How sad is this. I'm moving my money again.

[Pab Sungenis]

In the early 1990's I had an account at a local bank called "New Jersey National Bank" based in my hometown. It was bought out by CoreStates which was in short order bought out by First Union. I decided to move to another local bank.

I moved to Farmers and Merchants National Bank, based two towns over. It was bought out by Hudson United Bank, then by TD Banknorth. We moved to another bank.

We moved to Commerce Bank, NA, based out of a city 30 minutes from me. They were bought out by TD Banknorth.

After too many bad experiences with the resulting no-longer-local bank, we're moving our money again. This time to Capital Bank of New Jersey. For a change, however, this one is based two miles up the road from me, purely local once more.

The question now is, how long will I be able to go without having another too-big-to-fail giant conglomerate swoop in and eat up my little bank, forcing me to move again? And when are we going to do something to protect the customers of these little banks from further consolidation and conglomeratization?

[blueknight]

1. are there not

credit unions you could join in your area? i joined a credit union, and get free checking, and lots of other perks

[Pab Sungenis]

3. The ones by us are all basically closed shops.

You need to be employed by a member company. As someone technically unemployed, I don't qualify.

[Lydia Leftcoast]

28. The one I belong to merely requires that you live or work in Hennepin County,

Minnesota. Not much help for you, I know, but credit unions have loosened their membership requirements in recent years.

[Raineyb]

2. How's the credit union situation where you are. Perhaps you should look into

one. At least it won't be bought out by some big banking conglomerate. (Hopefully)

[Pab Sungenis]

5. I have.

But they're all closed shops around here. Capital was recommended by MoveYourMoney.info, though, so I'm pretty confident.

[geckosfeet]

11. Got to be one affiliated with your town, city or municipality. Also, most of them

say that you have to be employed by so and so etc. etc. but will accept applications from local residents.

[JuniperLea]

4. This guy has great advice on banking...

http://clarkhoward.com/

And even more on other consumer items. There are only a few banks he recommends... mostly he likes credit unions. Lots of good info on his site.

[ejpoeta]

6. that's a good question. my husband has his account at ESL which is a credit union.

they are building a branch nearby and i may move my account from M&T to there. it may not be completely local, but we have no such bank here and at least the credit union is member oriented and gives dividends and such.

[dionysus]

18. ESL is based where i live. was thinkign of joining ti myself...

[texastoast]

7. Do you have a credit union nearby?

I would much rather do business with a credit union. And doing business with them really pisses off the big conglomerates.

Teddy Roosevelt is rolling in his anti-merger grave.

[rox63]

8. Move to a local credit union

I've been with one for years, and they have been very stable.

[handmade34]

9. very sad.

I live and work on the road, moving every three weeks. I have found a small community bank to keep my meager amount of money in... It is not always easy but I have found that I am able to function even though the bank is often thousands of miles away. You possibly could find a credit union or bank outside of your community??

[NNN0LHI]

10. Get one of these and forget it

http://www.amsecusa.com/Burglary_and_Fire_Protection/BF_Series_Burglary_and_Fire_Safe/

I recommend the AMSEC BF2116 - E

Makes a perfect nightstand too.



The AMSEC BF® SERIES offers a unique design that combines all the security features of a burglary safe and the peace of mind achieved with a fire safe. The industry’s first U.L. Listed, fire-rated burglary safe offers an affordable solution when burglary and fire protection are an essential part of your buying decision!
During Underwriter’s Laboratories grueling testing procedures, the BF® SERIES earned the U.L. Listed Class 350°F One Hour Fire Label and an E (RSC) Residential Security Container Burglary Label.


STANDARD FEATURES:

•The best warranty in the business. Lifetime fire replacement and one year parts and labor.
•“B” rated heavy duty construction.

DOOR:

•3½" thick, consisting of ½" plate steel with a unique proprietary fire and burglary resistant material.
•Dual seal design utilizes a silicone foam seal with a heat-expanding intumescent seal.

BODY:

•25/8" thick, consisting of 1/8" outer and inner steel plates creating a burglary resistant structure enclosing a unique proprietary fire resistant material.
•Three massive 1" diameter solid steel chrome-plated locking bolts.
•A full length dead bar locks deep into the body preventing door removal during a forced entry attempt.
•U.L. listed Group II lock with spring-loaded auxiliary relock device.
•¼" heavy duty carburized hardplate.
•Heavy duty steel hinges provide easy smooth door operation.
•One recessed anchor bolt hole and mounting hardware are provided to securely anchor safe.
•Attractively accented with a large chrome-plated dial, matching handle and a plush velour interior.
•Durable and attractive granite finish or sandstone textured with a plush velour interior.
•Optional electronic locks are available .
•Optional storage cabinets available on models BF3416 and BF1716.
See the StorIt-Cabinets page for more details .

•Color Options: Textured Granite with Chrome Hardware and Textured Sandstone with Brass Hardware.

[Pab Sungenis]

13. Yeah, but

then we'd have to pay a check cashing place to cash a paycheck every two weeks. And not everyone takes cash (places that aren't local, for example).

[onethatcares]

17. all it takes to open that is

a gun next to your head.

Better to have a bank account, well I meant to say credit union account.

[JenniferJuniper]

12. Credit Union all the way

I've had the same one for 15 years; just took out a home equity loan from them at great rate.

They are a little backwards (we only just got on-line bill paying) and old fashioned in some respects when compared with the conglomerates, but I think its worth it.

[Pab Sungenis]

24. What is everyone's fascination with credit unions?

I was with a local credit union for a while (business account for the movie theater) and their fees were just as high as the local banks. And for some things, higher.

[HughMoran]

27. Crappy credit union?

No fees where I've been for the past 24 years.

[JenniferJuniper]

29. yeah, no fees at mine either

the only drawback would be ATM charges at other banks, but I usually take out my cash during supermarket or drug store transactions so it's not often an issue.

[HughMoran]

30. I have to search for SUM network ATMs, but I can usually find one

And yes, getting cash back works too :)

[old mark]

14. Find a local credit union. You will never have to move again.

I am amazed that people still patronize large banks when there are credit unions.


mark

[Tesha]

15. cunj.org wants your business...

In addition, if you live, work, attend school or worship in Ewing Township, you can also join Credit Union of New Jersey. Also, if you live in parts of Burlington County or Trenton, you are eligible to join.

If you don't see one particular group that you are affiliated with, please contact us to help you find a way to join Credit Union of New Jersey.

http://www.cunj.org/site/membership/eligibility.html

we're with a credit union - and they are wonderful! - mine just lowered my visa rate again!

[Pab Sungenis]

16. I'm nowhere near any of those areas.

People keep thinking of New Jersey as if we were just suburbs of Manhattan. Actually, New Jersey is longer from North to South than Pennsylvania is, and only 50 miles shorter than Virginia.

Besides, not every person in the country can join a credit union. We still need to protect people who can't join them or prefer banks.

[Tesha]

20. Just offering you another options...

one that works for us, take it or leave it...

but here's one closer to you, and they only have a fee to join per their site.

South Jersey Federal Credit Union - www.southjerseyfcu.com
106 West Landis Avenue, Vineland - [phone]


(oh, and we know NJ - quite a diverse and interesting place)

[Pab Sungenis]

22. Thanks for the suggestion

However I know from just three seconds at the website that they can't be trusted. They're advertising to get people to "opt in" for "overdraft privilege." That's a bankster cash cow where if a debit card transaction is even .01 over, they get to charge you $40.00 for putting it through anyhow. Then that $40.00 fee makes everything else you do that day be overdraft, and have to have a $40.00 fee attached to it. That's one reason I'm leaving TD Bank.

[ThomWV]

19. Credit Union, hell in some you can even serve on the Board if you want.

If I wanted to serve on the Board of Directors of our Credit Union all I'd have to do is ask.

[GoCubsGo]

21. On the bright side, at least you still have money to move

Unlike a lot of us here. I concur with the others. Find a credit union ASAP.

[Pab Sungenis]

23. Bryan got his first paycheck from his new job today.

It's going to mainly be eaten up by groceries and past due bills, but we'll have a little left over in the end.

[depakid]

25. Reminds me of a situation with MBNA

Every credit card I had- through the alumini association, REI, a favorite NGO- each one sold their damn account to MBNA, which I then paid off and dumped.

[TexasObserver]

26. I only deal with local banks, and have for a decade.

The last time I did any banking with a big bank was the 1990s.

Local banks are generally safer. They're more tied to the community. You'll never be more than a number to a big bank, and you'll never know if your bank officers and tellers will be there when you return. They go through a lot of employees.