Before I became a stay-at-home mom, I had spent my career in the financial world. I spent almost a decade in that field and had worked for many large, well-known banks to small credit unions and everything in between.
I worked for a very large upscale banking institution in CA where I funded cars from the MANU to the dealer and touched millions of dollars a day. At least, I sure as heck hope I have! Why am I telling you all this? Is it to sit all high and mighty? In almost a decade of working in the financial setting, here are the most important things you should know.
Choose credit unions instead. Some of the biggest most well-known banks in America are nothing more than frauds. Banks have stock-holders and as such, they have one mission in life. You do all the work; they get all the pay. Some more friendlier banks offer incentives to employees in the form of bonuses, most, and it kills me to say this, incentive with jobs.
Why should they; they can hire someone else to fill that spot in a matter of days. At a credit union, its employee based, much like Winco. YOU get a share of the profits. They call that dividends. You get interest on checking, savings, the whole sha-bang.
When they profit, so do you! Credit unions generally care about the people. Because the people are technically part owner and NCUA protects credit unions better than banks in my opinion.
If banks do that, while the amount of coverage is the same, there seems to be more red tape to cross. Oh they LOVE overdraft fees! They literally make their rules around encouraging it. I remember one time at U.
Red flag 1, it gave him cash automatically even though that would overdraft him! He was frantically telling me to just deposit the money back into his account. He kept saying, just put it back, just put it back. Am I going to get charged for this? No manager would comment conveniently. I checked his account the next day. Let me tell you something.
I was outraged, but of course, there was nothing I could do. I asked my manager if we could waive those fees. In fact, we like it when they overdraft.
Never bank at U. Ok, I know this is going to hurt a lot if you think that your banker is the best banker and they know you by name and they love you, adore you, and would never steer you wrong. Remember in 1 where you HAVE to sell in order to keep your job. But, they know best and you trust them so you do it. They treat MANY people like that, trust me! That is how banks and credit unions alike, sell. I remember working for a particular credit union and they had this specialist come in and we had training and everything, how to sell to a customer without them knowing their being sold.
Psychology was the forerunner in all that. I was good at it. I knew the ins and outs of the rulebook of the companies I worked for, and therefore, knew how to go around the rules to get the customer the best deal that was right for them. But there is an amazing amount of security in all banks and credit unions, and we are taught exactly what to do to prevent it and what to do in each situation. There are secret things tellers do at the time they are being robbed to alert police instantly.
The training is horribly boring and horribly extensive and there are tests you need to pass to even get on the floor. I would say that anyone who robs a bank is just looking for an easy way to go to jail.
The ONLY time we checked bills is if something looked odd to us and the longer you work in banking, the more you know a bill like the back of your hand.
You can smell what denomination it is. Ok, not really, haha. At a yard sale, on Craigslist, to a private party you just met, etc. Once they have that number, they can do bad, bad things with it. Now, I would think this is common sense, but that sensibility skipped a lot of people in my banking days.
Banks do not cover you in such cases. It is basically a phone call, email, or text that says your bank account is overdraft or this is an urgent message, you need to login right away. You follow their link, they track your information, they get the login info, and your…well…in a boat without a paddle. A sitting duck, if you will. This will ensure no tracking of your personal information.
If you start to see a charge that is not yours, report it immediately. You have a 90 day window to report it. If you report it within that specified amount of time, the bank has 48 hours, by law, in which to put ALL the money into your account. They will say, we will research it. Some try to get out of it, but they must, because it is governmentally audited! You ARE protected in such cases.
Secondly, most of the time, those transactions are posted by ONE person….. When it does, what proof do you have?????? Checks you can prove, sure.
IF being the operative word. Never put cash in the ATM or night-drop. The funds are pulled out right then and there. It is against the law and highly punishable. These rules apply to most banks and credit unions. They may differ from your local bank, depending on government changes, and individual banking rules. This guide is generally speaking and taken from my experience working as a senior manager in several different institutions in my banking career of 7 years.
I now use a credit union and I feel much more secure. Credit Unions are the best. They truly care about their customers because technically the customers own shares into the credit union as well. They spread the wealth. This translates to better loan rates, higher savings interest, etc.
Thank you Liz for letting me know. Glad you like the article. I also wanted to add two things: We worked with a wonderful woman at our bank who helped us tremendously but she gave up her position when her boss refused to give her a raise because her sales records were so poor for upgraded services.
Our bank changed hands multiple times over the intervening years. At some point our son overdrew the account. It took two days for this experienced clerk to dig through all the muck to get to the source of that mysterious charge. She was able to convince the bank to return the money to our account and our names were officially erased from it but boy oh boy did we learn a lesson.
Thank you; that is very sweet of you. Yes, I would highly agree, take your name off the account when the child turns 18!!! Or even if they are solely responsible for the bank account at a younger age as well, like they have a job and manage the account themselves.
Thank you for mentioning that! Yes, we are required to meet sales goals and yes, the bank as a corporation is constantly pushing the bottom line. It is just what I have personally seen.
Unfortunately, the rules and regulations put so much burden on the good bankers. Their hands are literally tied from helping sometimes. After a month, I quit that job. I have US bank but my dad is a co-signer so the maintenance fee is waived each month. My Mom is the one who shoulders the debt from credit cards and handles the finances.More...