Diversionary topic - bank suggestions

What is your goal?

Congratulations lecker, you are now being chased by columbiacounty.

Columbiacounty can't accept opinions that diverge from his acceptable view.

to be clear - my goal is finding a community bank recommendation. Perhaps it may be too tall of an order to find a banking institution in Manhattan that isn't a TBTF bank, but I am going to dare to dream.

If you need some background on foreclosure improprieties by our nations largest institutions, I am going to refer you to http://www.nakedcapitalism.com/ as they do a much better job of chronicling abuses than I ever could. Search on "foreclosure" on that site to find stories about how the big banks take the law into their own hands - then ask yourself, do I really want to be a customer of theirs?

Lecker, my experience with local community banks (which I had always preferred) has been pretty bad in New York. I tried to find a decent one when I first moved here in 2002, gave up after encountering varying combinations of poor service, incompetence and high fees, and wound up at Chase. You might try Emigrant; I hear they are good, although my personal experience with them has been suffering through the longest maze of "automated" telephone response systems *ever.* It was easier to get through to a live person at my health insurance company, which is really saying something.

Lecker, I think you need to "un-bank" yourself.

I was once a customer of both Citibank (Citigold customer) and Chase, and I have since pulled all of my money out of banks altogether and into credit unions.

I've never looked back.

The degree of customer service you get at a credit union is unparalleled in the commercial banking industry. The service at my credit unions far outpaces even the "personal" touch I was given as a Citigold customer -- which is the highest level of banking at Citi before you move into their Private Bank (and that requires a minimum deposit, I believe, of $4 million).

My VISA card's customer service number is not one of those dreaded "800" or "866" numbers that are routed to India -- it's a "212" number that's routed directly to one of the four people who work in the credit department. You can visit them in person anytime you like. They even know you by name. It's like banking out of the 1950s.

My VISA card also has none of those "gotcha!" fees that banks have been using to line their bottom lines; no variable interest rate (mine is a solid 8.1% that NEVER changes), no over-the-limit fees (they will actually decline the purchase if you've hit your limit), or any of the other credit card bullshit that the big banks do to you.

As for your accounts -- same deal. No $2500 minimum combined deposit before avoiding a monthly charge ... no per-check-fees ... no ATM fees. Both of my credit unions require a minimum balance of -- get this -- 25 CENTS!

If you're community-minded, banking at a credit union is a no-brainer. As a depositor (in a credit union you're not really a depositor but rather a shareholder) you are actually a part owner of the credit union. The credit union is run by a board of its own members. Much like a co-op building, there is no incentive to jack up rates for find "profit centers" because it's co-operatively owned institution run for the members BY the members.

As a journalist I've covered the world of finance for many years and I can honestly say that unless you are a seven-figure depositor, a credit union is definitely for you.

Be aware, though, that most credit unions have membership criteria. Often you must be a member of a labor union or employee of a signatory employer. But there are many community credit unions in New York that are based on the neighborhood where you live or worship.

Here's a good place to start looking: http://creditunionaccess.com/NY-New-York-credit-unions.htm

Be aware that credit unions like Actors Federal Credit Union are open to anyone even tangentially related to the entertainment industry, so don't be afraid to check them out.

If for some reason you can't find a credit union to your liking, the one BANK I would then recommend would be Amalgamated. It's a bank run collectively by labor unions that focuses on the well-being of the working person.

Amalgamated is a good choice

Socialist!

Who the fk pays 8.1%? In this environment, there are plenty of Places to borrow at 5% tax shielded for 30 yrs. Flmao. Good on you nycmatt paying 8.1% hahahjajjajaaaaaaaaaaaa. I'm gonna Peeeed

While I was typing I finished peeing

"Who the fk pays 8.1%? In this environment, there are plenty of Places to borrow at 5% tax shielded for 30 yrs. Flmao. Good on you nycmatt paying 8.1% hahahjajjajaaaaaaaaaaaa. I'm gonna Peeeed"

Um ... that's the interest rate on my VISA card.

Problems with reading comprehension much?

Yo comprendo. Only a financial ninny draws on a credit card. Anyone who can't budget ahead and draw down on a mortgage at 4% to never draw on a 8.1% credit card has no business being an adult.

Really, it's Advent, was going to make a South Park/Smell of Your Own Farts reference but i'll pass and say yes if you have the means/access to a credit union worth looking into.

"Actors Federal Credit Union" - also they have 0.99 ATM fees on all their ATMs in McDonalds, which can be convenient and save a couple of bucks here & there. WaMu was the best, but those days are long gone. :(

I think most credit unions, including that of Matthew's Film Actors Guild, participate in an ATM network (including the MacDonald's ATMs) that allow fee-free withdrawal.

Fking funny nycmatt. Hahhahaaaaaaaa

Doing business with a small to medium size bank sounds great to me. Unlike the large banks that make most of their money through principal trading activities, the smaller firms actually lend money to small and medium sized businesses.

ETRADE. Refund of all ATM fees.

too bad etrade's interest rates on their savings/money market accounts are no longer competitive

Unfortunately those that pay the highest rate most need the money which usually means they have the most problems. If everyone pulled their money out of the bad banks and insisted on keeping it with the well run banks wed all be better off. First step in solving our nations financial/economic problems is dealing with bad banks. Gov't propping them up isn't going to work.

"If you have bad banks then you very urgently want to clean up your banks because bad banks go only one way: they get worse. In the end every bank is a fiscal problem. When you have bad banks, it is in a political environment where it is totally understood that the government is going to bail them out in the end. And that's why they are so bad, and that's why they get worse. So cleaning up the banks is an essential counterpart of any attempt to have a well functioning economy. It is a counterpart of any attempt to have a dull, uninteresting macroeconomy. And there is no excuse to do it slowly because it is very expensive to postpone the cleanup. There is no technical issue in doing the cleanup. It's mostly to decide to start to grow up and stop the mess."

John Hussman

actually I believe that was hussman quoting someone else. but integrity is hardly rs's long suit.

Like Pavlov's dog..

yes, you are.

why didn't you link it, rs? because it refers to an inflation rate going of 2.2% and that doesn't meet your particular inflation predictions?

riversider.

aboutready
35 minutes ago
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actually I believe that was hussman quoting someone else. but integrity is hardly rs's long suit.

Are you seriously questioning someone else's integrity? You?

"I think most credit unions, including that of Matthew's Film Actors Guild, participate in an ATM network (including the MacDonald's ATMs) that allow fee-free withdrawal."

Yes, this is true.

That IS the one downside to being in a credit union ... you no longer have the luxury of three ATMs in every block in Manhattan. Your free ATMs are scattered. But it's just a matter of finding the one that's most convenient to you and pulling out a wad of cash to get you through the week so you only have to make one visit per week.

Also, most credit unions participate in what's called the Credit Union Service Centers network, which is actually really cool. Since most credit unions have only one or two branches, getting to your credit union's branch to do your banking might not be very convenient. But what you can do is visit a more conveniently-located credit union and execute your transactions there ... for FREE. You can do this anywhere in the nation, BTW.

There are even iPhone apps to help you locate the nearest Credit Union Service Center and the nearest participating credit union ATM.

If you get more services and higher income on savings, it might be to your advantage to pay the atm fee. And if money is managed properly the ATM need not be done more than 2-4 times a month.

By the way, Alan, it's Actors Federal Credit Union.

Nice try, though.

AFCU? That doesn't even make any sense.

Why doesn't it?

From the ActorsFCU website:

Members and employees of the following organizations and their immediate family members are eligible to join ActorsFCU. (Immediate family members includes, but is not limited to spouse/significant other, children, grandchildren, siblings, parents, and grandparents.)
And, if you’d like to have your headshot on our website, contact Member Services. (headshots used only with written permission):

Actors’ Equity Association
The Actors Fund
AFTRA (American Federation of Television and Radio Artists)
AGMA (American Guild of Musical Artists)
Alliance for Inclusion in the Arts
Allied Live
Artichoke Dance Company
Association of Theatrical Press Agents and Managers
B1 Model Management
Blue Man Group
Broadway Cares / Equity Fight AIDS
Camara Dance Unlimited
Career Transition for Dancers
Circle Repertory Theater
City Center of Music & Drama
Dancers Over 40, Inc.
DanceUSA
Dramatist Guild
The Episcopal Actors Guild of America, Inc.
FAB Communications, Inc.
Folksbiene Yiddish Theatre
GenerationTV
GMHC (Gay Men’s Health Crisis)
Gold Coast Entertainment
Grossbard and Associates
Guild of Italian American Actors
Hispanic Organization of Latin Actors
John D. Kolenda and Associates
The Lambs, Inc.
The League of American Theaters and Producers
The Lesbian, Gay, Bisexual & Transgender Community Center
Lewis Foods, Inc.
Lincoln Center Theater/Vivian Beaumont Theater
Local 1 I.A.T.S.E. Stagehands Union
Local 4 Theatrical Stage Employees
Local 51 The Models Guild
Local 52 Studio Mechanics
Local 161 Script Supervisors
Local 306 I.A.T.S.E. (formerly Local B-183)
Local 600 Camera Persons (formerly Local 644)
Local 700 Motion Picture Editors Guild
Local 702 Lab Workers
Local 751 Ticket Sellers and Treasurers
Local 764 Theatrical Wardrobe Union
Local 798 Makeup and Hair
Local 802 American Federation of Musicians
Local 829 United Scenic Artists
Local 841 Cartoonists
Local B-751 Telephone and Ticket Sellers
Local H-63 Film Workers and Projectionists
Manhattan Theater Club
Marilyn Zitner Management
Michael Howard Studios
The Mortgage Department
MSM ATM Consulting, Inc.
NAPAMA (National Association of Performing Arts Managers and Agents)
New York Neo-Futurists
New York Philharmonic
New York Shakespeare Festival – Public Theater
New York Women in Film & Television
Night Kitchen Radio Theatre
Nvision Arts
On Location Education
Playwrights Horizons
People in the Arts, Inc. (PITA)
Radian Records
Radio City Entertainment
RiteCheck, Inc.
Roundabout Theater Company
St. Malachy’s Parish-NYC
Schiowitz Connor Ankrum Wolf, Inc.
Screen Actors Guild
Second Stage Theater Company
Signature Theatre Company
Sisters in Crime
Songwriters Guild of America
SSD&C Society of Stage Directors and Choreographers
Symphony Space
Tekserve Corporation
The Ridiculous Theater Company
Theater Communications Group
Theater Development Fund
Theatre Row
Third Millennium Solutions, Inc.
Times Square Alliance
Twelfth NIght Club, Inc.
University/Resident Theatre Association
Writers Guild East
Zelo Technologies

I didn't see among the list, can extra hairy men who have admitted nudity around children join? If they are not employed in the past decade (not counting their time as a landlord when they were involved in lawsuits with their tenants).

You joined through your affiliation with People in the Arts, Inc. (PITA), then, and not the Film Actors Guild?

not the Yiddish theater?

How's your daughter doing columbiacounty? When's she getting out?

I joined through my affiliation with AFTRA and the WGA.

do you get a discount or extra points for a double affiliation?

do you get a discount or extra points for a double affiliation?

I'm actually affiliated with close to a dozen of the above organizations.

wow?

wow?

AFTRA -- close shave!

Not ATRA?

Etrade and Credit Unions seem to be at different points on the spectrum of non TBTF banking. I may need to make the break from TBTF in baby steps and try amalgamated first.

Regardless, thanks to everyone who made suggestions, but especially to Matt who clearly put a fair bit of effort in his reponse.

I had a paren in that last response that got truncated - not sure why. I'll repeat it here:

Plus it is refreshing to see that although Matt and I lock horns on other issues, we can find some common ground on this issue.

alanhart, you are terrible! Funny, but terrible.