Know your bank.

One of the first rules in banking is "Know your customer". The banks are able to do this in many ways: our account balances, reams of questions and copies of forms on loan applications, credit reports that tell who, what, when, and how we have done business in the past. Banks know our social security number, our mother's maiden name, what schools we attended and the name of our first pet.

But what do we know about them? Only the faces we see at the local branch or the voice on the other end of the phone. Oh, I forgot the voice at the other end of the phone is now a machine.

They take our money because we entrust them with it. But why? What is this trust based upon? Past business? Great advertising? An FDIC sticker in the window? Our parents or neighbors have banked there for years?

These are the questions I would like to know: How many homes did you foreclose on in 2008? Where did all the government bailout money go? How much of your money comes from foreign banks? How many are homeless because you would not work with them? What kind of service have you given other customers? What does the fine print say and how could that affect me? Why are you only paying 1.5% interest when you are charging so much more? Why would you charge me $200 in overdraft fees for checks that total $50 and not let me know that my account was overdrawn until a week later? I know I gave you my phone number.

These and other issues are why this site was developed. We need the answers to these questions before we decide where to put our hard earned money for safekeeping or it will not be safe at all.

I'd like you to meet Chase Bank

I never opened an account with Chase. Not a savings, checking, credit card or mortgage. But somehow they ended up with many of my accounts when they swooped in and took over WAMU in what many news articles call a hostile take over.

My once amicable banking relationship with WAMU turned into a nightmare when I forgot to make one $15 payment on a line of credit and the first notice I received about it was a letter stating that my mortgage was in default and and that if I took no action I could lose my home.

This story spans over an eight month period so I will write it in pieces. If you have a story to tell I would be happy to include it in this blog. Please send me an email at inthetrenches@live.com . Or, vote for the good, bad, and ugly bank.

Uh....I don't think so.

Here is an ad I received from Chase today. With all the huge interest rates they have been taking they want to offer me 1.5% for a $25,000 deposit.


Dear CAROL SCHULTZ-WEIL: It's not too late to take advantage of this exclusive savings offer. Stop by today and when you deposit $25,000 or more in new money into a new or existing Chase Plus SavingsSM account linked to a Chase Premier CheckingSM account, you’ll earn a guaranteed interest rate of 1.50% for 90 days.A great rate, plus security and convenience!With Chase, you’ll enjoy the security of FDIC insurance* at a strong, stable bank. Plus, you’ll have fast and free access to your cash 24/7, at over 15,000 Chase ATMs nationwide.
Earn 2X our current rate on a Chase Plus SavingsSM account
1.50%90-day guaranteed interest rate for allbalances between $25,000 - $1,000,000

0.94%Annual Percentage Yield forbalances between $50,000 - $99,999
Stop by today for this limited-time offer! To receive this guaranteed 1.50% interest rate for 90 days, just print this page and bring it to your local Chase branch with your deposit of $25,000 or more in new money by October 30, 2009. Call 1-800-CHASE24 (1-800-242-7324) for more information.
Sincerely,Jennifer MyhreSenior Vice President
PS: We didn’t forget our Business owners. Talk to a Banker about a similar offer just for you.

The Chipmunk and the Bear

Once upon a time there was a busy little chipmunk who spent all his days gathering nuts and hiding them in little clutches so he would always have plenty to eat when the winter came. He scampered and scurried in his daily search and then would run to hide his treasure. There was only one problem with his plan.....

In the same neighborhood forest was a huge black bear who lumbered along always looking for the chipmunks treasures and when he found them he would smash them up, stomp them down and rob all the nuts the chipmunk had collected. His appetite was unsatisfiable and his mission in life was to scout out, follow, and find out some way to steal the nuts from all the chipmunks in the area. And, there was nothing the chipmunks could do. They were too little and the bear was too big.

But wait, what is that in the distance? A bear hunter with all his dogs coming closer and closer.......

ANOTHER UGLY STORY ABOUT CHASE

This time it's about raising a couple's payment from $370 to $911 for no reason. Payments had been made on time they were faithfully paying down their balance but Chase wanted more money.

http://www.cnn.com/2009/POLITICS/10/09/credit.card.outrage/index.html

Why do I keep writing? I hope everyone will move their money out of Chase! They have totally forgotten that we are customers and it is our money they are messing with! I'm just a small voice but more and more people are coming to the same conclusions. Please pass the word on. We can advertise just like they can.

The CHASE take over of WAMU

Chase is not only taking advantage of their customers through their lock in and bully tactics but got into the community with their hostile takeover over of WAMU. Here's a great article that explains how it happened. http://www.komonews.com/younews/60792647.html
But for all that I can say about Chase they sure do have cute commercials!

Banks are changing, but are we?

The new credit card laws are going into effect today. They have been long needed. But, have we learned anything or would we just run out and do it all again given the opportunity?

It's hard to change our basic nature and habits. I probably should not admit it but we are still paying on a truck that has not run for three years. It started with an argument of whether to pass on the deal and wait to save the money and ended up being a credit card purchase because the price was low. That got wrapped into a balance transfer, that got wrapped into a home equity, that got wrapped into a 30 year fixed. All with the lure of lower rates.

Yes, it sounds crazy because it is. I dare say I'm by far not alone and would bet there are some cappacinnos out there that are now on a 30 year payment plan.

The banks will continue to take advantage of us as long as we allow it. Something to think about everytime we pull out the credit card or don't pay our balance off in full at the end of the month.