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cue
Ichi-go, ichi-e
02:57 PM on 07/26/2012
“Moving your money takes a lot of time and money and some bank policies make it harder than it should be..."

Yes, but for your own peace of mind and financial well-being, it is worth making the effort. Find a local credit union...and tell the big banks to go pound sand. If you have one, get your mortgage out of the big banks, too. You will be treated better locally.
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02:46 PM on 07/26/2012
"However, actually moving from one bank to another is a complicated process."

It really isn't that complicated. It is a bit of a hassle, but if you choose the right bank/CU to keep your money, you'll thank yourself every time one of these articles is published. Trust me, I did it myself a few months ago.
02:15 PM on 07/26/2012
All of the big banks train their customer facing reps, whether they're tellers, bankers, or call center personnel to SELL products as "solutions" to their customers. Being a banking analyst, Bove shouldn't be so flabbergasted. His treatment is no different then millions of other customers.
03:11 PM on 07/26/2012
Exactly, open up the second account, notify your EFTs to change, which may take one or two payment cycles, then slowly transfer your payment processes over to the other bank.
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BxGurl0813
What color is the sky in Opposite World?
03:11 PM on 07/26/2012
I think he was complaining that he WASN'T sold any "solutions."
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mytradingrobot
02:10 PM on 07/26/2012
All these big banks make huge profits through random, unwarranted charges to accounts. Never anything big, just 2.00 here, 10.00 there. I have personal experience with Wells Fargo doing this.

You call customer service, they have some kind of explanation of how random charges ended up in your account and then say they will remove them. A month passes by and you get charged again. Another call and its removed but the problem persists. After 3 calls usually it will go away. My guess is they bank of the fact that most people would not notice the charges OR just accept that the charge is fixed once they call and they can get away with it the next month.

I personally think they use these on purpose to pad earnings and view it as a source of free money. This has happened to me in so many different ways that either 1) Wells Fargo is a complete back office disaster and has no idea what is going on or 2) They know full well what is going on when it comes to false charges and refuse to fix the issues because it is more profitable to just let it go.

My guess is 2) is true. Even if 95% of the accounts complained and caught the charges, that 5% is still probably millions of dollars of free money for them.
01:58 PM on 07/26/2012
I guess when you are too big to fail-- who cares about customer service? They can offer the lousiest customer service on earth but will continue to survive care of the taxpayer
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garynofishing
There's a RAT infestation on Wall Street
01:48 PM on 07/26/2012
It's EASY to transfer to another. Open the other account--- preferably at a Credit Union. Then change to Automatic Deposits. Wait to see that the deposits actually happen. Close the BIG bank account. That's how I left Citibank. The new account I have is WAY better AND----- they count and process all my change FREE and don't keep 10% like those rip-off machines you see.
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AleMaker
Republicans: protecting aristocracy since 1981
02:36 PM on 07/26/2012
Exactly! Set up the new account and change your auto-payments and deposits. It might take a monthly pay cycle or two, just to make sure everything is in place. Then just close the old account. And credit unions are the way to go. Years ago they had very specific membership pools, and it was hard to find one that you could join. These days, however, anyone can find a local credit union that they can join.
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RhiannonRings
Childfree and loving it!
03:23 PM on 07/26/2012
I lovvvved taking my money out of WF and putting it in a local CU :) The suit at WF asked me why I was leaving, and I said I didn't want to support the big banks anymore. No comment back.