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Boricua
Premium Member
join:2002-01-26
Sacramuerto

1 recommendation

Boricua to cableties

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to cableties

Re: [Rant] Banks...

Two words, F***k banks!!!

Go with a credit union. I've been with mine since the late 90s with very little problems. Anything I see out of the ordinary, I contact them immediately to get an explanation. They are nice enough to tell me without an attitude as some banks have.

dvd536
as Mr. Pink as they come
Premium Member
join:2001-04-27
Phoenix, AZ

dvd536

Premium Member

let it all ride on black. NO FDIC protection on credit unions!

exocet_cm
Writing
Premium Member
join:2003-03-23
Brooklyn, NY

exocet_cm to Boricua

Premium Member

to Boricua
said by Boricua:

Two words, F***k banks!!!

Go with a credit union. I've been with mine since the late 90s with very little problems. Anything I see out of the ordinary, I contact them immediately to get an explanation. They are nice enough to tell me without an attitude as some banks have.

I'm with Chase but recently moved a lot of mine and my wife's assets to a credit union. My folks have been using a credit union for decades and have loved it.

NS4683
join:2000-08-25
NJ

NS4683 to dvd536

Member

to dvd536
said by dvd536:

let it all ride on black. NO FDIC protection on credit unions!

You're right, but most credit unions are insured by the NCUA. So having an account with a credit union isn't a gamble like you think.

hitachi369
Embrace Your Rights
Premium Member
join:2001-10-03
Cincinnati, OH
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hitachi369

Premium Member

You also have to consider in most cases a CU is just a middle man between a major banks. You may be isolated from some of the upfront fees, but there will a lot of smaller fees, that economies of scale don't charge you at your big bank but will at the CU.

One of the credit unions I am a member of charges 5$ for a new pin number and 10$ for a new card. Really?

CylonRed
MVM
join:2000-07-06
Bloom County
·Metronet

CylonRed

MVM

I have not paid fees to our CU for years. Except for the one time in 5 years we overdraft because I forgot to add transactions into Quicken... Our CU has many free services and most if not all of the others are equal or less than other institutions. They have 20 free or no charge services

They can do this because the members are the owners - they don't make profits and that means less or cheaper fees - unless the CU is badly run. And it sounds like yours maybe badly run - vote in new directors till you get good ones.

WillRegSoon
@optonline.net

WillRegSoon to hitachi369

Anon

to hitachi369
CU's are great for everything except depositing checks. My CU gives themselves a 2-week float before the money is available.
Chase? The next day.

CylonRed
MVM
join:2000-07-06
Bloom County

CylonRed

MVM

Good god - ours follows what banks do...
Mele20
Premium Member
join:2001-06-05
Hilo, HI

Mele20 to hitachi369

Premium Member

to hitachi369
$10 for a new card? That's cheap. First Hawaiian Bank (largest in Hawaii and second oldest bank west of the Rockies and owned by BNP Paribas - largest bank in France) charges $20.

ilikeme
Premium Member
join:2002-08-27
Stafford, TX

ilikeme to WillRegSoon

Premium Member

to WillRegSoon
said by WillRegSoon :

CU's are great for everything except depositing checks. My CU gives themselves a 2-week float before the money is available.
Chase? The next day.

I use Navy Federal CU for some things and they only take about 3 days, which is normal. With my USAA account they credit the check amount immediately.
ilikeme

ilikeme to Mele20

Premium Member

to Mele20
said by Mele20:

$10 for a new card? That's cheap. First Hawaiian Bank (largest in Hawaii and second oldest bank west of the Rockies and owned by BNP Paribas - largest bank in France) charges $20.

$10 for a new card? Thats expensive! The banks I use charge nothing! The only thing I ever use the debit cards for anyways is ATM deposits and withdraws.
Mele20
Premium Member
join:2001-06-05
Hilo, HI

Mele20

Premium Member

I was referring to a CREDIT card. Why would anyone use a debit card? Those are dangerous. Pay cash, write a check or use a credit card that you can pay off in full every month to avoid interest. The credit card has a lot more legal protection for the consumer than does a debit card. You are better off writing a check than using a debit card. Refuse that crap when banks try to foist a debit card on you. Ask instead for real checks and a credit card. Also get a ATM card that is NOT a credit card or a debit card.

I have no idea what my banks charge for debit card replacement as I have none.
TheMG
Premium Member
join:2007-09-04
Canada
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TheMG

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said by Mele20:

You are better off writing a check than using a debit card.

Are personal checks still commonly accepted in the states? Here in Canada, most retailers no longer accept personal checks due to the possibility that the check might bounce or be a counterfeit, and the added workload/expense of processing the checks.

For certain things credit cards are not accepted, due to the possibility of charge-back, leaving only cash or debit as the payment options and in some cases also cashier's checks (also known as bank drafts).

Although I don't use it unless absolutely necessary, a debit card is still useful to have.

Possessing a debit card isn't automatically a security risk (unless you have the PIN written on the back of it or something). So I really don't see the problem with having a debit card "just in case".

Oh, and how the hell are you supposed to withdraw cash from an ATM without a debit card? Sure, you can use a credit card, but you end up paying extra fees for that since they consider it a "cash advance".

ilikeme
Premium Member
join:2002-08-27
Stafford, TX

ilikeme to Mele20

Premium Member

to Mele20
said by Mele20:

I was referring to a CREDIT card.

Oh, in that case, none of my credit card issuers charge for replacement cards either. I have cards from USAA (1 Master Card), American Express (Costco, Blue Cash Preferred, and Zync), Discover (1), US Bank (Cash+ Visa sig), Target, and PenFed (1 Visa)

I never use my debit card for anything but ATM and in branch bank stuff.
ilikeme

ilikeme to TheMG

Premium Member

to TheMG
said by TheMG:

Are personal checks still commonly accepted in the states? Here in Canada, most retailers no longer accept personal checks due to the possibility that the check might bounce or be a counterfeit, and the added workload/expense of processing the checks.

Most big box stores (Ghetto-Mart, Target, Best Buy, etc.), department stores, grocery stores, and warehouse clubs still do, although most of the clerks and people behind you in line will hate you for it. The only people that really still use them at stores are of the older generation. The only thing I have ever used them for is to pay rent and pay friends back for stuff because most can scan checks with their smart phones.

CylonRed
MVM
join:2000-07-06
Bloom County
·Metronet

CylonRed to TheMG

MVM

to TheMG
quote:
Oh, and how the hell are you supposed to withdraw cash from an ATM without a debit card? Sure, you can use a credit card, but you end up paying extra fees for that since they consider it a "cash advance".
ATM card - a debit with no debit activated. Can only be used in ATMs.

The majority of places take checks in the US. I still write a good number for bills - especially grade school/scouts/misc medical bills/daycare when we used it etc...

ilikeme
Premium Member
join:2002-08-27
Stafford, TX

ilikeme

Premium Member

said by CylonRed:

ATM card - a debit with no debit activated. Can only be used in ATMs.

Some stores will take ATM cards for purchases. Just have to use the PIN.
TheMG
Premium Member
join:2007-09-04
Canada
MikroTik RB450G
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TheMG

Premium Member

Hmmm... first time I've heard of such a thing as an ATM-only card. Then again, I never really asked or researched about it.
said by ilikeme:

Some stores will take ATM cards for purchases. Just have to use the PIN.

I don't think making a purchase without entering a PIN has ever been possible with anything but a credit card...

CylonRed
MVM
join:2000-07-06
Bloom County

CylonRed to ilikeme

MVM

to ilikeme
I have yet to see one advertised that they take ATM cards where I live or visited.

ilikeme
Premium Member
join:2002-08-27
Stafford, TX

ilikeme to TheMG

Premium Member

to TheMG
said by TheMG:

I don't think making a purchase without entering a PIN has ever been possible with anything but a credit card...

You can with Master Card and Visa branded debit cards in the US.
Mele20
Premium Member
join:2001-06-05
Hilo, HI

Mele20

Premium Member

Sure. Then you have selected the CREDIT option of the Master Card/Visa debit card instead of using the debit option which involves entering your pin. So TheMG See Profile is correct.
banner
Premium Member
join:2003-11-07
Long Beach, CA

banner to TheMG

Premium Member

to TheMG
Fwiw I ask the banks to rememove the visa/MasterCard from my ATM cards and just use it for atm withdrawals. Concerned about fraud,

hitachi369
Embrace Your Rights
Premium Member
join:2001-10-03
Cincinnati, OH

hitachi369

Premium Member

You are more protected with Visa/MasterCard than you are with PIN transactions.
banner
Premium Member
join:2003-11-07
Long Beach, CA

banner

Premium Member

I guess you are right. I only use it at atms.

Ever wonder why banks are charging so much fees lately? Its because they don't make money on deposits anymore, the spreads are gone and its harder to make loans. Almost all the credit issues these days is for auto and student loans. They also are having to spend a lot more on compliance officers to make sure customers aren't laundering money.

This article is old but still relevant.»business.time.com/2011/0 ··· r-money/

Boricua
Premium Member
join:2002-01-26
Sacramuerto

Boricua to WillRegSoon

Premium Member

to WillRegSoon
said by WillRegSoon :

CU's are great for everything except depositing checks. My CU gives themselves a 2-week float before the money is available.
Chase? The next day.

Whoa!! My CU immediately makes available any deposits into my account, even if I use another CU. My CU also gave me the capability of depositing a check from my scanner at home when my roommate used to pay me with a check.

hortnut
Huh?
join:2005-09-25
PDX Metro

hortnut to WillRegSoon

Member

to WillRegSoon
said by WillRegSoon :

CU's are great for everything except depositing checks. My CU gives themselves a 2-week float before the money is available.
Chase? The next day.

You are with the wrong Credit Union. Mine is same day. It is a little different if using Shared Banking, more like a portion and rest next day. But I carry little to no cash. And write no checks. All purchases are charged to the Credit Card that is paid off each month and I receive reward points for each purchase.

I paid my Credit Card through a Shared Branch in another State yesterday and the Credit Card showed $0 balance immediately.

dvd536
as Mr. Pink as they come
Premium Member
join:2001-04-27
Phoenix, AZ

dvd536 to NS4683

Premium Member

to NS4683
but ihis federal like FDIC or just an insurance policy good for the first few

robbin
Mod
join:2000-09-21
Leander, TX

robbin

Mod

said by dvd536:

but ihis federal like FDIC or just an insurance policy good for the first few

From the previously posted NCUA link --

"The National Credit Union Share Insurance Fund (NCUSIF) is the federal fund created by Congress in 1970 to insure member's deposits in federally insured credit unions. On July 22, 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act was signed into law and included permanently establishing NCUA’s standard maximum share insurance amount at $250,000. All deposit insurance resources reflect this higher level of coverage.

Administered by the National Credit Union Administration, the NCUSIF is backed by the full faith and credit of the U.S. Government."

dvd536
as Mr. Pink as they come
Premium Member
join:2001-04-27
Phoenix, AZ

dvd536 to Mele20

Premium Member

to Mele20
write a check? REALLY? best way to get your account drained and identity stolen.
name, addy, ph# bank acct and routing numbers all in one convenient place.

go into officemax and buy a accounting program that can print checks THEN GO SHOPPING! on their dime.

hitachi369
Embrace Your Rights
Premium Member
join:2001-10-03
Cincinnati, OH

hitachi369

Premium Member

Skimming a debit card is easier and will not require a forged ID.