I Went to my Bank... but my Bank Was Gone!
May. 4th, 2021 02:59 pm![[personal profile]](https://www.dreamwidth.org/img/silk/identity/user.png){kind=small}
canyonwalkerI've written before that I rarely visit ATMs anymore. What used to be a twice-a-week ritual to withdraw cash has slowed to once, maybe twice, a year as I've moved to largely cashless behavior. I proclaimed "RIP ATM" in 2014. After spending a bunch of cash last week at a store that doesn't accept credit cards I went to the ATM to refill my wallet. Call it my once a year ATM trip. But when I went there my ATM was gone!
The credit union I've done my retail banking with for the past 25 years closed its branch near my home during the pandemic. I saw that when I visited the branch 5-6 months ago to deposit a small dragon's hoard of coins. I had to go to the next branch 5 miles away. But now the nearby branch has been closed permanently. And the ATM has been removed!
I've tolerated these uncompetitive aspects of the CU by combining my basic checking account there with accounts at other banks. I basically just use the CU as a direct-deposit target for my paychecks and for the convenience of a branch office the once a year I need it. I keep most of my cash in an online bank that pays me a high interest rate and has great digital tools. Oh, the CU refunds me the fees charged when I use other banks' ATMs. That's very convenient when traveling. But the thing is, the big banks offer that feature, too, when you've got enough money with them across all your accounts. Plus, the big banks— Chase, Citibank, etc.— have plenty of branches and ATMs in their own networks.
Compare that to the online reviews I checked for big bank branches in the area. I saw lots of complaints of indifferent tellers, having to make appointments well in advance for special service only to have the specialist not show up, and hostile branch managers who blame everything on the customer. Seeing that, I've decided to stick with Small.
The credit union I've done my retail banking with for the past 25 years closed its branch near my home during the pandemic. I saw that when I visited the branch 5-6 months ago to deposit a small dragon's hoard of coins. I had to go to the next branch 5 miles away. But now the nearby branch has been closed permanently. And the ATM has been removed!
Time for a New Bank?
Losing the branch near home got me questioning whether it's time to switch banks. I've been considering a move for several years. The credit union I'm with doesn't particularly excel at the things credit unions are supposed to do well— better rates and fees than traditional banks offer. It's only on par with traditional banks in that regard. And it's a small institution so it's, like, 10+ years behind on digital tools.I've tolerated these uncompetitive aspects of the CU by combining my basic checking account there with accounts at other banks. I basically just use the CU as a direct-deposit target for my paychecks and for the convenience of a branch office the once a year I need it. I keep most of my cash in an online bank that pays me a high interest rate and has great digital tools. Oh, the CU refunds me the fees charged when I use other banks' ATMs. That's very convenient when traveling. But the thing is, the big banks offer that feature, too, when you've got enough money with them across all your accounts. Plus, the big banks— Chase, Citibank, etc.— have plenty of branches and ATMs in their own networks.
The Power of Small
While the big banks have a certain power of size with plenty of locations, the CU I've banked with for 25 years has a power in its smallness. Because they're small they still focus on the retail banking customer. Those one or two times a year I've needed to go inside a branch they've always taken care of me well. The tellers are polite, capable, and empowered. The handful of times I've needed something beyond what a front-line employee can do, a specialist or manager has always taken over quickly. Even when I call their toll-free number I get to a real employee quickly— within business hours.Compare that to the online reviews I checked for big bank branches in the area. I saw lots of complaints of indifferent tellers, having to make appointments well in advance for special service only to have the specialist not show up, and hostile branch managers who blame everything on the customer. Seeing that, I've decided to stick with Small.
