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catoismymotor (71.79)

A former banker would rather double down.

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27

May 11, 2009 – Comments (11) | RELATED TICKERS: BAC , AIG , MGM

Greetings,

As a former banker, I can't believe I am going to say this, I would rather put my money into MGM and WYNN than AIG or BAC. The reason is transparency and upfront honesty. What do I mean by "upfront honesty?" Anyone in the employ of a casino is going to tell you without blinking an eye that the casino exists because they count on you, the quarter slot player or whale, to lose money. Not only that but they want you to have a great time while the money pours out of your pockets. Banks are not not nearly so honest. Banks have stacked the deck in their favor to milk as many fees out of you as possible, much of the time while you are not looking. They hand you a flyer filled with mice type when you open your free account that explains the fees for this and that. Who has time to read such things? That flyer is misplaced the minute you get in the car to leave the branch. They know this! They count on it! Don't be a sucker. Join a credit union where they actually care about you because you are a part owner of the place, not just a fee machine. You'll get better rates on everything from savings accounts to car loans.

Yours truely and free of fees,

Cato

P.S. - I am no longer in banking of any sort. 

 

11 Comments – Post Your Own

#1) On May 11, 2009 at 5:07 PM, outoffocus (24.44) wrote:

Amen to that.  Been part of a CU for about 5 years.  I'm not sure why more people haven't joined.  They have big banks beat hands down.

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#2) On May 11, 2009 at 5:33 PM, nottheSEC (78.00) wrote:

BIg rec for this! It usually makes more economic sense to join a credit union. There are limited fees and these days there are credit union that are open to everyone. The one problem is the darth of ATM locations.

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#3) On May 11, 2009 at 5:42 PM, outoffocus (24.44) wrote:

The one problem is the darth of ATM locations. '

This is what Wawa's are for.  Free ATM withdrawals.

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#4) On May 11, 2009 at 6:28 PM, thethinkingman (< 20) wrote:

Actually, ATMs shouldn;t be a problem.

 

CU's now have Shared Branching which means you can use almost any CU ATM nationwide (regardless of which CU's ATM it is), moreover many Circle K's/7-11's have Shared Branching ATMs in them.

 

But yeah, big ups to this.  I LOATHE the banking industry right now.  They have behaved reprehensibly and seemquite content to continue to do so for the future.

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#5) On May 11, 2009 at 10:07 PM, DarkToast (90.86) wrote:

I love my credit union. They reimburse ATM fees up to $25 a month. They pay double the going CD rate on my checking account. They are always helpful and friendly.

I still have a BofA account, but I consider it a necessary evil.

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#6) On May 12, 2009 at 1:03 AM, nottheSEC (78.00) wrote:

NO WAWAs by me and 7-11 in ny do not have the shared atms.They are in mcdees around here and now they are .99.Im with NY MCU which isn't so hot  for a credit union but great coompared to anybody  else  in the banking industry now.

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#7) On May 12, 2009 at 2:21 AM, uclayoda87 (29.86) wrote:

A credit union is also more likely to keep money local, which is especially important if you live in a small or moderate size community.  Buying from locally owned businesses helps slow the bleeding from this financial crisis by keeping local unemployment low and tax revenues high.

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#8) On May 12, 2009 at 8:44 AM, KhelSkie (71.82) wrote:

Wawa is primarly in PA, NJ and DE. 

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#9) On May 12, 2009 at 5:14 PM, alexxlea (35.88) wrote:

I use BAC for checking but they haven't seen a dime out of me, ever. Online savings accounts/brokerage accounts hold all of my money... I'd rather have a 5 year old invest my money than give it to a banker for the long term.

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#10) On May 12, 2009 at 5:47 PM, nottheSEC (78.00) wrote:

Interesting also is that my credit union NYMCU.org charter does not allow commercial banking. All monies are from individuals loaning to individuals.

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#11) On May 18, 2009 at 11:15 AM, VintageCat (< 20) wrote:

I've been a CU member since 1981. (That dates me..geez.)  After tentatively looking at a setting up a commercial bank account for my business I went scurrying back to my CU to set up a business account.  I don't get who uses banks because of their fee structures.  Another recommend from me.  

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