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1. Sonoma
   Member Profile

   What a shocker! Another sleazy bank. I wanted to close out my Chase Bank safe-deposit box because it was costing $45/year for the smallest size. My husband called a bunch of other banks in West Seattle. U.S. Bank on Edmunds had the best price: They quoted $25 (and said it would be even lower if I had a certain kind of checking account). So, before going over there today, I called again to confirm. Same info, sounded good. I have my checking account with BECU, but I would have been happy to pay the $25.
   When I got there, the clerk sprang a surprise on me: The rate would be $35 UNLESS I opted for an automatic deduction, which, of course, would require a checking account with them. In the two phone calls, they said $25 and NEVER mentioned the $35 price.
   So they lost my business, small as it was. What really frosts me, besides the lying (oops, I mean "the perfectly honest misleading"), is that these are the same banks that are offering a pathetic something like 0.4% APY on their CDs, while their upper management is rolling in dough.

   Posted 5 months ago #         

2. sydney
   Member Profile

   

   Thanks for the update Sonoma! Icky old banks. I can just picture all the (upper)crusties rolling in their cash a/la Scrooge McDuck!

   Posted 5 months ago #         

3. kootchman
   Member Profile

   I don't get it... what's sleazy? The bank has a service to sell. It has a cost. The full costs were explained before you contracted for the service. You have the option of paying or not paying. Interest rates are at historic lows.. it's a great time to be buying, long term leasing.. etc. Got a FICO score of 780 or better?..you can get 2.87 on a 7/1 ARM today. Bank loan yields are at historic low... plus..they are all scrambling to meet the new asset reserves a la Dodd/Frank... loan demand is at an all time low... so the bank should do what? Lose money to raise their CD rates? It's like any other product... don't like it.. don't buy it. I am sure they would love to be paying you 7% or better on CD's....delighted to... that would mean their loans were yielding enough margin to pay it. Now $5 for a cup of Starbuck's is sleazy. Could it possibly be that the banking system is awash in cheap dollars, with no place to lend those dollars? Wonder how that happened.. eh? Merry Christmas...try corporate convertible bonds...blue chip companies...look for companies with strong balance sheets only. Beats the hell out of CD's.

   Posted 5 months ago #         

4. JanS
   Member Profile

   

   and therein lies the problem...when the OP was on the phone the cost was $25 bucks, no caveats...when the OP got there in person? $35 , unless you have an account. No contract was signed...OP didn't have a checking account at said bank. While it's not big on the sleaze factor, one does wonder why the information couldn't have been stated in the OP's TWO phone calls. No need to quote FICO's and ARM's, and info about loans...this was about a mere safety deposit box..

   Posted 5 months ago #         

5. MargL
   Member Profile

   Sad. Apparently the full costs were _not_ disclosed and the bank probably hoped to pull a classic bait and switch. "Oh seeing as how you're here you might as well just open up a checking account with us."
   http://en.wikipedia.org/wiki/Bait-and-switch

   Posted 5 months ago #         

6. kootchman
   Member Profile

   happens every day with new car ads.... getcha in the showroom to sell ya some stuff.....every grocery store does it ... teaser deals. Try and get the REAL cost of a new car without the schlepp to the dealer.

   Posted 5 months ago #         

7. JanS
   Member Profile

   

   yes, it happens every day...and it's still wrong...

   Posted 5 months ago #         

8. kootchman
   Member Profile

   I am sure you want some laws for it ...

   Posted 5 months ago #         

9. Sonoma
   Member Profile

   Thank you, Kootchy, for your unsolicited (albeit ALWAYS "fair and balanced") investment advice. As noted, the correct costs were not disclosed to me or my husband in TWO separate calls. That is the issue. Oh, and by the way, although I have a fabulous credit score, I am not interested in buying a home; I have one that's paid off, thank you.

   Posted 5 months ago #         

10. dhg
    Member Profile

    

    Banks are NOT awash in cash with no one to lend it to. They are awash in cash they use to play the slots. Why lend money at 4% for a mortgage or car loan (booorrrringgg) when a choice wall street derivative promises 30% ?
    Ever since banks were allowed to invest they've lost all interest in low cost loans.

    Posted 5 months ago #         

11. redblack
    Member Profile

    

    yeah, kootch. we do want some laws for it.

    this is my country, and banks are guests in my house. i expect them to behave, or i'll kick them out.

    simple enough for you?

    Posted 5 months ago #         

12. WSB
    Member Profile

    

    Just flagged to this though it's been up a few days.

    As popular as bank-bashing is, it's still subject to the same rule - the rant needs to mention what was done to call the problem to a manager's attention (owner probably not realistic here since it's a big corporation) before it was posted here. Please add that info. Thanks - TR

    Posted 5 months ago #         

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