Home Blogging The Banking Technology Revolution Has Made me a Great Customer

The Banking Technology Revolution Has Made me a Great Customer

by My Journey to Millions

I think it is because I completely romanticize the idea of a credit union.  I imagine walking into the bank and being known by the employees. I imagine asking for a car loan or mortgage and practically have the best rate in the country shoved in my face.  I imagine savings/CDs rates that are double or triple what I am getting from my “too big to fail banks.”  Then I remember,

  • I don’t go into a branch often enough to be remembered by anyone
  • Just because I join a credit union doesn’t mean they have the best loan rates as compared to other credit unions
  • Credit unions still have to deal with profits and losses and are unlikely to triple my online too big to fail bank (ING)

Notwithstanding those valid points, they aren’t at all the reason I haven’t left my Chase/ING set up for a Credit Union (or a different bank for that matter)…what is then, Evan?

Why I Won’t Leave My Bank

Despite hating my cable company, I won’t leave them either for the same exact reason…Convenience and Inertia.

Every single month I have pulled my account

Connected to the accounts, but not being pulled automatically:

If you are curious about my mortgage, I walk it into my too big to fail mortgagee because I like to control when it will be deposited since those 5 to 8 automatic transfers usually wipe out my checking accounts.

Do you know what kind of work I would have to go through to change all those accounts? No? Well I don’t either, but I know it is enough to scare me into submission. But when did this happen?

Banking’s Tech Revolution

I have never balanced a checkbook, ever.  Why? Because when you can sign on line and check your balance 22 times a day with the knowledge of the 2 checks that might out a month there is no need.

I barely write checks.  Why? Because I can transfer money online, instantaneously and for free.

97% of the time I don’t see anyone when I do have to go to the bank. Why? Because Chase’s ATMs allow me to deposit and withdraw money without ever having to see someone.

But at what cost do these technological advances come at? I think that most customers are “sticky” in that they are less likely to leave unless really provoked like a ridiculously high (new) service fee.

Do you want to change banks but are fearful of the amount of work that will go into it?

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Andy Hough 07/18/2011 - 11:04 am

I kept my Bank of America account open for many years just because I didn’t want to change all my bill pays and direct deposits. I finally changed this May and the conversion process wasn’t too bad. I only had one automatic payment to cancel. I usually avoid those since I had a bad experience with an insurance company taking out my premium twice and causing several checks to bounce.

Evan 07/20/2011 - 3:00 pm

What did you change over to? A credit union or just a non-B&M bank?

Andy Hough 07/20/2011 - 3:39 pm

I changed over to a local bank. I do have online bank accounts as well as other B&M banks but I don’t use any of them as my primary bank account.

Denise 07/18/2011 - 1:15 pm

I belong to both Chase and Huntington and I love them both. Credit Unions just don’t appeal to me. I get great customer service from my banks – especially Huntington. And there is something nice about being connected to a nationwide network.

Evan 07/20/2011 - 3:17 pm

I have never heard of Huntington Bank…is it large?

Niki 07/18/2011 - 4:37 pm

I have only banked at a credit union and I have not stepped foot in one for almost three years.

I don’t have anything against banks, I just have always had an account with Navy Federal CU and they have great rates and wonderful telephone customer service.

retirebyforty 07/18/2011 - 3:41 pm

I bank at a credit union and I don’t know anyone there. I haven’t gone into the branch for 4 months. It would be a huge deal to change bank though. I have so many things set up on automation.

Evan 07/20/2011 - 3:43 pm

Why did you start with the Credit Union then?

SB(One Cent At A Time) 07/18/2011 - 7:41 pm

good subject and wonderful way to put your points. Tech savvy people like us don’t want to leave the convenience of online banking, if some one not offering online access, I won’t go to it.

Robert 07/18/2011 - 9:48 pm

Convenience is huge. I’m glad I found a bank that lets me do everything from home as well!

101 Centavos 07/19/2011 - 6:33 am

Inertia sure is a killer. We talked for some time about closing with BofA, and finally made the plunge when they hiked their fees on safety deposit boxes.

Marie 07/21/2011 - 1:50 pm

Safety Deposit Boxes…..hmmm….wonder how the folks that ONLY do online banking handle the need for these.

Sunil 07/19/2011 - 10:47 am

good post. online banking has made me complacent to an extent. i haven’t walked into a bank for “banking” reasons in several years. the last time i stopped by was because my wife wanted me to take out some of her jewelry from the locker. maybe i’ll build a vault in my house so i can cut those visits out too!

Jenna 07/19/2011 - 12:35 pm

I don’t have any desire to change banks right now and probably won’t until something bad happens or something out of the ordinary happens. I don’t like messing with things that work.

Julie 07/19/2011 - 6:31 pm

Same here. We have multiple business and personal accounts at a too big to fail bank. I really haven’t been motivated to change them.

We have done borrowing at our local credit union and have online savings accounts and a second online checking account with cash back for debit card purchases.

I just keep collecting more accounts instead of moving the ones we already have. 🙂

youngandthrifty 07/20/2011 - 1:06 am

A lot of people I know bank and have their mortgages with credit unions.

I don’t really care about good customer service as long as I can get my money when I want it (usually online with transfers, just like you) and I get good rates.

I guess it always pays to shop around.

I DID get a debit card with a local credit union that had the great feature of not having ATM fees when you bank globally. And then the debit card portion of the credit union went out of business. haha..
lesson learned.

Maggie 07/20/2011 - 8:55 pm

We have belonged to a credit union for years & they did indeed know us if we walked in. Then they got bought out by someone & now we have to transfer all accounts to the new entity. No wonder people have inertia about changing banks/credit unions! It’s taking several hours to change all the accounts and connections from automatic deposits. And, no, the old credit union did not have the best rates on anything. We stayed with them because they had free checking & were local. We don’t use checks much anymore either. It makes a person consider the whole situation!


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