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Banks.

7 (14.6%)

Credit Unions.

29 (60.4%)

Holding all of your money yourself.

11 (22.9%)

Other.

1 (2.1%)

Total Members Voted: 48

[Pnx]

Actually my money got swapped to a credit union a while back. It was just in time for that November "switch all your money to a credit union" thing.

We did it because I was getting persistent $5 monthly charges for not making transactions. So we swapped from one bank to another... only to find that bank charged too.

Then one day the charge increased to $32... It was just ridiculous, but to be frank we should have swapped to credit union earlier.

[Nadaka]

18% WTF? That's like theft. I'm now in my parents' banks, but as soon as I get a real income (so still 3-4 years to wait) I'll move it to a credit union (Well, they call it "Solidarity Bank" over here, but the principle is the same. They also only invest your money in "ethical" companies (So no huge mutlinational, oil corporations, arms factories or Israeli colonies).

18% isn't that high for the US, the really predatory rates in around 29%.

[Itnetlolor]

I've been using a free checking account at my local bank (no monthly charges and whatnot), however, as a more reliable means to having tangible funds, I try to keep hold of as much cash on me (got a nice little safe/banking case like sales people use, with an accompanying excel spreadsheet to monitor it all) for as long as I can.

However, I've practically been becoming a household bank, so many cash loans have been taken from me in such a short time by my siblings anytime I pull in anything (especially in cash). They've been running quite a debt with me, and actually cutting into my funds to pay off my bills. I don't think they realize that I actually keep track of every cent that goes away. For their sake, be happy I don't charge interest or act like banks today.

Personal financial issues aside, I recall that my mom has essentially been bullied by Bank of America nearly for hours on end for charges she already paid off, or for charges that are not even due yet, or non-existent ones that "a recent bill" came up with, and also jumping her cost 5% or so at a time (possibly worse, from a worse base amount already in-process of numerous other buildups. I lost track. Short story, it's really bad.), regardless of the fact that she's been loyal to them for at least 20 years, never been late paying off or paying back her charges, and even taking a hit or 2 from them to keep them off her back. Despite the fact that they've nearly broke her bank account, they still charge her ridiculous amounts she can't afford due to like hidden charges or some bullcrap of the sort, demanding near-constantly. I mean, this is how they treat their most-loyal customers that actually DO pay their bills, and stay out of overdraft territory.

Thank God I didn't setup an account with them, but seriously. Even my mom has gotten so fed up with them, she willingly refuses to pay them off. At least a handful of times, they were pestering us at all hours (even as late as 2AM), we were ready to disconnect our phone lines just to shut them up. Alternatively, I could setup an amp and a microphone together, and respond with my version of feedback.

Looking at all this, I don't know how effective a modern-day Robin Hood would work. I think the FBI would have them captured/executed before they even become known publicly online.


EDIT:
To be fair, at least I try to cut breaks where I can accept the loss, and move on. Plus, I usually don't go into demanding a return unless I really need the money myself (getting late to pay off a debt myself (very rare) or a bill).

[Levi]

I switched to a credit union about 6 or 7 years ago and its been great.  I think there should be more co-op style businesses out there.

[Pnx]

However, I've practically been becoming a household bank, so many cash loans have been taken from me in such a short time by my siblings anytime I pull in anything (especially in cash). They've been running quite a debt with me, and actually cutting into my funds to pay off my bills. I don't think they realize that I actually keep track of every cent that goes away. For their sake, be happy I don't charge interest or act like banks today.

Neither a borrower nor a lender be, For loan oft loses both itself and friend, And borrowing dulls the edge of husbandry. ~Polonius, Hamlet Act 1, scene 3

My mother always said, don't loan money, if you have to give someone money, just give it to them, because loans are messy.

[mainiac]

You do realize that Polonius is supposed to be a tedious jackass right?  During this scene he is spouting cliche banalities while his son is urgently trying to keep from missing his ship.

Personally, I say that it's okay to loan money to friends, just don't expect to get it back.  If you get it back, that's pretty cool.  Don't go lending big sums on this system but for the little stuff there's nothing wrong with vaguely expecting repayment.

[Nadaka]

I can afford to let my little sister borrow a couple thousand to pay bills, pay a deposit and a months rent, utilities and grocieries for a month while she moves to get a good job after a long bout of unemployment. I couldn't afford to have just given her a couple thousand dollars in any practical way.

[Sheb]

Well, that's a bit extreme. I think Mainiac was talking about lending 20 bucks for a couple of drinks at a party.

[Jopax]

That's pretty common practice among friends I think, in the end it all evens out with favours and buying of drinks and stuff.

Bigger sums I don't usually loan unless it's something really neccessary or unless I know the person really well, but that doesn't happen often so I think I'm good there.

[Zangi]

18% WTF? That's like theft. I'm now in my parents' banks, but as soon as I get a real income (so still 3-4 years to wait) I'll move it to a credit union (Well, they call it "Solidarity Bank" over here, but the principle is the same. They also only invest your money in "ethical" companies (So no huge mutlinational, oil corporations, arms factories or Israeli colonies).

18% isn't that high for the US, the really predatory rates in around 29%.

I'm gonna opinionate, that 18% is still a predatory rate.  29% is pretty high up there though...  No need to discredit a lower predatory rate just cause there is one even more outlandish.

[nenjin]

I've been with a credit union for probably the last 10 years. Smartest thing I've ever done, especially now. Being broke and getting charged for not making transactions? Yeah, fuck you, Big Daddy Warbucks. Does the reach around cost extra?

[Heron TSG]

That sounds awesome but I get the feeling I'd get slapped if I suggested it to a date here.

If they assume you're going to pay for them, that's kind of their fault. You don't have to suggest it, it should be default behavior to pay for your own purchases. (At least it's like that here.)

I'm a fan of credit unions. Less fees that way.

[Montague]

I bank with USAA, which is a credit union and I used to bank with Bank of America. I never really had problems with either, BOA was perfectly reasonable when it came to it's terms and customer service (at the time, dunno about lately). For what I need for banking, USAA comes a bit ahead I suppose, just because the free checking actually accrues interest and I refunded for ATM withdrawal fees, which is nice because USAA doesn't have ATMs anywhere at all.

[Heron TSG]

Eh, I used to use BoA, but then they started selling packages of mortgages they knew would fail and betting against them. I figured I'd make the leap to the local credit union, and I'm glad I did.

[RedKing]

I started out as a kid with an account at a small regional bank called NCNB (North Carolina National Bank). Which in 1991, absorbed another bank and became NationsBank. And then in 1998 absorbed yet another bank and became the behemoth known as Bank of America. I was stuck with the beast until I met my wife, who had an account at Coastal Federal Credit Union (which you had to be an IBM employee/family to get into, or be sponsored by an existing member). She eventually got me an account there, and I've been loving it ever since. Not only are there no ATM fees, but they were way ahead of the curve with ATMs that would dispense exact change.

Once she started working for the state, we were also eligible to get accounts at the State Employees' Credit Union. So we split our money between the two, depending on who's got the better deal for whichever financial service we need. We actually went to the commercial banks for our mortgage because neither credit union had particularly great bargains on mortgages at the time (because they weren't aggressively getting into the housing speculation, which means they both weathered the subprime crap just fine). We got an ARM at the time because rates were really low and it was cheaper to get started than a fixed-rate. So far, fate has been on our side as not only have the rates not spiked back up, they've gone down three times since we got our mortgage 8 years ago. We're paying a ridiculously low monthly mortgage (and will continue to do so for some time if the economy continues to drag).