Switching Banks
Reading time: 4 – 6 minutes
Since the banks are losing money they have decided to charge you for using your own money. Maybe 2 years ago they told everyone to use their debit card but now the government said you can’t make 10% but maybe 5% they are crying and trying to make you feel like they are going poor. But, it’s just another scam by the banks and just like the oligopoly they are they have decided to all see if they can get it done at the same time. The game is most of you will say 5 bucks a month isn’t that bad but over 12 months its 60 bucks. Now remember they are still making money they are just trying to make sure they can make even more money. When the devil tries to make you feel sorry for them you know the devil is really up to no good! So what do you do?
Most of you cats only bank online anyway. Your checks are directly deposited and you pretty much never go into a branch for shit.. A lot of the banks have even allowed you to take pictures of checks when you deposit. If not you can just mail them the check and they will deposit. So with all that being said why would you stay with the old big banks now that the playing field is level. If you really need to talk to someone face to face I’d suggest you go join a credit union. The credit unions give you basically the same products as the big banks and they are part of a network of credit unions that allow you to get money out of any of their ATMs. But the biggest lick is moving totally away from the old banking system into the new.
The new is all the online banks. Now most of you know about INg direct and maybe E-trade but there are more. Ally bank (which is GM) created a online bank when the government bailed them out so they can get the bank bailout and the auto bailout. State Farm with the dumb ass commercials has created a online bank too. USAA for those of you cats who have a armed force background probably already have it. But, I think it’s open to anyone and everyone. The thing about all of these banks is since they don’t have branches they are saving money so they won’t charge you for using your debit card anytime soon. Also you will get a free checking account with probably interest. You will still get online banking because the banks are online DUH! Also they will reimburse you for using just about any ATM in the whole country. So for those of us who travel it’s great because I don’t have to drive all over the place looking for BofA. Also the online banks are insured by the FDIC so if you’re balling with 250K cash on hand you don’t have to worry about them going under.
Now some of you who have a mortgage with a bank can go in there and get a free account since you already do business with them. They won’t charge you any fees because the devil wants you to put all your money in their hands. If any of you have a car note with GMAC then you can get the same deal through ALLY but it’s free anyway. A whole generation of us adjusted to online banking a long time ago so why would I be so scared to get the hell out of Chase, Sunlife, BofA, and Wells Fargo. Just like Netflix fvcked by raising prices the banks are going to lose a lot of younger customers who are computer savvy already.
Now I’m not saying it’s time as that’s up to you. I have a business account and thus my personal account is free. But when the bank I’m with starts fvcking up I’m getting the hell out of it yesterday. Can’t wait around complaining like a Sucker saying it’s unfair they are charging me to use my own damn money. When the river adjusts I have to adjust with it. Sooner or later all the old banks will die off in the format you see right now. Might as well go with it early enough where it doesn’t make a difference. The banks are counting on you thinking it’s too much to switch banks or set up billpay like you are your mother and we just love banks. Adjust with the times you are in and you will win the bigger war in the end.
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Definitely! I just joined USAA this weekend. Anyone can join I believe, I’m not in the military or any of my family. I got BoA now so I’ll be switching all my accounts pretty soon.
I didn’t know Ally was created by GM. That’s smart of them to get both of those bailouts. I’ve been seeing their commercials a lot more recently. Great timely info!
Freeman, random question. Is there a way to view older comments? I went back to the Oil Refinery post and I wanted to see an older comment but it seems that only the latest posts are viewable.
I work for an online bank and many people are making the switch. Online banks suit most people since most use online banking services anyway. Also, they usually offer much better interest rates since they don’t have the expenses associated with operating branches. I still have accounts with a brick and mortar bank, but I only go inside the branch to deposit checks. Ironically, I haven’t opened an online bank account yet but I will this week.
@Johnny – Glad you confirmed that USAA will allow anyone in. Since it’s the Armed Forces cats should feel more secure that it definitely won’t be any funny money issues with that one. GMAC which was their auto credit company turned into a online bank to get the bailout bank money so that’s how Ally came into being. Since GMAC did mortgages too they got money from the housing issues..
On every post all you have to do is click on a comment and you’ll see the long URL. You just have to change it to page 1 at the end and delete everything after it.. But here’s the link for the one you want..
http://www.riseandgrind.com/2011/09/28/oilfield-workers-recession-proof/comment-page-1/
@MCD – The big banks are making a critical mistake. You’ll see most people looking for options and the online banks will be the biggest beneficiary. It’s a generation change going on now and most cats bank online all of the time. So why do they need a branch anymore and why pay those stupid fees. The banks are making money hand over fist so now they want to make money hand over your fists too.
What about that lame personal relationship excuse they throw at you when it comes to getting loans and other banking services?
Like I said the end of a era is upon us. All those excuses and reasons for a bank have all disappeared. All of it is online and a personal relationship is not needed as the cats didn’t have the power to really make shit happen for you in the first place.
I didn’t even know about online banks! I got my statement in the mail the other day and TCF had charged me a $10 monthly maintence fee! Like what the hell are you doing mainteniece on? Do you iron the money everyday or something? I’m definitely switching over.
They have been out probably for the past 10 years but now they should gain a lot of people since the big banks are raising stupid fees.
how would I cash a check or get money out of an online bank?
The online bank will give you a ATM card and some checks. So you can get money out the exact same way with the regular banks. For depositing a check most likely your job does that through direct deposit so payday will come around and there will be that money deposited. If you get a check from someone you can mail it into them and they will provide you the envelopes.
I’ve glad someone clarified the online bank situation. One problem I’ve been having is the overdraft fees. Online just seems more convenient. It does get tiring trying to find your bank’s atm all the time. Especially travelling.
Yeah the online bank game seems to be a good fit for my lifestyle too. The overdraft fees is you counting your chickens before they hatch. You just to start writing shit down and keeping it in your wallet so you can have a ballpark idea of how much chips are in your account on the daily.
Also is there a way to transfer the money? I been saving heavily for over a year now and don’t wanna walk out with bundles of cash in hand.
All you have to do is get your account number from your online bank and go to your old bank and tell them to transfer it to that account number. That’s it! No need to walk out with stacks in your hand.
Thanks DF will do…BofA can suck a motha fucking dick messing with my house hustle money.