Back in January, we decided that we needed a new bank. We have finally checked that task off of our to-do list – better late than never I suppose. Around the time we became frustrated with Wells Fargo, we also decided to sell our house, which meant several months of sprucing things up and going through the sale process. Once we moved into our new place, we were just as busy, and it felt like a three ring circus around here for the last couple months.
But while Wells Fargo was relatively convenient at our old house (about a 20 minute bike ride), it is much less convenient here. The closest branch is about 13 miles from here – not a quick bike trip that I can squeeze in between all my other tasks during the day. That sealed the deal, and convinced us to go ahead with a change.
We are now the proud owners of business and personal accounts at our local credit union. So far, we are thrilled. The personal account pays 5.01% interest on all funds up to $25,000. That is more than three times what ING is paying us right now, and was a huge selling point for us. In addition, the credit union rebates ATM fees that other banks charge (automatically, no need to keep receipts), offers free bill pay (which our WF account did not), and delivers exceptional customer service – we’ve been blown away by the level of service we’ve received during our account set up process.
The credit union is about a mile from our house. It’s in the local grocery store, which we can see in the distance if we look out our back door. It takes just a few minutes to bike over there, and is also a nice walk with the dog.
Now I’m plowing through the switching process, which is not much fun. That is the main reason I waited so long to do this – I knew it wouldn’t be fun. I’ve started making a list of all the places I need to notify about the change, and there are 23 items on the list so far. Plus bill pay setups, which I haven’t gotten to yet. We had been with Wells Fargo for a long time, and our entire financial life is linked to them in one way or another. It will take me a while to untangle all of that, but I know that this is worth the effort. It will be nice to be earning such a good rate on our money, and it’s nice to feel like a valued customer.
Some of my readers had mentioned credit unions back in January when I detailed our troubles with Wells Fargo, and that was part of what inspired me to look into the idea – thank you!