I changed banks this week. I won't go into the ugly details that are causing me to drop Wachovia, but I will say it's a shame that some big banks receiving government bailouts feel the need to manipulate their customers in order to make a buck (literally).
What I decided I really wanted in a bank were three tenets: value, loyalty, and trust in my financial institution. I wanted the bank president to shake my hand and look me in the eye and swear not to screw me over.
Dear Big Bank, It's Over
Well, I may be an idealist, but I'm also a realist. I researched the smaller, FDIC-insured, reputable banks in my area—the banks on my main street—and found Hudson City Savings Bank (HCBK:NASDAQ). I knew the president of the bank wasn't going to be at the location next door to mi casa and shake my hand, promising eternal devotion, but I replaced that with positive reviews from major media outlets. In fact, Forbes named Hudson City the Best-Managed Bank in America in 2007 and 2008.
Moving On Opens Doors
On June 3, I opened a checking account at Hudson City. The next day, I received a letter from bank SVP and CEO Denis J. Salamone welcoming me as a client. This was no slick marketing piece; it was a bonafide letter of welcome. It was also no handshake, but I find it interesting that I wished for a bank official to look me in the eye and the second to the last paragraph of my welcoming letter from Hudson City stated, "At the end of the day, we want to be able to look into our customers' eyes and know we did right by them."
Now I see why my ex-bank was skimming from me: http://tinyurl.com/mwsh4r
Grab revenue to pay back the government and get back those bonuses!
Posted by: Naomi | June 10, 2009 at 09:53 AM