Local banks and credit unions

[nvidia99999.livejournal.com]

Are there local banks or credit unions that offer decent rates on savings or CDs? Obviously, I would be happy to support them over big banks, if the rates are not pathetically low.

Comments

[wonkywheels.livejournal.com]

If you don't use your debit card 20 times in a month (i.e., if you use it between 15 and 19 times), they charge a $5 fee. I have never seen any fees on the account. Even the checks are free. And yes, the debit card is free. Oh, and they refund you if you use other banks' ATMs.

[squirrelitude]

What they are doing is shafting merchants by encouraging the use of debit cards for many small transactions. Of course, if you're using your card this way at Starbucks, Shaw's, or other out-of-town mega-merchants, no problemo!

[wonkywheels.livejournal.com]

Yeah, I would mainly use it at places where you can swipe it and not be embarrassed to be using it to buy gum or something (e.g., CVS).

[squirrelitude]

My concern would be that a bank that screws over merchants to drive business would not hesitate to turn around and screw *me* over.

[wonkywheels.livejournal.com]

I don't really see it as screwing over merchants. If I wasn't using that debit card, I would use my credit card that gives me cash back. Why use cash when it doesn't give you any benefits?

[wonkywheels.livejournal.com]

Oh ok. I will keep that in mind if I'm shopping at a local business.

(re-post for edit, sorry)

[squirrelitude]

It's only detrimental to the merchants if you use credit/debit cards for a ton of small purchases. They pay a fee per transaction for the privilege of accepting card payments, and the relative size of the fee for small purchases cuts sharply into the profit margin, potentially even driving it into the negative—I remember one small business owner talking about how he'd rather give away a bag of chips than have someone pay for it via credit card. (He was exaggerating, of course—he'd actually rather just not make the sale.)