The Banking Technology Revolution Has Made me a Great Customer

//The Banking Technology Revolution Has Made me a Great Customer

The Banking Technology Revolution Has Made me a Great Customer

I think it is because I completely romanticize the idea of a credit union.  I imagine walking into the bank and being known by the employees. I imagine asking for a car loan or mortgage and practically have the best rate in the country shoved in my face.  I imagine savings/CDs rates that are double or triple what I am getting from my “too big to fail banks.”  Then I remember,

  • I don’t go into a branch often enough to be remembered by anyone
  • Just because I join a credit union doesn’t mean they have the best loan rates as compared to other credit unions
  • Credit unions still have to deal with profits and losses and are unlikely to triple my online too big to fail bank (ING)

Notwithstanding those valid points, they aren’t at all the reason I haven’t left my Chase/ING set up for a Credit Union (or a different bank for that matter)…what is then, Evan?

Why I Won’t Leave My Bank

Despite hating my cable company, I won’t leave them either for the same exact reason…Convenience and Inertia.

Every single month I have pulled my account

Connected to the accounts, but not being pulled automatically:

If you are curious about my mortgage, I walk it into my too big to fail mortgagee because I like to control when it will be deposited since those 5 to 8 automatic transfers usually wipe out my checking accounts.

Do you know what kind of work I would have to go through to change all those accounts? No? Well I don’t either, but I know it is enough to scare me into submission. But when did this happen?

Banking’s Tech Revolution

I have never balanced a checkbook, ever.  Why? Because when you can sign on line and check your balance 22 times a day with the knowledge of the 2 checks that might out a month there is no need.

I barely write checks.  Why? Because I can transfer money online, instantaneously and for free.

97% of the time I don’t see anyone when I do have to go to the bank. Why? Because Chase’s ATMs allow me to deposit and withdraw money without ever having to see someone.

But at what cost do these technological advances come at? I think that most customers are “sticky” in that they are less likely to leave unless really provoked like a ridiculously high (new) service fee.

Do you want to change banks but are fearful of the amount of work that will go into it?

By | 2016-10-18T23:01:21+00:00 July 18th, 2011|Random|17 Comments

About the Author:

Evan is the owner of My Journey to Millions which was started to track his journey from a broke debt ridden law school graduate to building a positive balance. Need more Evan? Follow him on Twitter, Contact him or get new posts directly to your email


  1. Andy Hough July 18, 2011 at 11:04 am - Reply

    I kept my Bank of America account open for many years just because I didn’t want to change all my bill pays and direct deposits. I finally changed this May and the conversion process wasn’t too bad. I only had one automatic payment to cancel. I usually avoid those since I had a bad experience with an insurance company taking out my premium twice and causing several checks to bounce.

    • Evan July 20, 2011 at 3:00 pm - Reply

      What did you change over to? A credit union or just a non-B&M bank?

      • Andy Hough July 20, 2011 at 3:39 pm - Reply

        I changed over to a local bank. I do have online bank accounts as well as other B&M banks but I don’t use any of them as my primary bank account.

  2. Denise July 18, 2011 at 1:15 pm - Reply

    I belong to both Chase and Huntington and I love them both. Credit Unions just don’t appeal to me. I get great customer service from my banks – especially Huntington. And there is something nice about being connected to a nationwide network.

    • Evan July 20, 2011 at 3:17 pm - Reply

      I have never heard of Huntington Bank…is it large?

  3. Niki July 18, 2011 at 4:37 pm - Reply

    I have only banked at a credit union and I have not stepped foot in one for almost three years.

    I don’t have anything against banks, I just have always had an account with Navy Federal CU and they have great rates and wonderful telephone customer service.

  4. retirebyforty July 18, 2011 at 3:41 pm - Reply

    I bank at a credit union and I don’t know anyone there. I haven’t gone into the branch for 4 months. It would be a huge deal to change bank though. I have so many things set up on automation.

    • Evan July 20, 2011 at 3:43 pm - Reply

      Why did you start with the Credit Union then?

  5. SB(One Cent At A Time) July 18, 2011 at 7:41 pm - Reply

    good subject and wonderful way to put your points. Tech savvy people like us don’t want to leave the convenience of online banking, if some one not offering online access, I won’t go to it.

  6. Robert July 18, 2011 at 9:48 pm - Reply

    Convenience is huge. I’m glad I found a bank that lets me do everything from home as well!

  7. 101 Centavos July 19, 2011 at 6:33 am - Reply

    Inertia sure is a killer. We talked for some time about closing with BofA, and finally made the plunge when they hiked their fees on safety deposit boxes.

    • Marie July 21, 2011 at 1:50 pm - Reply

      Safety Deposit Boxes…..hmmm….wonder how the folks that ONLY do online banking handle the need for these.

  8. Sunil July 19, 2011 at 10:47 am - Reply

    good post. online banking has made me complacent to an extent. i haven’t walked into a bank for “banking” reasons in several years. the last time i stopped by was because my wife wanted me to take out some of her jewelry from the locker. maybe i’ll build a vault in my house so i can cut those visits out too!

  9. Jenna July 19, 2011 at 12:35 pm - Reply

    I don’t have any desire to change banks right now and probably won’t until something bad happens or something out of the ordinary happens. I don’t like messing with things that work.

  10. Julie July 19, 2011 at 6:31 pm - Reply

    Same here. We have multiple business and personal accounts at a too big to fail bank. I really haven’t been motivated to change them.

    We have done borrowing at our local credit union and have online savings accounts and a second online checking account with cash back for debit card purchases.

    I just keep collecting more accounts instead of moving the ones we already have. 🙂

  11. youngandthrifty July 20, 2011 at 1:06 am - Reply

    A lot of people I know bank and have their mortgages with credit unions.

    I don’t really care about good customer service as long as I can get my money when I want it (usually online with transfers, just like you) and I get good rates.

    I guess it always pays to shop around.

    I DID get a debit card with a local credit union that had the great feature of not having ATM fees when you bank globally. And then the debit card portion of the credit union went out of business. haha..
    lesson learned.

  12. Maggie July 20, 2011 at 8:55 pm - Reply

    We have belonged to a credit union for years & they did indeed know us if we walked in. Then they got bought out by someone & now we have to transfer all accounts to the new entity. No wonder people have inertia about changing banks/credit unions! It’s taking several hours to change all the accounts and connections from automatic deposits. And, no, the old credit union did not have the best rates on anything. We stayed with them because they had free checking & were local. We don’t use checks much anymore either. It makes a person consider the whole situation!

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