Mar 30 2008
I don’t like the banks…
Who does, honestly?
Up until a few years ago I had a bank account with a fairly large bank. I was routinely stung for fees each month, and despite my complaints I entirely failed to close my account and move elsewhere. I had, in fact, gone so far as to review my statements and verify that in some instances I was paying $30 a month in assorted fees.
Truthfully I am not sure how much longer I would have put up with that, but fate intervened two years ago and forced me to act. You see late one night some techno-savvy minor criminal walked up to a bank machine, inserted a cloned copy of my bank card and deposited an empty envelope with $2,000 in invisible money and then withdrew $600 in cash.
While I was not immediately aware of the act itself, the consequences became readily evident. My bank card ceased to work, and the 24hour call center could give me NO explanation (except to contact my branch, thanks guys - note to Major-Mega Bank, just put a recording on that phone line and save yourself the expense of hiring drones to repeat a phrase). Checking my balance online showed a deposit and the subsequent withdrawls (interesting because I had a $100 withdrawl limit on my card, and yet the bad guys were able to take out $500 and then $100).
I contact my bank who told me my account would be locked until I provided a sworn affidavit attesting to the fact that I had nothing to do with the fraud and that I had not given my card and/or PIN to some other person (this affidavit to be sworn at my own expense and inconvenience). I got that done right quick, but it turns out they had misrepresented the speed with which they would conduct their own investigation. My account would have to remain frozen for a few more weeks.
Now, in this world of “pre-authorized payments” and ‘direct deposit” having a frozen bank account causes all sorts of problems, and I strove to explain this to the banking representative using progressively smaller words as I entirely failed to make any sort of impression on her.
Fine.
I had another bank account. My credit union account that hadn’t been used since it was opened. I fixed that right quick, moving my payments and payroll from the old account to new with a few phone calls. The credit union staff were extremely helpful, human even. There are NO service fees (or at least I haven’t paid any) and they appear to have a “no-drone” policy when it comes to staff (they deny this, but I’m sure it’s posted somewhere in the back).
I’ve stopped using my bank card for purchases, despite Interacs assertions it isn’t just like cash (unless you’ve even found that spending some cash could result in a stranger reaching into your wallet and taking more cash without your knowledge). I have two other accounts, both virtual, in which I divert a small amount of savings automatically (and for which I pay no fees either).
Do you deal with Mega-Uber-Bank or a smaller Credit Union (or is the mattress stuffed to overflowing)?
Hmmmm …. is that the same ‘Major-Mega Bank’ that refused to honour a bank draft for me?
I’m sure you’ve seen the following, or something like it …
http://www.ic.gc.ca/epic/site/oca-bc.nsf/en/ca01835e.html
After my card was suspended (of course the bank does not provide any explanation of why, for ’security reasons’) I simply stopped using my debit card for anything except cash machine withdrawals … and even then, for withdrawals only from ATMs operated by the issuing bank.
Using debit cards at gas stations, convenience stores and, especially, ‘white label’ ATMs seems to present the biggest exposure. These days, I’ll take my chances on carrying extra cash and losing it from my pocket, rather than losing (even more!) cash directly from my account, thanks.
Good luck with getting this mess cleared up.
And, need I suggest it, but … perhaps it’s time to ‘fire’ that ‘Major-Mega Bank’
I’ve always been with a CU. First the Ukie, then Esti. Always loved it. I had to open an account with a major in order to deal with an employer who would only pay me once a month with a large check, so I’d cash it at his branch/bank, and then transfer it over. The Ukie union closed/moved so I stayed with the major for a year or two and then Mary and Ihor finally convinced me to switch to Esti. We compared mortgage rates and Esti won hands down. Been with them ever since.
My only grumble is that I have to go there to cash my checks. Using a bank machine, and you have to use a CU machine to deposit, puts a hold on in and that sucks.
No fees rocks, and getting paid back dividends every February rocks too, We got almost $700 back this year.
The no drone thing is nice. The tellers all know me, which the anti-social in me is kinda nervous about, probably ’cause I stagger in looking like death warmed over on my way to work at 1 in the afternoon.
Savings? Har. I believe Brenda had a high interest account somewhere with another bank, but it currently remains dormant. Unless she’s saving up to take off. Yes I’m baiting my wife on your blog.
Ooo, bummer!
I have been meaning to get a credit union account too, but haven’t yet got around to it. From your experience it sounds like I should, though…
It occurred to me after I posted, but … this episode happened some time ago, right? You’ll have to excuse my ‘geriatric moments’
I have two bank accounts, one is with one of the “Big guys” and one is a military credit union. I use the credit union for most stuff, but the nearest office is two hours away.
We have been burned (Last trip to Canada), where someone in California withdrew more than the daily limit, and more than was in the account.
To there credit, the “Big guy” squared it away in about a week.
I like banks, where else can you get treated like an annoyance by people who owe you money.
We get treated pretty decant at the “Big” bank, but thats where our mortgage is.
Dad: No worries on the geriatric moment, I had originally penned a quick response but we had a breakfast engagement to rush off to with Mom and Chris.
Yes, it was about two years ago and I guess I can’t complain about that bank, they drove me to the credit union and it was the biggest service they ever did me (and it didn’t cost me anything, kinda shocked there isn’t a “driven to the competition fee” somewhere in the agreement).
As for skimmers, while it’s true that sticking to the home banks ABMs reduces the risk somewhat there are an awful lot of skimmers attached to the big banks ABMs for precisely that reason. Each has a few tricks against skimmers, but the best advice is to shield your PIN regardless what device you’re using.
A membrane keypad can be used in conjunction with a skimmer to trap your PIN, but it’s fairly uncommon and anyone with a degree of technical experience would recognize the machines keypad had been tampered with.
Theodore:I don’t nearly get the dividend cheque you guys get, must be the mortgage (although our plan is still to give Eesti first kick at the renewal now that the financial side of our lives is sorted).
I’ve been into the bank in person a few times, but over the phone have gotten on well with the two people I consistently deal with (fixing my bank card, sorting out my accounts, setting up Jillys account and seeing if I can open an account for Lisa “long-distance”).
We still have to make a Saturday trip into Toronto some morning to open her an account there. She deals with both RBC and TDCT and it irks me no end.
-GRIN-
KD: I LOVE my credit union. It sounds like I’m starting a commercial, but the truth is that I don’t get the same “What now?” feeling from the CU staff that I always got from the bank staff, like my meagre request was keeping them from “important” customers.
I think it’s the small business feel more than anything else, not impersonal account 14676781.
Although, I’ve looked at local credit unions and while they are competitive with the big banks they don’t quite offer what Eesti offers me (which was cause for me to appreciate my bank all the more truth be told).
Piet: I’m glad they sorted out that scam, what was the verdict? Did you get any closure on the origins of the scam, or did they just change some numbers and refund you the money?
Ayup… I can see the mortgage being a big stick. I wanted to go with Eesti for the mortgage when we got ours, but as my credit wasn’t sterling it made more sense to go with a broker who could shop around without running a dozen inquiries on my already bruised credit.
The renewal we should have our choice of lender, and the CU offers some good stuff for first time mortgage customers.
Yippee!
-GRIN-
Man, the big bank must have been SUPER surly for the Estonian Credit Union to qualify as “more helpful”(Unless the ECU hires “untermenchen” to work in customer service, while the rich Estonian fat cats sit in the back). As a people we’re famous for lots of things, friendly and helpful service isn’t one of them. Ask anybody who has occupied Estonia. We don’t go in for Palestine style car bombs or Iraqi-style “Suits made by DuPont”, we just drive them out with a sneer when they order a hot coffee and are served a cup of slightly below room temperature water that once flowed over a bean.
Banks are called banks because “Con artists” was already taken.
Work has a major bank as a tenant so we get special rates. I compared these discounts and such to Eesti Credit Union, and showed a couple co-workers. To this day a couple think I’m bullshitting them and there’s no way an institution like that exists. I hinted at weird initiation rites and The Illuminati, which didn’t help.
Tyler has to keep reminding me he gets hit with a service fee every time he uses Interac. I can go weeks without paper money in my wallet.
Mega banks are nothing but hassles. You remember the time when your bank card got frozen…well the same thing happened to me three times, and they refused to tell me where it happened.
When I spoke to their representative at the fraud division, all he said that the manager decided that it would be best that they cancel my card. My response was ” you don’t have the common sense to notify me.” The drone on the other side said that they will make a note of this.
Big banks call the shots and we poor saps have to go along with what ever they feel is best.
I have a no-interest account (joint account now) at a regular bank which we use to write checks and just do stupid-stuff - the real money is in my wife’s University Credit Union account (now a joint account) in chunks of various Certificate of Deposit size that earn boodles of money at high rates. For everything else - and really everything including groceries - we use a credit card that earns airline miles and pay it in full every month retaining no balance. Our tickets to Hawaii were free this year.
Here in the States, it is about the same: mega-banks treat you like crap; but the local credit union calls you by name.
There are only a couple of Mega-banks that I will NEVER deal with again, due to their outrageous fees and outright theft. I won’t call them by name, but they were formerly known as NationsBank and First Union.
I also tend to spread my business amongst several banks: no reason to keep ALL the eggs in one basket. 3 credit unions and 1 standard bank: bonus with the credit unions is they generally have better loan rates for cars.
Way off topic….
Did you know that there is a new movie coming out that is about zombie strippers?
http://thelastofthefew.blogspot.com/2008/04/official-trailer-for-zombie.html
James: Zombie Strippers!
Outstanding, as luck would have it I saw a trailer for this when I picked up a copy of “Outpost” and made a mental note to hunt down a copy.
I always appreciate a heads-up though! Thanks for the tip!