Why you should join the local Credit Union

[BigV]

There are lots of reasons to join your local credit union. I'm a member of the credit union here in Seattle, and I've *NEVER* been disappointed with my decision. To be clear I have lots of banking options here, all the major banking firms have numerous branches here, there are plenty of small local banks too. The rules in Washington for credit union membership are very liberal. Time was, you had to be a member of this union, or that trade group, or affiliated with this set of employers. No more. If you're a resident of the State of Washington, you're eligible for membership in any credit union chartered in the state.

So join up!

Why?

There are lots of reasons, we'll discuss them as we go, but mostly because you won't have to deal with shit like this from banks. Like: I have to say poor Bank of America just... doesn't seem to get it. They may have a great product/service, but it doesn't suit me. Recently they tried to charge their customers $5 for using a BofA branded debit card. This backfired badly since folks strenuously objected to being charged to use their own money, and justifiably so. This new story is just more of the same.

Imagine having some cash money and taking it to the bank, say... BofA to deposit. But they *charge you a fee to deposit the cash*. Yeah, you can't make this shit up. They're charging you money to accept your money.

The "management costs" of such activities are belied by the modest fees involved. Chase needs to charge an extra 40 cents for every $1,000 deposited beyond a certain level? How could that possibly make a difference?

What's more likely is that, as with so many other bank fees, these institutions are relying on the charges being so small that most customers won't gripe. But multiplied over thousands or even millions of customers, such fees can add up to some serious money.

You know what this reminds me of? Ticks. Parasites. "Hey, this big boy won't notice this little pinprick. He'll never miss just a sip. Emphasis on prick. Fuck you. Find another place to harvest your crop/shareholder value.

Banks don't say how much they make from cash-deposit fees. However, non-interest income, which includes fees, now accounts for about a third of total bank earnings, according to consulting firm Market Rates Insight.

"They would have us believe that federal bank regulations are putting extra costs on them," said Toccoli at the California Small Business Assn. "It looks more like they're just trying to increase their income, even if it puts some customers out of business."

There are a lot of bank fees that seem beyond the pale. A fee for giving a bank money is just plain absurd.