Big Banks Suck

Wells Fargo wanted to start charging me $8/month for a checking account.  No thank you.  I cancelled my account last weekend.  I wonder how much money they will make during this “switch” because people are too busy/lazy to go and find a new bank.  I guess that’s a pretty crafty play, creating a business strategy based upon the human nature of laziness.  I’m sure its going to stir up some anger though, and I think companies are better served to create brand happiness in their customers in the long run.

Coins

Here’s an inspirational article for good measure: “What the 3 Stages of Love Teach You About Crafting Great Services

Also, if you are facing the same conundrum, here are a few suggestions for new, free, banking:

  • Portland, Oregon area: Umpqua Bank- these guys sent us a potted plant when they opened up near our apartment!  They also offer free wifi, coffee, and outstanding service.  Cooler still: every branch has a direct line to the CEO’s office, in case you need to take something to the top
  • Denver, Colorado area: 1st Bank- I had an account here until I moved to Portland, and will definitely open one again when I move back to Denver.  They offer free checking (including free small business checking!), high CD rates, and have been known to waive an overdraft fee or two.  They also donated over $4 million to charity last year.
  • All Over the US: USAA Bank- I love being a USAA member.  If you have any family in the military (or are in the military) I highly suggest you become a member (its easy and free online!).  My free checking account gives me cash rewards!! My free savings account actually pays out interest (on as little as $1)!  I also have car insurance & renters insurance with them at an affordable rate, and when you call in you talk to an actual, English speaking, friendly person.  Bonus: you can deposit checks with your iPhone, no trip to the bank needed.

Don’t let these sleezy big banks win!

-Lauren Salisbury

2 thoughts on “Big Banks Suck

  1. cibc up here in canadia wanted to start charging me 20$/month for a chequing account now that i’m no longer a student so i recently switched to a locally based credit union and i’m really happy with it so far. the other awesome thing about small banks (at least the one i’m with now, vancity) is that they give back to the community they’re based in and are generally just more local-conscious.

    • I don’t know how the big banks think they are going to make any money like this… good for you! Also, luckily my student ID is valid until 2014, so most student discounts still work… I miss college!!!

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