As a banker about....banking?

Commoncentsmike

Commoncentsmike

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Hey guys, in the vein of helping to grow my channel and also help out as many people as I can, ask any banking question you have. Whether its about loans, credit, where to bank, ANYTHING like that- I'm here to help. While it may not be possible, my goal was to help the youtube community save $100,000 in 2016. Here's to trying!
 
Commoncentsmike said:
When you say whats the deal with Wells Fargo, what are you trying to say? Like why is it such a big deal, or why would they do that?
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I guess, how does it affect me as a regular human who banks there? They never opened any accounts I didn't authorize in my name, so I dodged that bullet, but should I still switch based on the fact that its a really crappy thing to do?
 
Alright, I'm going to do my best to avoid being "preachy", because I don't want to come across that way. I don't think there's anything wrong with you staying at Wells Fargo. If they've treated YOU right, then who says you should leave? But at the end of the day, I feel we vote with our dollar. This is not the first time a major bank, let alone Wells Fargo, is in trouble and nor is it the last time. So if everyone stays at Wells Fargo, what does that tell them? It says that we will tolerate that behavior and no changes will be made.

Now I'm also biased towards credit unions because I work at one, but I'm also more morally aligned to credit union values. Credit Unions have an obligation towards their MEMBERS and COMMUNITY. A bank has its obligations to STOCKHOLDERS. Wells Fargo cares about their stock value going up more than offering the best rates and the best service for it's customers. That's why I can talk to people all day and help them move their loans and credit cards away from "Big Banks" and get them at a credit union. Because I can help someone save thousands of dollars by looking out for THEM, not some stock value.

/end rant. Sorry for the wall of text. I don't blame you for not reading all of that. Haha[DOUBLEPOST=1473720701,1473720680][/DOUBLEPOST]
jjwickings said:
I guess, how does it affect me as a regular human who banks there? They never opened any accounts I didn't authorize in my name, so I dodged that bullet, but should I still switch based on the fact that its a really crappy thing to do?
Click to expand...

Woops, forgot to quote it!
 
Commoncentsmike said:
Alright, I'm going to do my best to avoid being "preachy", because I don't want to come across that way. I don't think there's anything wrong with you staying at Wells Fargo. If they've treated YOU right, then who says you should leave? But at the end of the day, I feel we vote with our dollar. This is not the first time a major bank, let alone Wells Fargo, is in trouble and nor is it the last time. So if everyone stays at Wells Fargo, what does that tell them? It says that we will tolerate that behavior and no changes will be made.

Now I'm also biased towards credit unions because I work at one, but I'm also more morally aligned to credit union values. Credit Unions have an obligation towards their MEMBERS and COMMUNITY. A bank has its obligations to STOCKHOLDERS. Wells Fargo cares about their stock value going up more than offering the best rates and the best service for it's customers. That's why I can talk to people all day and help them move their loans and credit cards away from "Big Banks" and get them at a credit union. Because I can help someone save thousands of dollars by looking out for THEM, not some stock value.

/end rant. Sorry for the wall of text. I don't blame you for not reading all of that. Haha[DOUBLEPOST=1473720701,1473720680][/DOUBLEPOST]

Woops, forgot to quote it!
Click to expand...
UGH YES totally agree on the voting with a dollar thing (don't even get me started there!!!) but yeah, thanks for your thoughts!!
 
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