Editor’s Note: This post is in no way linked to the Occupy Wall Street movement. The only thing I support about OWS is their right to assemble and protest, but even if I did agree with them — which I don’t — I would definitely not support the rapes, the violence, and the complete disrespect of others as well as the destruction of public and private property.
Financial Blogger Conference 2011
Bank Transfer Day?
Did you know Bank Transfer Day existed? I didn’t either, but I like the sound of it and here’s why. For starters, I used to be a “customer drone” with Bank of America. Do I really have to say anything about the horrid customer service I received there? I think not.
Bank Transfer Day is an effort to get people to give their commercial big bank the boot by November 5, 2011.
I already kicked Bank of America to the curb back in 2008!
Then I moved to Suntrust. Not Bank of America but still nothing grand.
In early 2011 I switched to Perkstreet Finanical. Now I’m finally happy!
For the most part, I feel banks should have the right to charge what they want but I also have the right to choose another bank if I don’t like it. I have a HUGE problem with what banks are planning to do regarding debit card use. They want to charge you a fee to use your debit card, essentially charging you to spend your own money.
Some people blame the planned changes on the Durbin Amendment while others say it’s just big banks being greedy. I think it’s a little of both myself. Clearly the banks know that debit card usage is on the rise and you know they’re not going to charge you to use what’s probably their number one form of revenue — the almighty credit card. When a bank wants to charge you to access your own money by charging you a debit card fee that tells me what the company values most.
I wouldn’t have a problem at all if they charged credit card users (especially since I refuse to own a credit card) because I consider using a credit card dare I say it — a privilege. People do not use a credit card to access their own money, they use them to access the banks money and that seems like a reasonable privilege to charge for. Accessing your money is more of a right because 1.) it’s your money and 2.) you gave the bank the privilege to hold it for you.
Trust me, I know there are credit card users out there that will lose it over that statement. It’s okay if you disagree with me — I’m a big boy — I can handle it.
Why I Already Transferred Our Money to Perkstreet Financial
Earlier this year my wife and I decided to make the move to Perkstreet after having a bad experience with Suntrust. When we made the transfer there was only one thing that caused us to choose Perkstreet even over our local credit union. That was getting cash back “Perks” on debit card purchases. Since the move though, my list of things has grown. Here are just a few of those reasons.
1-5% cashback on debit card purchases!
You’ll never get sick of checking to see how many Perks you’ve accumulated. Forget about credit card rewards! I don’t need them, but I’ll definitely accept rewards for spending my money on monthly bills and expenses. We personally have no need for credit cards and I’m sure we never will. (Credit card people stand back! You can use them if you want to but I absolutely refuse.) 😀
The customer service is off the hook!
I honestly feel like the good folks at Perkstreet care about our future. I’m not bombarded with credit card offers or free hats either. That’s a plus in my book! Anytime I have ever needed to speak with someone they were always so pleasant and didn’t seem to feel bothered by my questions or concerns. As long as Perkstreet continues to put the customer first I’ll be a customer for life.
Their profit center isn’t based on issuing credit cards!
Even Sears makes more money on credit issued than they do on store merchandise, which is why banks are so eager to sign you up for that “special card only YOU can get”. They want you to feel special. I feel special just knowing my bank encourages people to become debt free. They even co-hosted a Shred Your Credit Card video contest in early 2011. they had me at SHRED. 🙂
They have the coolest CEO in the industry!
Recently, I published a short interview with CEO Dan O’Malley. I’m pretty sure most big bank CEO’s are way too busy sailing the ocean to ever give little ol’ me the time of day. Not Dan. He not only gave me the time but had some exciting answers. Read the interview to see what Perkstreet is working on to make your banking experience one of a kind as well as more convenient than ever.
I get to win points with the wife!
I don’t know about your wife but when I hand my wife a Target gift card with $50, $75, or $100 packed on it her eyes start to sparkle. We have received multiple gift cards this year in cash back rewards for using our debit card. I simply don’t tell my wife how much has accumulated so I can surprise her. The truth is my wife loves me regardless but trust me when I say she’ll enjoy a trip to Target any day. 🙂
Have you ever partied with your bank?
It was a first for me too. I got to meet and hang out with Kyle and Jenna at the Financial Blogger Conference in Chicago and we had a great time. Ramit Sethi hosted an after party and all I’ll say is Perkstreet might have been seen “droppin’ it like it’s hot”. Actually, you would have been surprised to see so many “financial nerds” throwing down on the dance floor. I might have been one of them. Haha! Financial bloggers boring? I think not. 😀
So before you go making that big decision to leave your bank, go check out what Perkstreet has to offer. It’s an important decision and should not be taken lightly. It takes too much time and effort to do it more than once so find out why Perkstreet is who I recommend. Tell them Enemy of Debt sent ya! 😀
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Yes I am a customer columnist for the Perkstreet Blog and I will receive a commission for introducing you to the coolest bank around if you decide to make the switch. I believe in Perkstreet and am confident that you’ll feel more like a friend at the dinner table than just an account number. I stake my reputation on this. You don’t have to take my word for it either; contact them. They would love to hear from you! Read Perkstreet FAQS.
I’ll be spending Bank Transfer Day jumping with joy because I have PNC’s Virtual Wallet account. No fees, built-in tracking and budgeting features, an app with mobile check deposit, a points program that isn’t going away…. No need to go anywhere for me. 🙂
The only thing I didn’t see you mention was customer service. Features sound good but how is the customer service? I read that PNC WILL NOT be charging debit card fees starting in 2012 so that’s definitely great! The budgeting features sound nice. Is it a full blown budget tracker?
Well I disagree a little (and not to defend banks) but you are not being charged to use your own money. You are being charge to use their infrastructure and the convienece of not having to carry cash. In the old days you would have to go to the bank when you needed money for something. Now you don’t but that system costs the bank and they have to pay for it some way. I heard somewhere a number like $15k to maintain an ATM machine per month.
I do agree with the part that if someone offers ya better deal you go with it 🙂 that’s completion and capitalism at work
Good point Jeff. Maybe even my generation is spoiled a little by free checking and pretty much unlimited access. I guess with this I just feel the banks are trying to discourage debit card use in an attempt to promote higher credit card sales. Perhaps I’m a little paranoid about motives here but I know big banks spend millions of dollars to target credit card users already. Question: Have banks ever charged people to write checks because of the processing costs? Just curious.
I’m sure those ATM operational costs are insane but how many credit card customers would it take to make that back? Truth is I hardly ever use the ATM but I definitely see your point about overhead. It just seems to me that technology AND more competition is what drove the prices down in the first place. I know a long time ago it wasn’t uncommon to have monthly fees. I love having competition to drive down prices. 😀
I think the Government causes more problems than anything, but like you said, the big banks aren’t innocent.
“Question: Have banks ever charged people to write checks because of the processing costs? Just curious.”
My very first checking account (opened it in 1985) had no monthly fee, but a .50 per check fee. I didn’t write many checks, so that was the better way for me. When I was a young adult, there were no banks offering free checking accounts.
Oh okay, thanks Petunia100!! I don’t remember ever having a checking account with check fees (but it may just be because I have never been a big check writer) but I do know that the free checking came to be in the last 10 or so years. My first checking account ever cost me almost $10 a month. My business account now charges me almost the same unless I have a $5,000 balance.
Thanks! 😀
Good afternoon everyone.
I have transfer from Bank of america a long time ago. At that time you have to put your deposits by 4:00 P.M. or if not it doesn’t count that day and you end up with bounsing checks.; Also the Manager close the windows a 3:30 every day exceptfor 2 of themcausing the line to grow so large that it goes out side the bank…
Well now I am with Union Bank ,here in California ,and I am very happy with this bank.
Awesome Cynthia! I had such a bad experience with them too so I understand your frustration. Thank God for competition and having the right to express our unhappiness by moving our business elsewhere. 😀
I bank at Wells Fargo, I moved to them last year. Because I opened a brokerage account, I get their all-the-bells-and-whistles account for free. Because I have the checking account, I get 100 free trades per year in my brokerage account. How do you like that circular logic? I love it, so I am staying put.
I am also a credit union member. I keep a small savings account only. I get great discounts on theme park tickets, and if I ever need a car loan again, I will go there first as they usually have great car loan rates. But it would cost me to bank with them, so I don’t.