LoisCroft Loc: Jonesborough, Tennessee

I have banked at SunTrust for several years now.

Over the last couple of years, they have closed the two branches close to me.

This week I have been told that my credit card rewards have been reduced to $0. They were up to over $1000 and on the advice of the bank manager at one of the closed branches, I left it to accumulate.

This week I also received notice that if I didn't log into my account on line, it would be closed. Tried to logon but they have cancelled my on line banking. I have $1800 in that account.

Does anyone know if SunTrust in trouble? My gut is telling me to get out as fast as I can

StanMac Loc: Tennessee

If you have one in your area, move your banking to a locally owned and operated bank or a credit union. And when you make deposits, withdrawals, etc. take the time do so by interacting face to face with the bank personnel - not with an ATM or online. Building relationships with the personnel will get you the best service than being invisible.

Stan

LoisCroft Loc: Jonesborough, Tennessee

Thanks Stan. Good advice. I have made myself known to the people at the bank but it seems that once they get to know me, they close the bank and relocate or fire the staff. We do have several credit unions in the area and I expect that would be a better option.

SteveR Loc: Michigan

Remember, FDIC.

hankm1 Loc: Mount Prospect IL

cdayton

They are merging with BB&T so it may have someone to do with the transition. We have a commercial account with BB&T but haven’t noticed any issues.

G Brown Loc: Sunny Bognor Regis West Sussex UK

Do you have a banking ombudsman? Contact them and see what happens.
In the UK the ATM supplier has raised the charge they make to the banks for every transaction....So in the last quarter we have 'lost' over 1000 hole in the wall ATM's. Some small villages and even some towns no longer have a single ATM offering free withdrawals. So much for a cashless society.

traderjohn Loc: New York City

Withdraw your money and find another bank. You do not need to be told something is not as it was.

LoisCroft Loc: Jonesborough, Tennessee

Thanks everyone. I closed my accounts yesterday and told the customer service lady that things were not sitting right and I was concerned about the financial health of the bank. She neither confirmed or denied.

jerryc41 Loc: Catskill Mts of NY

Find the nearest branch and withdraw your money.

bigalw Loc: Essex - UK

Sorry to say this but, is it something you do ? (LOL)

HOHIMER

I moved out of banks a year ago when I learned they consider my money as an investment in their bank....not as a deposit that I own. As an investment, they can do what ever they wish with those funds!
I am now in a credit union. (May not be much safer.)
Ask your bank if they have the right to use your deposits to shore up a failing situation or apply negative interest to your account.(Take money out of your account at will)

Bill 45

Get your money and get out, find another bank to deal with.

clint f. Loc: Priest Lake Idaho, Spokane Wa

The only reason a bank accepts deposits is so they can loan out the money. You “loan” them money by depositing. They pay you for the use of the money in interest on the account. On smaller accounts they may pay zero to you. They take all those deposited dollars and loan them out so people can buy houses or cars or college degrees or whatever. You as a depositor can’t decide where the bank loans the money from “your” account. The financial institution uses its best business practices in making the loans with the greatest chance of collecting. Volumes of federal and state statutes, rules and regulations are in place to insure this is all done properly.
For providing those loans the bank or credit union is paid interest by the consumer. The federal regulators keep an eye on how the financial institutions conduct their business by doing regular audits because the feds are on the hook (FDIC or NCUA) for the losses if a bank or credit union fails to maintain acceptable financial strength. The money that you deposit isn’t under a mattress in the bank vault, it’s all intermixed to provide enough funding for the loans they make. That way if a borrower defaults one persons deposits aren’t wiped out, it’s absorbed by the pool of funds. In reality your $ is only a computer notation. A very carefully secured notation. The difference between a bank and a credit union is that banks are corporations with shareholders who want to make as large a return as ethically possible. In a credit union you are an owner/member and you share in the return by way of dividends and often lower rates on loans.

Kuzano

Remember that Credit Unions may operate under the state banking regulators, or federal regulation of the NCUA (National Credit Union Administration). Many credit unions choose to operate under state law and regulation because of certain freedoms of each states Charter. Most credit unions who choose state regulation do so to open up their membership restriction, to operate more like banks. The advantage... hard to define and often hard to defend.

Deposit insurance differs, with the NCUA covering federally chartered Credit Unions.