Well, I’m back from vacation. I spent the holiday weekend in Jackson Hole Wyoming at my Dad’s Bed and Breakfast. It was wonderful. We had 15 people for Thanksgiving dinner and lots of snow. It was only the second time my kids have seen snow and the first time they’ve seen it actually snowing, so that was a big hit. My son loved it.
While I was in WY there was a commercial for a local credit union that caught my attention. It featured a guy who was saying how wonderful his credit union is because they gave him a loan for a car and a credit card for the gas. Isn’t that awesome!? NOT.
Wait… I thought credit unions were supposed to be better than big evil banks. Big banks only want to loan money. Big banks don’t care about you, they just want to make money off of you by drowning you in debt. They just want to make money at your expense. Isn’t that right? Isn’t there a movement to get people to move their money from big banks to credit unions?
But it sure doesn’t seem to me that the credit unions are any different. Big or little, banks make money by charging interest. You can’t really get mad at a business for promoting their most profitable services. When you go to a restaurant the menu is set up to promote the highest margin items. When you shop at a store, the biggest money makers are front and center. That’s how business works. Businesses want to make money. They don’t care about you. You can’t expect a business to take care of you. You must take care of yourself.
Of course a good way to take care of yourself is to leave companies that don’t treat you right. If you feel pressured to make decisions that you feel are bad for you, leave. If you are being charged fees you don’t agree with or can avoid at a competitor, leave. If the company isn’t meeting your needs, leave. That’s the beauty of a free market.
A company doesn’t have to treat you well, but if they don’t you can leave. A company that can’t keep customers isn’t going to be around for very long. It automatically weeds out the bad companies and rewards the good ones. So yes, if you aren’t happy with your bank, you should leave it. But the next bank will be looking to make money too.
Are you happy with your bank? I am, and it’s a big bank. I guess I’m in the minority on that one, but I don’t expect my bank to be my friend.