. My original bank was a small local one, which fifteen years ago was bought by another bank and then still another. By the time the largest bank had bought my business my bank had changed hands at least five times. The employees of the original local bank were replaced or lost their jobs, other branches closed or consolidated. The new mega-bank that finally became my final bank was just too big to buy out, which is the only reason it stopped changing hands. This bank was unlike the others I had before, it began to do real nasty things. It gambled our local business and homeowners money away, made it difficult to get access to our funds, kept savings and CD yields pitifully low and became efficiently compassion-less to their customers. They practiced bubble-economics inflating assets and then cashing out the profits foreclosed on my friends homes. Now without a cow to milk they are cutting up to 30,000 of their own employees. Amazingly, they are still sitting on a few trillion dollars and still not investing much of anything in my town. So after years of being let down, over and over again, their branch managers saying, “this is just the way it has to be,” I just got to the point where I finally said, “No, it does not.” and moved my business to my local credit union. The sad part is I don’t think the mega-bank I left even realizes why we are doing these things. I mean for years I filled out their customer service surveys, yet the changes I requested were never implemented. But, they have the greatest commercials and the best advertising…and for that I say, “Who cares?” when they foreclose on your home with a form letter.