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Is Yours On The List

Is Yours On The List

In its annual customer advocacy rankings, Forrester Research, the Cambridgebased research firm, asked 4,500 customers at 50 banks if they agreed with the statement My financial provider does whats best for me, not just its own bottom line.

Forrester ranked the financial institutions based on consumers responses, and the nations largest banks were overwhelmingly the worst performers, with only around a third or fewer of customers at big banks saying that they believed their financial institution put customers interests first. By contrast, about 70 percent of credit union customers responded positively to the statement.

Bill Doyle, a Forrester VP, told the NYT that the pattern of distrust toward the mega banks is nothing new. In the seven years the company has been conducting the survey, he said, big banks have repeatedly landed at the bottom of the list:

Part of it is that the banks are preoccupied with their bottom line. They are public institutions who are in business to make money for their shareholder and inevitably, that shows to customers, Mr. Doyle said.

Check out the seven leasttrusted banks in America, according to Forrester:

The credit unions finally figured something worthwhile out. The big issue with them has always been that since theyre regional, finding one of their ATMs when youre traveling is impossible, thus resulting in a lot of ATM fees.

Somewhere over the last couple/few years, they finally all banded together, and now if youre part of a lot of credit unions, you have access to something like 37,000 ATMs nationwide, so no fees if you pull cash out from a credit union in New York if your credit union is only in Washington.

If you can, go with USAA. I have used them for years and love them. ATM charges for the first 14 withdrawals per month are credited back to your account, so you can use any ATM. They have great overdraft protection options. They have great loans for auto, home, and their investment portfolios are solid. I even have two credit cards with them and they have lower interest rates than most other cards. Even our auto insurance is the lowest out of all the competitors. I cannot think of anything bad about them, other than you need to be military or former, or related to a military person to join.

corporate powers use commercial banks for business. an individual can not expect a commercial bank to respond ethically to their needs. advertisement. the problem is that small banks are not supported to serve the individual. if they do become profitable small banks with good outreach to the community you can only guess what happens. the small bank gets consumed, stripped and relegated to do the will of the overlord. there was a time a person,known in the community could get a loan to enhance his small business. without duress,prejudice and immoral interest rates that was the american dream need i say it has become a nightmare. americans have got to begin the boycott. start with one bank, one insurance company and one oil company and you will have started a revolution. you might even have to sacrifice your life pursuing that freedom.

Closed out my account with BofA and moved my money to a very friendly not for profit credit union. Manager at BofA asked me why Im closing account and I said: private banks like yours practice bad business which hurts the small wage earners through unfair fees, you investments are risky and not good for the community, which is easy to see in downtown Chicago . All the business are leaving, its dead here in the loop. She asked me where am I putting my money and I told her a credit union which I have a say what happens with investments, no fees, and very low interest loans, online banking and I can use any other credit unions ATM for free. If I have to use a banks ATM the credit union pays for my fee!

My niece who lives in my 5thWheel no rent paid because she can only find parttime employment with her 4 year old son just came in. She banks with Chase. Her sons father is dead before he was born. She has had his social security check automatically deposited for 4 years. Now she is expecting a check from IRS for $5,000 to be automatically deposited. She called her bank to see if it was in. Not only was the social security check returned but her IRS check will be returned because they closed her account because she was 68 cents overdrawn. She is heartsick. She wanted to use that money to get out on her own. I told her to switch to a local bank. When she finally was able to talk to a real person, he was actually embarrassed but said he could not do anything about it.

I could tell you a horror story about my experience with Bank of America, but its too long for a comment. Its my opinion that the credit divisions of product companies are way worse than the banks. I feel that big product companies continue their blatant abuse of the 7th commandment and get away with it. The stinking Republicans can expound on the virtues of responsible bill paying but easily forget about the greed of big business and the incomprehensible policies that these slime make up as they go along.

For years in America responsible people borrowed or charged based on their income and estimated their purchase payment based on their budget: simple. This is no longer possible because consumers dont know when these credit companies are going to change their policies and suddenly implement some explosive interest rate that wasnt in the original contract. I dont see the individual state attorneys offices doing much about them either.