Friday night at 5:00 PM, my Community Bank was raided — by the Feds. They closed it down, fired everyone, and gave it to a giant conglomerate bank. My ATM card still works, my checks are still good, but my heart’s not in it. The value of the bank’s assets had slipped to the point at which the Feds decided it was under-capitalized. I really don’t care because I loved my bank. I frequented three branches and at all three they knew my name, they gave my dogs biscuits, they helped solve problems. My four business accounts and my personal account have all been there for many years. Their logo was turquoise and black (you know how fond of turquoise I am). I am sad. I feel so badly for all the people who lost their jobs without notice; I feel badly for the investors whose stake was simply wiped out by the takeover; I feel sorry for me because I loved my bank — and now it’s part of a mega corporation.
Tomorrow I will be moving everything to my Credit Union. Poop on the big banking conglomerate.
The same thing happened to us last yr, EXCEPT …no buyer. On a business level it was a nightmare. Our money was held several weeks, credit card deposits were in some sort of banking “black hole.” It was just awful. Then we moved our acct to another local bank and it failed too. A local entity bought them, so it was seamless. So far, so good. Yes, this stuff is a horrible mess for everyone.
What a mess. I hope your credit union will be a good new banking home for you.
I love my credit union and have had my business account there for years. I’ve never taken the dogs with me so I don’t know how they are in the dog biscuit department. Sorry. For you and for all the reasons you mentioned. 🙁
So is this your way of saying “don’t cash that check”? I saw an article about several bank failures over the weekend, and thought that particular name was familiar. I agree completely with your feelings about that particular big banking conglomerate (and all of the big banks, for that matter). We quit doing business with them about 15 years ago.
I certainly agree with your last statement. The banks are some of the worst “fat cats” in our society. We should switch to a CU, too, but without “incentive” like you got, it is toooooo much trouble.
We’ve had our business and personal banking at a CU from the start. Good luck with the transition. Hope it works out for you!