The Wells Fargo Paddy Wagon is A-Coming Down The Street
Ester Bloom

Don’t Bank with Wells Fargo (Bank of America, Citi Bank, etc…)

Most people in the United States have the option of banking with a Credit Union. A Credit Union is owned by the members and has many of the same banking options that large banks offer: checking accounts, credit cards, savings accounts, on-line banking and access to ATM networks.

Credit Unions have lower fees and are not run by executives who are obsessed with the stock price and their resulting bonuses. Credit Unions were not prime movers in the financial crisis and were not directly bailed out by the taxpayers.

Even with great senators like Elizabeth Warren, there are no indications that there will be any real reform in the financial industry. Instead of being constantly screwed by high fees and predatory practices, vote with your feet. Bank with a Credit Union. If large numbers of people do this we might actually see some reform. Wells Fargo is notorious for its poor treatment of its clients. If they have many fewer clients they might start to appreciate those that they still have.

All this said, Credit Unions are not perfect. My Credit Union can be remarkably bureaucratic for a small bank. There are also some things that Credit Unions cannot do. For example, they apparently can’t set up trust accounts. When I needed to set up two trust accounts I went to a small local bank.

My Credit Union has also been difficult when it comes to international wire transfers. I set up an account with the Charles Schwab Bank so that I could do wire transfers at half the price that my Credit Union was charging. Charles Schwab also has consistently excellent customers service.

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