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Best Way To Move Your Funds From One Of The Big Banks...?

by TLTheLiberator
5 replies
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Since Sept 1...

Over 650,000 Americans have closed bank accounts at the too-big-to-fail banks and opened accounts at smaller local institutions - including credit unions.

More consumers flocked to credit unions last month than in all of 2010 combined, likely in part due to the controversy surrounding debit card fees.

If you're interested, here's a very good step by step.

FearLess Revolution - Blog - A Field Guide to Closing Your Bank*Account

All The Best!!

TL
  • Profile picture of the author KimW
    A simplified plan.
    Go in to bank.
    Tell them you want to close your account(s).
    Close Account(s).
    Walk out of bank.
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  • Profile picture of the author ThomM
    I've always used local banks or credit unions for my checking and savings accounts.
    Only thing I've ever done with a large, international bank is get a mortgage, which has been a small nightmare.
    Here's the difference.
    I have my motorcycle loan with a local bank and my mortgage as I mentioned with a large bank.
    Three years ago I got in a bind and became a month behind on my mortgage. I contacted the bank and they offered to help. I sent them all my financial information. Their reply was "Your expenses are more then your income, so at this time there is nothing we can do to help you. Continue making your monthly payment and contact us when you go back to work.".
    I contacted the bank where my mc loan is and told them the same thing.
    They reduced my monthly payment to something I could afford for 6 months with the understanding that I would make it up at the end of my loan contract. My loan contract ended in Aug. of this year and they extended the loan 6 months so I could pay back what I still owed.
    By the way the first bank did set me up with a payback plan when I went back to work. Six months into it, with two months to go, I got a letter from escrow saying my escrow payment was being reduced and to contact the bank if I had any questions. I called to ask how that would effect my payback agreement. The person I talked to was overseas and spoke very bad english. Next thing I knew I go a letter of intent to foreclose saying it was because I canceled my payback agreement, which I never did.
    It took two months of phone calls before it was straightened out, by then I had payed back what I owed and because of dealing with customer service located in a country where English was a second or third language I ended up paying back over $300 more then I owed
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    • Profile picture of the author QuickSurf
      Originally Posted by ThomM View Post

      I've always used local banks or credit unions for my checking and savings accounts.
      Only thing I've ever done with a large, international bank is get a mortgage, which has been a small nightmare.
      Here's the difference.
      I have my motorcycle loan with a local bank and my mortgage as I mentioned with a large bank.
      Three years ago I got in a bind and became a month behind on my mortgage. I contacted the bank and they offered to help. I sent them all my financial information. Their reply was "Your expenses are more then your income, so at this time there is nothing we can do to help you. Continue making your monthly payment and contact us when you go back to work.".
      I contacted the bank where my mc loan is and told them the same thing.
      They reduced my monthly payment to something I could afford for 6 months with the understanding that I would make it up at the end of my loan contract. My loan contract ended in Aug. of this year and they extended the loan 6 months so I could pay back what I still owed.
      By the way the first bank did set me up with a payback plan when I went back to work. Six months into it, with two months to go, I got a letter from escrow saying my escrow payment was being reduced and to contact the bank if I had any questions. I called to ask how that would effect my payback agreement. The person I talked to was overseas and spoke very bad english. Next thing I knew I go a letter of intent to foreclose saying it was because I canceled my payback agreement, which I never did.
      It took two months of phone calls before it was straightened out, by then I had payed back what I owed and because of dealing with customer service located in a country where English was a second or third language I ended up paying back over $300 more then I owed
      That's actually normal, even large banks will do forbearance plans for autos, bikes, boats etc.... however the mortgage loan is different. You'd get about the same answer from a credit union/private banks as the answer the big bank gave you whether the loan was securitized or portfolio'd. I did a lot of consulting in the financial sector and capital markets till I sold the biz 2 years ago.

      As far as the outsourced customer service, yeh that sucks. May sound racist (and I'm not at all) but it's friggen annoying being directed to support overseas and speaking to somebody that can barely talk in broken english and is trained like a robot to read off a script. And now they tell them to use american names ***"hi my name is Jake*** (insert abu from simpsons accent lol). Buddy opened a call center overseas and has them all use a made up american name. I'm like that doesn't matter when their still speaking broken english lol.

      Where working with a CU/PB can really help, is with a lot of commercial stuff I did, they were far more lenient to make exceptions or use "common sense" (especially if in close proximity to the property) vs playing the "fitting in a box" game with institutional banks. They generally hold and service their own portfolio so their def more flexible.
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      • Profile picture of the author ThomM
        QuickSurf, I haven't yet dealt with a local bank or credit union who out sourced their costumer service and collections to a different country where English is not a language that they seem to understand (just talking about those I dealt with, not he whole country).
        That is what caused the problems. That is why they thought I canceled the payback agreement.
        When I deal with customer service with my local banks, I could be talking to my neighbor.
        Signature

        Life: Nature's way of keeping meat fresh
        Getting old ain't for sissy's
        As you are I was, as I am you will be
        You can't fix stupid, but you can always out smart it.

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  • Profile picture of the author Jerryl
    I've closed a few accounts...just put out my hand and tell them to give me ALL my money...account closed. When your money is gone, so is your account.
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