I am 22 and in need of a car loan but wells has ruined WachoviaRickN said:Timely topic for my situation.
This week, I closed my 2 Georgia Federal-First Union-Wachovia-Wells Fargo accounts that I opened back in 1985. I was a Crown account: keep $4000 combined in the accounts and I get a laundry list of services fee-free in exchange. Over the past 6 months, one fee after another has been reinstated. The final straw was the $7 download-transaction-into-quicken fee that started in September. The $4000 minimum still applied, though, in order to avoid a $20/month maintenance fee.
I opened 2 Georgia's Own account the next day and I spent 2 months getting all the direct deposit, etc moved over from Wells Fargo.
I walked into Wells Fargo last Tuesday and closed the accounts. I don't know how many 25-year old accounts walk out the door but the account manager at the bank commented "Wow, we must have done something to upset you." Yes you did.
My 21-year old son is now looking at buying a car. He may move his account to Georgia's Own just for the car loan rates.
I'm with LGE too and love it. I do the high-rate checking too.BattleSausage said:Ditto here guys. We went with Lockheed here and am currently in the process of getting all the stuff swapped over. I must say that Lockheed's rates were much better than Wachovia/Wells. One main draw was the high rate checking which is a 3.5% interest rate with no minimum amount. We normally put a pretty good amount in there and that rate is good to $25,000 so we are taking advantage of that. Plus we moved our savings over and got a better rate on that also. I have a friend that is pulling his money out of his CD's since they dropped the rates on him and splitting them into a couple of high rate accounts for the interest. Credit unions are definitely where it's at, and it's funny that so many old timers were right. Big banking is for the birds, before long we'll be back to pawn shops as the main creditor and the bartering system if things keep up.