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Credit Union vs Big Banks
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2TrakR
Posted 10/14/2021 08:43 (#9268272 - in reply to #9268089)
Subject: RE: Credit Union vs Big Banks


Saginaw Bay Area - Michigan
Granary - 10/14/2021 08:02

Our bank we’ve had for probably 20 years has been bought or merged with another big bank.


My local bank, like yours, we've been with for ~40 years. Bought out by TCF within the last year. Bummer, but OK, as stuff happens.
Then TCF changed the terms that we were on. Used to get paper statements. No incentive to change to electronic.
TCF decided to start charging fees for paper statements. Had to opt out. Had to read the notice in the fine print to know you had to opt out.

Very disheartening since we did not catch the notice and did not catch the service fees until the 2nd month and by then we were into the 3rd month and they require one more additional billing cycle to make the change, so we had service fees for 4 months of paper statements that we did not ask for.

I look at it this way:
The bank sent me a product I did not ask for or otherwise agree to pay for (the paper statement).
They then charged me for that product.
They have my money, so took the money from me without my authorization, leaving me no recourse or even awareness of their theft.


Of course, within a year of buying out our local bank, TCF was bought out by Huntington.

Oh, have to buy new checks now, since the old bank no longer exists and the current entity had nothing to do with them.

Does that sound a bit fishy? Kind of like they planned out some mergers ahead of time and set the action on a timeline that let some rules be avoided.

Important point: Make sure to closely review any fees or services they are going to charge you for with the new bank. Presume anything you were doing before will now have a fee associated with it.

Am also credit union member. They have been a better deal, not perfect though, but better for personal finance.

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