Comments on: PSBJ: Local Banks Feeling the Regulatory Squeeze http://seattlebubble.com/blog/2009/05/18/psbj-local-banks-feeling-the-regulatory-squeeze/ local real estate news, statistics, and commentary without the sales spin. Thu, 18 Mar 2010 12:07:30 -0700 http://wordpress.org/?v=2.9.2 hourly 1 By: Edhttp://seattlebubble.com/blog/2009/05/18/psbj-local-banks-feeling-the-regulatory-squeeze/#comment-73461 Ed Thu, 21 May 2009 05:54:08 +0000 http://seattlebubble.com/blog/?p=5581#comment-73461 In Spokane, we closed all of our B of A accounts and moved to a locally run credit union. Service has been very good. We'll stick to the credit union, and may be a local bank or two. We are not going back to the "too big to fail" national failures like B of A.<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('73461','Ed',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('73461','Ed','In Spokane, we closed all of our B of A accounts and moved to a locally run credit union. Service has been very good. We\'ll stick to the credit union, and may be a local bank or two. We are not going back to the \"too big to fail\" national failures like B of A.',''); return false;">Quote</a></div> In Spokane, we closed all of our B of A accounts and moved to a locally run credit union. Service has been very good. We’ll stick to the credit union, and may be a local bank or two. We are not going back to the “too big to fail” national failures like B of A.
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]]> By: Vellebue Renterhttp://seattlebubble.com/blog/2009/05/18/psbj-local-banks-feeling-the-regulatory-squeeze/#comment-73263 Vellebue Renter Tue, 19 May 2009 06:35:25 +0000 http://seattlebubble.com/blog/?p=5581#comment-73263 <b>RE:</b> <a href='#comment-73234' rel="nofollow">softwarengineer @ 1</a> -What's this have to do with Immigration?Let me guess, banks are in trouble because of illegals, and Credit Unions only take new customers that can prove U.S. Citizenship. Right?<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('73263','Vellebue Renter',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('73263','Vellebue Renter','<b>RE:<\/b> <a href=\'#comment-73234\' rel=\"nofollow\">softwarengineer @ 1<\/a> - \r\n\r\nWhat\'s this have to do with Immigration?\r\n\r\nLet me guess, banks are in trouble because of illegals, and Credit Unions only take new customers that can prove U.S. Citizenship. Right?',''); return false;">Quote</a></div> RE: softwarengineer @ 1 –

What’s this have to do with Immigration?

Let me guess, banks are in trouble because of illegals, and Credit Unions only take new customers that can prove U.S. Citizenship. Right?

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]]> By: Ray Pepperhttp://seattlebubble.com/blog/2009/05/18/psbj-local-banks-feeling-the-regulatory-squeeze/#comment-73246 Ray Pepper Tue, 19 May 2009 02:31:00 +0000 http://seattlebubble.com/blog/?p=5581#comment-73246 I switched over to Chase and got 100.00 literally 7 days after I opened our new accounts. The reason I did this?Well appears Venture Bank blew their bankroll by holding onto long with FRE and FNM and rode it to virtually 0. After I saw the "cease and desist" order from the FDIC and listening to their town hall meeting I was so disgusted by listening to the CEO and CFO constantly blaming everything on Bernanke and Paulson while taking no blame.Not to mention they wouldn't answer my questions presented with any facts. "We have seen this before and we will see it again." I blurted out.........." I don't think you have and WE never will again."Shut em down .......! They will find no buyer!http://www.thenewstribune.com/business/story/720806.html<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('73246','Ray Pepper',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('73246','Ray Pepper','I switched over to Chase and got 100.00 literally 7 days after I opened our new accounts. The reason I did this?\r\n\r\nWell appears Venture Bank blew their bankroll by holding onto long with FRE and FNM and rode it to virtually 0. After I saw the \"cease and desist\" order from the FDIC and listening to their town hall meeting I was so disgusted by listening to the CEO and CFO constantly blaming everything on Bernanke and Paulson while taking no blame. \r\n\r\nNot to mention they wouldn\'t answer my questions presented with any facts. \"We have seen this before and we will see it again.\" I blurted out..........\" I don\'t think you have and WE never will again.\"\r\n\r\nShut em down .......! They will find no buyer! \r\n\r\nhttp:\/\/www.thenewstribune.com\/business\/story\/720806.html',''); return false;">Quote</a></div> I switched over to Chase and got 100.00 literally 7 days after I opened our new accounts. The reason I did this?

Well appears Venture Bank blew their bankroll by holding onto long with FRE and FNM and rode it to virtually 0. After I saw the “cease and desist” order from the FDIC and listening to their town hall meeting I was so disgusted by listening to the CEO and CFO constantly blaming everything on Bernanke and Paulson while taking no blame.

Not to mention they wouldn’t answer my questions presented with any facts. “We have seen this before and we will see it again.” I blurted out……….” I don’t think you have and WE never will again.”

Shut em down …….! They will find no buyer!

http://www.thenewstribune.com/business/story/720806.html

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]]> By: Angiehttp://seattlebubble.com/blog/2009/05/18/psbj-local-banks-feeling-the-regulatory-squeeze/#comment-73244 Angie Tue, 19 May 2009 00:41:45 +0000 http://seattlebubble.com/blog/?p=5581#comment-73244 Think about it for half a minute and of course credit unions are going to be the better choice for their customers. They're non-profits, which means that they're not doing everything within their power to pick your pockets.Remember that banks are for-profit institutions, which are bound by law to maximize shareholder value. How do they do that? Interest rates less favorable for the customers, for savings and for loans; strong incentive to maximize fees; intentionally designing policies and systems so that customers incur those fees.I'd banked at a credit union for over a decade when, for convenience's sake, I opened an account at the BofA's branch right near my house. I was so incredibly disgusted by the predatory policies and fees that I closed the account within about 3 months. Since when is a credit card "overdraft protection"? It was awful.<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('73244','Angie',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('73244','Angie','Think about it for half a minute and of course credit unions are going to be the better choice for their customers. They\'re non-profits, which means that they\'re not doing everything within their power to pick your pockets. \r\n\r\nRemember that banks are for-profit institutions, which are bound by law to maximize shareholder value. How do they do that? Interest rates less favorable for the customers, for savings and for loans; strong incentive to maximize fees; intentionally designing policies and systems so that customers incur those fees. \r\n\r\nI\'d banked at a credit union for over a decade when, for convenience\'s sake, I opened an account at the BofA\'s branch right near my house. I was so incredibly disgusted by the predatory policies and fees that I closed the account within about 3 months. Since when is a credit card \"overdraft protection\"? It was awful.',''); return false;">Quote</a></div> Think about it for half a minute and of course credit unions are going to be the better choice for their customers. They’re non-profits, which means that they’re not doing everything within their power to pick your pockets.

Remember that banks are for-profit institutions, which are bound by law to maximize shareholder value. How do they do that? Interest rates less favorable for the customers, for savings and for loans; strong incentive to maximize fees; intentionally designing policies and systems so that customers incur those fees.

I’d banked at a credit union for over a decade when, for convenience’s sake, I opened an account at the BofA’s branch right near my house. I was so incredibly disgusted by the predatory policies and fees that I closed the account within about 3 months. Since when is a credit card “overdraft protection”? It was awful.

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]]> By: softwarengineerhttp://seattlebubble.com/blog/2009/05/18/psbj-local-banks-feeling-the-regulatory-squeeze/#comment-73234 softwarengineer Mon, 18 May 2009 21:54:47 +0000 http://seattlebubble.com/blog/?p=5581#comment-73234 HERE'S APRETTY GOOD ARTICLE ON WHY CREDIT UNIONS ARE BETTER THAN BANKSI agree with most of it, except the interest paid part. I've found the anomalous banks offer higher MM/CD rates than credit unions, but no free lunch here, when it comes to risk.http://blogs.moneycentral.msn.com/smartspending/archive/2009/01/06/10-reasons-why-credit-unions-rule.aspx?CommentPosted=true&PageIndex=3<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('73234','softwarengineer',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('73234','softwarengineer','HERE\'S APRETTY GOOD ARTICLE ON WHY CREDIT UNIONS ARE BETTER THAN BANKS\r\n\r\nI agree with most of it, except the interest paid part. I\'ve found the anomalous banks offer higher MM\/CD rates than credit unions, but no free lunch here, when it comes to risk.\r\n\r\nhttp:\/\/blogs.moneycentral.msn.com\/smartspending\/archive\/2009\/01\/06\/10-reasons-why-credit-unions-rule.aspx?CommentPosted=true&PageIndex=3',''); return false;">Quote</a></div> HERE’S APRETTY GOOD ARTICLE ON WHY CREDIT UNIONS ARE BETTER THAN BANKS

I agree with most of it, except the interest paid part. I’ve found the anomalous banks offer higher MM/CD rates than credit unions, but no free lunch here, when it comes to risk.

http://blogs.moneycentral.msn.com/smartspending/archive/2009/01/06/10-reasons-why-credit-unions-rule.aspx?CommentPosted=true&PageIndex=3

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