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(Yahoo)   The latest thing that Gen Z is killing? Big banks. But the smartest people are using credit unions instead   (finance.yahoo.com) divider line
    More: Obvious, Bank, Financial services, Credit union, Gen Z, Mark Riddle, younger Americans, financial institution, younger customers  
•       •       •

1058 clicks; posted to Business » on 26 Nov 2022 at 8:45 AM (9 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



65 Comments     (+0 »)
View Voting Results: Smartest and Funniest


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2022-11-26 5:57:53 AM  
I can't believe it! Big banks have always been our friends.
 
2022-11-26 6:07:22 AM  
Well GenZ has no money so either way big banks are screwed.
 
2022-11-26 6:17:16 AM  
Been through this a couple of times. I left Nation's Bank (now Bank of America) for a smaller localish bank. That bank got bought out by a big bank that later got merged into Wachovia (who later got bought by Wells Fargo).

Moved to another local bank. I dumped our banking accounts for a credit union when a big bank (RBC's U.S. venture) purchased that local bank. Later a bigger bank (PNC) bought that bank. 

The weird thing is seeing the rebranded Bank of the Ozarks in Georgia.
 
2022-11-26 6:20:35 AM  
Maybe it has something to do with:
Fark user imageView Full Size

Monopolies and near monopolies are never good for the customer.
 
2022-11-26 6:49:35 AM  
When all the people with the money die, we'll inherit their big bank accounts?
 
2022-11-26 8:05:38 AM  
I'm not sure which has been bought more, my bank or my brokerage.
 
2022-11-26 8:56:29 AM  
My money's in a community bank. Wells Fargo, BoA and the rest of the megabanks can go pound sand.
 
2022-11-26 9:01:38 AM  
I use two local credit unions, banks can pound sand.  I love them and will never go back to one of the major banks.

/millennial edgelord
 
2022-11-26 9:03:24 AM  

NewportBarGuy: When all the people with the money die, we'll inherit their big bank accounts?


After the bank takes its 90% fark-you fee and the government takes the rest in taxes, yes.
 
2022-11-26 9:05:32 AM  
Been done before

Finisterre
Youtube 4b9sC8hWO8A
 
2022-11-26 9:08:55 AM  
I've been with my main credit union since 1972.
 
2022-11-26 9:11:50 AM  
We have dealt with credit unions exclusivly for decades.

The last contact I had with a major bank was when they informed me that the contents of my safety deposit box was in Texas after they closed the local branch office. I did manage to get everything back.
 
2022-11-26 9:15:31 AM  

johnryan51: I can't believe it! Big banks have always been our friends.


That's why I put my money in crypto banks paying 10% on savings accounts.
 
2022-11-26 9:16:12 AM  
We closed our accounts with Chase during Occupy Wall Street, joined a local credit union, and we haven't had a single reason in the decade+ that has gone by to go back.
 
2022-11-26 9:19:38 AM  
I've had two financial institutions for most of my adult life. One is for savings, mortgage, and utilities (needs). That gets my VA compensation and rental income. The other is for paying credit cards, insurance, car payment and entertainment. That gets my job income. One never gets below $3000 in checking, the other, $1000. If I absolutely need something I'll put it on the credit card and pay it off immediately.

It's worked well for me thus far.
 
2022-11-26 9:58:42 AM  
Local wallet and a pile of sh*tcoins.. keeps the gubmit and evil corporations away from my "money".
 
2022-11-26 10:02:02 AM  
My mortgage was sold to BOA years ago. We had bad storms come thru and I needed a new roof.  The insurance company cut a check for a new roof, and I got it scheduled. I go to pay the roofer and the check is written to myself, my wife and BOA. I go to the local BOA branch and explain the situation, I need to cash the check to pay the roofer. BOA, um no. You can sign the check over to us and we will credit your mortgage. Me; how does that pay for the roof? BOA "¯\_(ツ)_/¯". Also BOA, you should use this money on your mortgage, and we will give you a home improvement loan for your roof. Me yelling at this point ; the collateral on the loan is the house, if you don't cash the check, no roof, house falls down, I walk away. BOA if you open a checking account with direct deposit you can have your money. Me; CASH THE CHECK !, BOA, no one here is authorized. Me: CASH THE CHECK. Finally they relented after like 30 minutes.   I refinanced thru my Credit Union, the hold the loan and they answer questions and fix issues on the first try and even remember who I am. F - BOA
 
2022-11-26 10:06:31 AM  
I use a regional bank, and a credit union. Both have free checking and other nice touches large banks haven't had in forever.
I'm happy.
 
2022-11-26 10:11:15 AM  

potierrh: Maybe it has something to do with:
[Fark user image 850x549]
Monopolies and near monopolies are never good for the customer.


I was with Valley National Bank of Arizona when it was bought out by Bank One around 1992 or so. When we moved to Wisconsin in 2002 Bank One told us that we had to close the account in Arizona and open a new one in Wisconsin, so we said the heck with that and opened an account with a credit union.

/That credit union merged with another so we moved to a third credit union more convenient for us.
//Original credit union was sitting on a pile of cash and it paid out to members before the merger closed.
///Made good money from that. Still moved the account.
 
2022-11-26 10:25:59 AM  
I agree that big banks are generally bad options and flirt with being evil. But I continue to use them quite a bit within a very specific scope: shamelessly exploiting their account sign-up bonuses. For hundreds of dollars of cash per account, yes, I'll shift some of my paycheck to meet direct deposit minimums, or swap out our credit cards for a little while to hit a spend requirement. Between signups for me and my wife, we take at least $1k per year for the troubles.

It gave me reason to stay on top of our credit history, which probably isn't so useful to us any more, but I recommend if you may have a mortgage or car loan in your near future.

Our 'real' bank accounts have been with an online-only bank and CU for about 15 years. Local branches have their use a couple times a year, so we keep a few bucks in a local bank savings account to keep that available at no further cost.
 
zez
2022-11-26 10:26:54 AM  
"younger Gen Zers, who may not have income of their own, are less likely to care about rates and less likely to own a credit card."

Wonder why?
 
2022-11-26 10:29:57 AM  
I started with truly free checking with Wachovia. Then they farked things up and got bought out by Wells Fargo. This was fine for a while, and then WF started charging me $5 a month for the privilege of banking with them.

I dumped them as soon as it made sense, even though I was by this time "rich" enough to dodge their fees. If they treated me like shiat when I was poor, they didn't deserve my business now that I had money.

Ditched them for a credit union and never looked back. My grandmother with memories of the Depression congratulated me on that. A small, regional bank holds our first home mortgage.
 
2022-11-26 10:37:50 AM  

potierrh: Maybe it has something to do with:
[Fark user image 850x549]
Monopolies and near monopolies are never good for the customer.


That's old. Those mega mofos is putting out apps just for Gen Z
 
2022-11-26 10:49:26 AM  

tobcc: My mortgage was sold to BOA years ago. We had bad storms come thru and I needed a new roof.  The insurance company cut a check for a new roof, and I got it scheduled. I go to pay the roofer and the check is written to myself, my wife and BOA. I go to the local BOA branch and explain the situation, I need to cash the check to pay the roofer. BOA, um no. You can sign the check over to us and we will credit your mortgage. Me; how does that pay for the roof? BOA "¯\_(ツ)_/¯". Also BOA, you should use this money on your mortgage, and we will give you a home improvement loan for your roof. Me yelling at this point ; the collateral on the loan is the house, if you don't cash the check, no roof, house falls down, I walk away. BOA if you open a checking account with direct deposit you can have your money. Me; CASH THE CHECK !, BOA, no one here is authorized. Me: CASH THE CHECK. Finally they relented after like 30 minutes.   I refinanced thru my Credit Union, the hold the loan and they answer questions and fix issues on the first try and even remember who I am. F - BOA


You should have signed the check and BOA signed the check and given it to the roofer.
 
2022-11-26 10:57:27 AM  
I swear I read the exact same headline 10 years ago except "Gen Z" was replaced with "millennials."
 
2022-11-26 11:07:21 AM  
I've been using PayPal as a bank for about 8 years. They've never done overdrafts or shady shiat, and returned $1,900 to me when i got scammed by two spicy ladies at a bar
 
2022-11-26 11:14:55 AM  

enry: Well GenZ has no money so either way big banks are screwed.


Exactly. They have little to no disposable income and bank's "resource extraction" model of consumer banking just ain't gonna fly  anymore. Charge fees for everything and pay nothing in interest is simply not an appealing business model.   When I was a kid in the 70's a savings account started with $1k of seed money from a deceased uncle had grown to about $10K for my college fund by 1990.     A year ago I had a little over $20K in a savings account because I was saving up to buy a house.    I got the end-of-year statement and the bank had paid a whopping $1.50 in interest on that.
 
2022-11-26 11:16:34 AM  

potierrh: Maybe it has something to do with:
[Fark user image 850x549]
Monopolies and near monopolies are never good for the customer.


I have 3 credit cards with Chase.  I've only ever applied to Chase for one of them (a really nice rewards card program that isn't available anymore, Marriott has since realized they were paying people to have their branded credit card ($500 to join, ~$175/year in perks, 1% rewards points and advantaged interest rates), but the program is grandfathered, we'll see for how long).  The others were from banks they gobbled up.

I also have had 3 credit cards with BoA.  I have never applied to BoA for any cards.  Again, all from banks they've gobbled up.

Similar things happened with Wells Fargo.
 
2022-11-26 11:26:16 AM  

OccamsWhiskers: I agree that big banks are generally bad options and flirt with being evil. But I continue to use them quite a bit within a very specific scope: shamelessly exploiting their account sign-up bonuses. For hundreds of dollars of cash per account, yes, I'll shift some of my paycheck to meet direct deposit minimums, or swap out our credit cards for a little while to hit a spend requirement. Between signups for me and my wife, we take at least $1k per year for the troubles.

It gave me reason to stay on top of our credit history, which probably isn't so useful to us any more, but I recommend if you may have a mortgage or car loan in your near future.

Our 'real' bank accounts have been with an online-only bank and CU for about 15 years. Local branches have their use a couple times a year, so we keep a few bucks in a local bank savings account to keep that available at no further cost.


Heh.  I do wish my employer would give me the option to split my direct deposit (don't know why they won't - I'm suspecting they're eliminating a whole 3 cents of transaction fees per destination given who they are).  So I don't play the savings/checking account income game, but have looked into it.  Looking at the stack of account offers right now... about $1200 could be raked in over... a 6 month period (most are 3 months, but one is 6...).  And I'm sure that would just trigger more offers in 3 months from other banks.  I could do a whole bunch of extra paperwork if I didn't value my personal time so highly and grab that cash, but I really don't want to be bothered.
 
2022-11-26 11:27:33 AM  
You know what you twats need to kill?  The consumer society. Then you'll find that the banks don't have so much power over your lives, and that you don't run around in a frenzy of unfulfillment caused by your brainwashed head that you have no control over anymore, because you sold it to some app.
It's easy. Quit spending so much money. OK, are we good? Get out there and do the good work of liberals everywhere!!
!!!!
Why are you still here?

Fark user imageView Full Size
 
2022-11-26 11:32:25 AM  
I don't use the same bank as my parents, since my parents asked me not too. After I cheated the bank, and they called up my parents to cover it. Woops.

Changed to a bank which only has a webpage front.
 
2022-11-26 11:34:50 AM  
Wait just one farking second...

Are we not blaming millennials anymore for killing things????? I thought this was murica!
 
2022-11-26 11:37:57 AM  

zez: "younger Gen Zers, who may not have income of their own, are less likely to care about rates and less likely to own a credit card."
Wonder why?


Why do they need to own a credit card, or care about rates, if they have no money?  My life goes great when I never think about those things, and don't have to.    But you WANT them to care about all that.  To be enslaved by the consumer society that is literally killing the adults off.
You all should hear how stupid and addicted you sound.

Fark user imageView Full Size


They did this to us.  You aren't a financial genius because you learned how to use a credit card.  Or the farking stock market, you farking tools. You were trained.

Fark user imageView Full Size
 
2022-11-26 11:51:25 AM  
Good. Credit unions are objectively better in almost every metric. People who legitimately need a national bank with in-person offices in every state are statistical outliers. Most of the current customers are just inertia.
 
2022-11-26 11:58:06 AM  
Proverbs 22:6 - Train up a child in the way he should go: and when he is old, he will not depart from it.

wolfstreet.comView Full Size


lexingtonlaw.comView Full Size
 
2022-11-26 12:00:31 PM  

drjekel_mrhyde: Those mega mofos is putting out apps just for Gen Z


Almost every major bank in Israel has an "independent" mobile payment app that all the young people are losing. They have completely different names and branding and seemingly have no connection to the major bank unless you read the fine print.

It's completely free to use and deposit received money into your connected bank account. I'm trying to figure out the catch.
 
2022-11-26 12:22:23 PM  

fehk: I've been using PayPal as a bank for about 8 years. They've never done overdrafts or shady shiat, and returned $1,900 to me when i got scammed by two spicy ladies at a bar


TL/DR: Open an account with a local credit union and you won't regret it.

You're using PayPal as a wallet, someplace to store cash. Not that there's anything inherently wrong with PayPal, just that it's a payment service, not a bank.

A bank or a credit union, properly used, is so much more. IRAs, mortgages, lines of credit (no, a PayPal branded credit card is not a Line of Credit from PayPal), investment services and FDIC insured deposits are just some of the things that PayPal does not offer because they're not a bank, they're a payment service.

Yes, I know their cash card related deposits have FDIC insurance. It's a work around to provide FDIC insurance by depositing your money in a real bank. The beauty of that for PayPal is
1) they get to tout the benefit of FDIC insurance without the regulatory hassle of becoming a real bank
2) they get interest on the many deposit
3) the overall large size of the many deposits give them (or more likely their board members) leverage with the bank holding the deposit

The benefit to bank holding the deposits is it improves their cash reserve position, allowing them to lend more money.

Cash card deposits by and credit cards from PayPal are with Synchrony Bank, a creation of GE Capital, designed to issue high rate consumer credit cards. Synchrony doesn't actually own PayPal but only because that would potentially trigger anti-trust and banking regulatory concerns. Still, PayPal largely acts as an agent of Synchrony. Think of it as a symbiotic relationship.

Synchrony is a publicly traded company worth about $100billion USD. They've entered into very large settlements with the US Government over deceptive practices, discriminatory practices and fraud. Complaints, lawsuits, investigations and settlements over continued deceptive, discriminatory, fraudulent and collection practices continue. (They're like Wells Fargo but more subtle.)

So when you do business with PayPal you're really doing business with an agent of a typical huge bank. Just an agent with a lot less regulatory oversight.

The money you got scammed out of? Probably the only reason you got it back was because it was still in account controlled by PayPal. Had the scammers been faster and moved the money out, you likely would have been out of luck. (Unless it was a fraudulent credit card charge, which you'd be covered for by any bank.)

Don't want overdraft fees? Balance your checkbook and don't get overdrawn. In the past 20 years, I've had one fee because of a mistake I made. I called my credit union, asked for and got the fee back even though I admitted it was my fault.

Seriously, open an account with a local credit union. Spend a few minutes figuring out the services they provide. You won't regret it.

Side benefit, a credit union exists for the benefit of it's members. So a local credit union is basically required to invest in your local community, indirectly helping to improve your life.
 
2022-11-26 12:24:58 PM  

mistahtom: I swear I read the exact same headline 10 years ago except "Gen Z" was replaced with "millennials."


We're also starting to see that with tabloid articles about how "Millennials Zoomers Are Doing (really weird thing, and by that, we mean a few people are, some of whom happen to be Zoomers), LOL!"

As a Millennial, I feel Gen Z's pain on that, but I'm glad that someone's finally noticed our generation is an average age of like 35 now.

/A number of tabloids still think we're about 20.
 
2022-11-26 12:51:58 PM  

Fireproof: mistahtom: I swear I read the exact same headline 10 years ago except "Gen Z" was replaced with "millennials."

We're also starting to see that with tabloid articles about how "Millennials Zoomers Are Doing (really weird thing, and by that, we mean a few people are, some of whom happen to be Zoomers), LOL!"

As a Millennial, I feel Gen Z's pain on that, but I'm glad that someone's finally noticed our generation is an average age of like 35 now.

/A number of tabloids still think we're about 20.


Don't you have a Tide Pod to eat?

;-P
 
2022-11-26 12:53:33 PM  

GardenWeasel: Fireproof: mistahtom: I swear I read the exact same headline 10 years ago except "Gen Z" was replaced with "millennials."

We're also starting to see that with tabloid articles about how "Millennials Zoomers Are Doing (really weird thing, and by that, we mean a few people are, some of whom happen to be Zoomers), LOL!"

As a Millennial, I feel Gen Z's pain on that, but I'm glad that someone's finally noticed our generation is an average age of like 35 now.

/A number of tabloids still think we're about 20.

Don't you have a Tide Pod to eat?

;-P


We're out and the stores were closed on Thanksgiving! I didn't pick any up before the holidays. (sob)
 
2022-11-26 1:11:52 PM  

Fireproof: mistahtom: I swear I read the exact same headline 10 years ago except "Gen Z" was replaced with "millennials."

We're also starting to see that with tabloid articles about how "Millennials Zoomers Are Doing (really weird thing, and by that, we mean a few people are, some of whom happen to be Zoomers), LOL!"

As a Millennial, I feel Gen Z's pain on that, but I'm glad that someone's finally noticed our generation is an average age of like 35 now.

/A number of tabloids still think we're about 20.


I look forward to news articles in 30 years blaming boomers for continued inflation (even though they'll be less than 1% of the population by then)

We'll have over 11 billion people on the earth around that time.
 
2022-11-26 1:14:22 PM  

mistahtom: Fireproof: mistahtom: I swear I read the exact same headline 10 years ago except "Gen Z" was replaced with "millennials."

We're also starting to see that with tabloid articles about how "Millennials Zoomers Are Doing (really weird thing, and by that, we mean a few people are, some of whom happen to be Zoomers), LOL!"

As a Millennial, I feel Gen Z's pain on that, but I'm glad that someone's finally noticed our generation is an average age of like 35 now.

/A number of tabloids still think we're about 20.

I look forward to news articles in 30 years blaming boomers for continued inflation (even though they'll be less than 1% of the population by then)

We'll have over 11 billion people on the earth around that time.


The struggle will be real in 2052
 
2022-11-26 1:26:50 PM  

natazha: I've been with my main credit union since 1972.


OK Boomer.
 
2022-11-26 1:48:49 PM  
I really wanted to join a credit union, but their rates on CDs and savings are nowhere near what I can get at an online bank, best I could find is roughly 50% less APY for CDs and their savings accounts rates are laughable compared to any online bank.  So as much as I would love to support them I can't justify missing out on that free money.
 
2022-11-26 1:55:09 PM  

cryinoutloud: Proverbs 22:6 - Train up a child in the way he should go: and when he is old, he will not depart from it.

[wolfstreet.com image 486x436]

[lexingtonlaw.com image 479x417]


Those graphs are a bit misleading as I use credit cards to pay for everything but pay the balance off every month.
 
2022-11-26 1:55:45 PM  

bostonguy: drjekel_mrhyde: Those mega mofos is putting out apps just for Gen Z

Almost every major bank in Israel has an "independent" mobile payment app that all the young people are losing. They have completely different names and branding and seemingly have no connection to the major bank unless you read the fine print.

It's completely free to use and deposit received money into your connected bank account. I'm trying to figure out the catch.


Like every bank they are trading on your money while you are not using it, for an online bank there is a lower barrier for entry
 
2022-11-26 4:00:10 PM  
I had someone at my large bank try and shame me because I was moving a bunch of money to my ally account. Like what are you offering that makes up for 3% they're paying me? fark off
 
2022-11-26 4:00:13 PM  

natazha: I've been with my main credit union since 1972.



Credit Union here too.   won't ever go back to banskters.  with banks, you have lazy sit at home stock owners to feed.
 
2022-11-26 4:01:38 PM  
Buck Fanks
 
2022-11-26 4:06:01 PM  

cryinoutloud: Proverbs 22:6 - Train up a child in the way he should go: and when he is old, he will not depart from it.

[wolfstreet.com image 486x436]

[lexingtonlaw.com image 479x417]


no worries

the tax payer will bail out the banks who lose money on unpaid customer debt.
 
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