Just a little rant about my bank getting sold.

Discussion in 'Bad Dog Cafe' started by raito, Aug 22, 2016.

  1. raito

    raito Poster Extraordinaire

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    Yeah, the bank that I use got sold. Years ago, I only got an account there because they were financing the builder who built my first house, and it was a good deal because of it. I saw it coming, though. If a bank has a decade of losses followed by 2-3 years of profit, it's getting bought.

    So the bank got sold, but I now have a checklist of about 20 things I have to do because some company that's not me got sold. Shoot, I even have to diddle with my direct deposit.

    And naturally, the new bank has higher fees and thresholds. On everything.

    Since I have to essentially re-do everything, I think I'll see where I can move all the accounts to. The real zinger will be trying to see if I can move the mortgage without having to refinance it. In theory, whoever owns it currently could be OK with having someone else service it. And a new financial institution could be fine with taking over the servicing (they get paid, after all). It's really just some database entries. Still, I'm not hoping for much. It's a toss-up whether the

    What I really dislike is all the ridiculous pap about how it's a 'merger', and they're new 'partners'. Sorry, marketing guys and execs, when your own paper says in the fine print that my old bank is now a division of your bank, they got bought. Why not admit it? We're not that stupid out here.
     
  2. blowtorch

    blowtorch Telefied Ad Free Member

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    I had an account at a bank that was owned and had the name of my previous employer, and they got bought out a couple years ago. That was relatively painless, but it can be a pain, for sure.

    I am liking some credit unions more and more these days, and I am taking a second look at faceless things like Ally, also

    You are right, it is an insult to the consumer's intelligence, in how they often try to spin these things
     
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  3. stxrus

    stxrus Friend of Leo's

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    My bank was recently sold. So far nothing has changed much. A couple of faces that are new, but they work in the back offices. I'd hate to change banks. Mine is close, they know me, very friendly, & I detest the other banks here.
     
  4. troy2003

    troy2003 Friend of Leo's

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    We've been at our local Credit Union since we've been married (almost 26 years) and my wife was there before that. We almost never need to show an ID and they know us on first name business. Benefits of a smaller town I guess. I probably don't realize how good I have it
     
  5. 6942

    6942 Poster Extraordinaire

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    The original bank that I have my IRA in, has been sold 3 times in 35 years.

    Steve
     
  6. 6942

    6942 Poster Extraordinaire

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    My wife had worked for Wells Fargo in Maryland for 15 years, in their IT department.
    Wells Fargo bought a smaller mid-western bank, that had a similar IT department in Iowa.
    Since the salaries of the Iowa IT workers were less than their Maryland counterparts.
    Wells Fargo closed their Maryland IT section, and put all their long term employees there, on the sidewalk.

    Steve
     
  7. Toto'sDad

    Toto'sDad Telefied Ad Free Member

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    Banks come and go around here like revolving doors. Now, my insurance company (home and vehicles) who we have been with since the 70s has changed hands, just got the notice the middle of last week. Same old stuff, nothing has changed good buddy, don't you worry yourself not even a little bit. Oh yeah, nothing is changed except you aren't the same company anymore? We'll see when we get my bill in December. THAT will tell the tale.
     
  8. Toto'sDad

    Toto'sDad Telefied Ad Free Member

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    Change is in the air. I can see the day coming down the line when something that is an antique will be something that was built with fine foreign craftsmanship as long ago as last week.
     
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  9. BigDaddyLH

    BigDaddyLH Tele Axpert Ad Free Member

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    My bank is one of those "no bricks or mortar" businesses.

    I remember when banks were these huge granite piles that you entered and automatically we started talking in whispers. I was actually in my old home town last week. The old bank building is empty and boarded up.
     
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  10. blowtorch

    blowtorch Telefied Ad Free Member

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    You certainly seem to have faith in your "virtual" bank. I hope that works out well for you ;)
     
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  11. BigDaddyLH

    BigDaddyLH Tele Axpert Ad Free Member

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    Well, so far it has answered my, well, prayers isn't the right word how about entreaties? More than I can say for some other concepts!
     
  12. blowtorch

    blowtorch Telefied Ad Free Member

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    "entreaties" are always answered, just some times not in the manner that we would expect or prefer.
     
  13. telleutelleme

    telleutelleme Doctor of Teleocity Ad Free Member

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    You don't buy assets, you buy companies that have profitable assets. Then you can remove the redundancies and charge higher fees for being smart about reducing costs.
     
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  14. Toto'sDad

    Toto'sDad Telefied Ad Free Member

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    I can see a HUGE advantage in being able to talk to a nice man in India for hours, and hours when something goes wrong at the bank. I enjoyed that experience so much when I was with dish, I PAID the penalty to stop dealing with them. If I have to deal with anyone on a regular basis that I can't talk to in person, I get another whatever it is to take their place that I can. Even my cell phone, I buy a monthly card at Walmart, I paid 50 bucks for the phone, if it takes a dump I can throw it away and get another one for 50 bucks and a monthly card. I go to the store and BUY my card every month.

    If AT&T were the only phone service on the planet, I would go off the grid, and just not have a phone. I could use all the useless paper work that they used to send me to make a fire and send smoke signals for at least two years.
     
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  15. blowtorch

    blowtorch Telefied Ad Free Member

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    Sir, we are impressed! :)
     
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  16. Toto'sDad

    Toto'sDad Telefied Ad Free Member

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    Yeah, they have 'em on aisle three. Fixed it. :oops:
     
  17. blowtorch

    blowtorch Telefied Ad Free Member

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    I knew whatcha meant ;)
     
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  18. BigDaddyLH

    BigDaddyLH Tele Axpert Ad Free Member

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    Then you need to change banks. Uh, we are talking banks?
     
  19. Toto'sDad

    Toto'sDad Telefied Ad Free Member

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    Writing about doing real life business by phone or on the net makes twiterexaspertated.
     
  20. Toto'sDad

    Toto'sDad Telefied Ad Free Member

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    That is exactly what I expect anytime anyone I do business with changes hands in ownership.
     
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