Ah! I do remember that first incident with the bank in question, Bones. Yes, I understand why you're angry, too.
I've got my own points of contention with how banks are doing business now, too. It incredibly convoluted, crazymaking even. I've been thinking that maybe a mattress might make more sense... because there are now all these hoops one has to jump through to access one's own money and "interest" is joke for the normal savings accounts.
I try to put myself in the position that the banks are in - to understand what they are facing in new regulations - and that calms me down a bit. I am trying to stay up with all the current events and changes, reading so much it's almost a part-time job! How they're responding to their new rules doesn't always suit me either, and flat out doesn't make sense sometimes. That's why I suggested voting with your feet - and your money - and trying another bank. But, I'll repeat my caution about investigating their terms, rules, and fees before moving. I just read an article in a big financial publication that recommends and cautions the same thing, oddly enough. ALL the banks - in one way or another - are trying to adjust. They are making some choices that will eventually come back to haunt them - in goodwill, customer loyalty, etc.
One suggestion the article made - which might not work for you, but only you'll know that - is to try one of the online banks. Read ALL their options, and the limitations, etc so you know what you're getting into. I'm still not overly comfortable with online banking; what happens when my cable goes out or we lose power, for instance? We do have an online checking account that we like, that requires X number of debits (no fee either!) a month; and one online transaction (bill pay or deposit) a month to qualify for almost 3% interest a month, up to a specified balance limit; then the interest drops back down to 1% for any balances over that amount. You have to receive your statements, online only. The interest rate was too good to not sign up, for us. This bank is still paying US, to keep our money there and use their debit card. Different, huh?
Look into Free Checking accounts, too. They're not as popular as they used to be, but I think they're still out there. Sometimes, you can link a savings account or credit card to it, too - and rewards and overdraft protection get built into these plans/programs. A great way to compare bank offerings, is:
http://www.bankrate.comThis is an independent website that helps you compare what the banks are selling, offering, and their terms and conditions. They'll include local and regional and online banks - that one just doesn't hear about. Do your homework - it's the only way you can protect yourself!! And even then, be ready to make more adjustments later if something changes - it is just a fact of life, now. Business.
The banks didn't make these new rules. They're scrambling to try to abide by them. They're making mistakes; some banks are doing better than others; some will still fail this year. They have a bottom-line, too. People to pay and train - all those tellers and managers and advisors. Those folks are all part of the disappearing "middle-class", too.
The picture is a whole lot bigger - and messier - than just a bank being greedy or trying to avoid playing by the rules. They are screwing up sometimes; will lose some customers; will inadvertantly trangress one of the new rules -- because there are so many of them. What used to be a very simple, neighborhood-based, handshake business, one where everyone knew what the rules were because the rules had been around a long time and didn't change much at all -- where you could gossip with the tellers... just isn't that simple, any more. I do grieve that loss... because the "human" part of being in and doing business seems to getting regulated out of the process... and we don't seem to be getting enough "return on investment" for that trade-off.
