mellowtigger: (banking)
[personal profile] mellowtigger
Switching banks is not a fast process these days, but I did it!  I moved from Wells Fargo bank to Financial One credit union.

It's a slow process because there are so many pieces to manage.  1) I ordered new checks.  2) I switched my paycheck direct deposit.  3) I updated my annual recurring charges (like webpage registration).  Having my money split between accounts was confusing, and I discovered by happenstance last night that I didn't have enough money at the new checking account to cover my rent check!  Oops!  :(

For the last few weeks, the bridge leading to my bank has been under construction, so I haven't driven there to close my accounts.  This morning, I finally drove across the Mississippi River (at a different bridge) and wandered back around to my bank.  I closed my checking account.

I talked with a banker at a desk who helped me close my credit account.  (All he did was push a desk phone at me that I used to talk with the person who closed it for me.)  That one hurt more than the checking closure.  Wells Fargo had given me (in the 12 years that I've had my account) a line of credit equal to my annual income.  Financial One, on the other hand, has limited me to $2000 credit.  That amount won't even cover a major car repair.  *sigh*

But, I did it!  I feel good about taking control of my own small influence over the banking industry.  Washington won't effectively regulate Wall Street (in spite of reforms that the current administration is now, finally, trying to legislate).  So it's up to people to individually exercise their authority.  I enjoyed driving immediately afterward to my credit union, making my deposit to cover the rent check, and doing it without even having to fill out a form.  They're beginning to recognize me.  Not many longhaired men visit their credit union, I'm guessing.

Move Your Money.  Find a bank or credit union near you.

Do it!  You have the power to create change!  Don't accept "Too Big To Fail"!

Date: 2010-05-05 04:15 pm (UTC)
From: [identity profile]
When I worked for Wells Fargo I had to go to a class (that really was just a hard sell on the "wonders" of cross-sell)where the trainer said that the ultimate goal was to get every account holder signed up for at least eight services. That way it would be "painful for them to change banks on us."

Congratulations for breaking out.


Date: 2010-05-05 06:18 pm (UTC)
From: [identity profile]
I am in the same process and yes, it is DIFFICULT! argh Best of luck terry! Hugs, L.


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