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Switching Banks

August 20th, 2009 at 02:50 pm

Following the Great Bank Failure, I've successfully switched banks to one offering a money market account paying 2% APY. That's as good as anything found online, with the added security/convenience of a brick & mortar.

My bank was different from other failures in that no one bought it. Nevada State Bank has been brought in as a "paying agent" to facilitate the transition. NS Bank employees are onhand in the lobby to sweep in customers. Unfortuately, most of these customers do NOT know that NS Bank ranks only 2 stars on Bankrate.com. (The failed bank had been 1 star for some time; that was my heads up.)

It's sad that people don't research rates and will just go with what's conveniently forced in front of them.

In answer to a comment on my last post:
I wrote a check to myself to open the new account. It cleared within two days: a very smooth transition.

I have submitted the change order for direct deposit. Won't know if that's successful until next pay period. I'll need to keep the old account open until then, just in case. Once I know for sure that's in place, I will close the old account.

Since they are mailing people checks on the last day, I'm not certain whether I need to officially close the account in person or just draw down the funds to zero with one final check to my new account.

The same employees are working day in and day out until the end. I had assumed the place would be swarmed with agents in sunglasses. My favorite teller said they've been so busy since the failure that he hasn't had time to think about what to do next. Their insurance will run out within a few weeks. My BF offered him a contact who may have some work available.

My no-spend days have been training for situations like this. Since the failure, I've had 5 NSDs in a row. I broke that trend today to pay a dentist bill while my debit card still works.

I'll feel better once I receive a new debit card for the new account, but the dust is starting to settle.

2 Responses to “Switching Banks”

  1. shiela Says:

    congrats on 5 NSDs in a row, that's very good effort.

  2. Jerry Says:

    That is really sad about the employees at the bank losing their livelihood and their insurance at such a tough time economically. That was good of your BF to pass along a lead like that, I hope it helps!
    Jerry

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