Comments on: You Tell Me: Financial Meltdown

By: Emily

Emily — Tue, 23 Sep 2008 23:16:34 +0000

I bank with Bank of America and ING Direct, and as far as I know, both are going strong. I’m trying to just hang tight and keep everything as is. But if I get word that one of them is in trouble, I definitely would consider leaving. I would hate to leave BofA, though — I have my credit cards, checking, a back-up savings account, and a Roth IRA with them, and it is SO easy to transfer things back and forth. I’m really happy with ING Direct, too — I use automatic savings plans with them and I like it because it’s not my regular checking bank so I sometimes forget that money automatically goes in there every week. Then when I check it, I have all this extra money! Very easy to use, too.

By: Jess

Jess — Mon, 22 Sep 2008 17:40:43 +0000

Fortunately I have not been dealing with these problems because I have been dealing with a smaller bank. Still, the financial meltdown is taking a serious turn on all banks (and their customers). I have been looking into a mortgage recently. I have been wanting to own my own house for a long time and haven’t made the transition.

I contacted the bank to see what they have available. I was warned about the difficulty of finding a loan, but I didn’t realize the extent. Long story short I am still waiting to hear back from my bank. I’m scared to go to a broker. So, to answer your question. YES it has affected me. Thanks for the post!

By: Sunday Money Roundup - A Week Alone Edition.

Sunday Money Roundup - A Week Alone Edition. — Sun, 21 Sep 2008 13:00:48 +0000

[...] Being Frugal wants to know what you are doing in this crazy market! [...]

By: Rebecca Rivera

Rebecca Rivera — Sun, 21 Sep 2008 02:01:28 +0000

Hi! I just wanted to add my two cents. With all the talk about bank failures it is a real possibility that banks may close if even for a day to straighten things out. This is a reminder we need to have some cash to home, for gas, groceries, etc. -Becky in NJ
http://strivingtoliveeachdayhisway.blogspot.com/

I check your blog almost daily

By: Erin

Erin — Sat, 20 Sep 2008 17:16:47 +0000

I use a credit union from my hometown. They have been doing really well despite all the issues that the economy is having. And they don’t charge as many fees as a bank. We had thought about switching to a local bank here, but now that they are all having so many issues we are choosing to stay with our credit union and bank online. I hope you find a solution that works for you.

By: Shymom

Shymom — Sat, 20 Sep 2008 12:25:51 +0000

Our checking and savings accounts are with Charles Schwab. I love that you never pay an ATM fee no matter what ATM you use.

They aren’t a traditional bank however, so they don’t take cash deposits which wouldn’t work for some folks.

They also don’t do home loans so they weren’t involved in all that mess. (Our mortgage is with another bank)

Their stock price is at a 9 month high so I guess other people see them as being pretty strong right now, too.

By: cwaltz

cwaltz — Sat, 20 Sep 2008 02:40:54 +0000

We bank with a local credit union. We tried Wachovia originally and they were ridiculously awful. The credit union is a much nicer experience.

By: Bonnie

Bonnie — Sat, 20 Sep 2008 00:19:36 +0000

I think banking with local institutions is a great idea. But as a previous commenter pointed out, if you have to wait for FDIC to return your money, the time it takes could be difficult. I have bank accounts at 2 different banks, so that if one locks up the money, there is another one I can turn to.

By: fuzzarelly

fuzzarelly — Fri, 19 Sep 2008 21:12:43 +0000

Sweetie and I have banked locally (southern Indiana) for 12 years. I have never had a major problem with them and if there was ever any minor glitch, it was always fixable with a phone call. These people know me when I enter their little lobby. I have their debit card and online banking access at no charge. The mortgage for our rental property is through them, too.

Today, I walked in and opened a new business account. Even though I had to make two short trips to the county recorder’s office for paperwork, and so three trips to the bank, it was all a piece of cake. Very pleasant. (Also, they helped out an exasperated man with a 15 year old car title problem he had with the BMV. No charge. He left happy.)

(Aside: I was 5 cents short of the $11 recording fee at the court house, and the clerk said she’d take care of it. Imagine!)

I am a cheerleader for local banks and savings institutions. Because they are small, they need your business and work for it.

By: Elisa

Elisa — Fri, 19 Sep 2008 17:23:26 +0000

We went to check out a local credit union to open an account for our teen daughter and decided we’ll be opening one for ourselves, too, for the superior customer service. We started out with Great Western which was swallowed up by Wamu and have never cared for it since the change, nor am I a fan of Citibank or Wells Fargo. Buh-bye Wamu.