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Editor’s Comment: 

There are a lot of good reasons for the 10% defection rate at big banks — and the benefit flowing to smaller community and regional banks. The biggest reason appears to be a visceral dislike for the large banks and massive distrust over what these behemoths will do next. Add to that factor that it costs less to deal with community banks for the same service that the large banks have monopolised, and you barely have any reason at all to stay with the big banks.
 
All the services are now produced electronically and even the smallest banks have access to that. Add to that the personal factors of actually knowing your banker and the knowledge that deposits will be used for loans somewhere in your geographical region and now you also have a good reason to go to community banks and credit unions.
 
I would add one more — safety. The balance sheets of the big banks are bloated with non-existent or overstated assets and are missing huge liabilities reaching into the trillions to pay back those investors who bought $13 trillion in bogus mortgage bonds. But add to that mix, the facts that management of these mega banks have trillions parked off shore that the government wants to see repatriated PLUS the tacit deal in which the Federal Reserve agrees to lend at 0.25% in exchange for the big banks buying US Treasury debt at 3% and you can see why Washington is addicted to the toxic idea that they should still do business with, and therefore prop up these mega banks whose actual net worth is a tiny fraction of what has been reported. Eventually they must fall, which is another reason for not having your money there.

More customers leaving big banks

By Blake Ellis @CNNMoney 

NEW YORK (CNNMoney) — New fees and poor customer service have sparked an exodus among big bank customers, many of whom switched to smaller institutions last year.

The defection rate for large, regional and midsize banks averaged between 10% and 11.3% of customers last year, according to a J.D. Power and Associates’ survey of more than 5,000 customers who shopped for a new bank or account over the past 12 months. In 2010, the average defection rates ranged from 7.4% to 9.8%.

Meanwhile, small banks and credit unions lost only 0.9% of their customers on average last year — a significant decline from the 8.8% defection rate they saw in 2010.

These smaller institutions were also able to attract many of the customers who left the big banks. Over the course of last year, 10.3% of customers who shopped for a new bank landed at these smaller institutions — up from 8.1% in the prior year.

New and higher bank fees at the nation’s biggest banks led many customers to switch to smaller institutions over the past year, with about a third of customers at big banks reporting fees as the reason for looking elsewhere.

“When banks announce the implementation of new fees, public reaction can be quite volatile and result in customers voting with their feet,” said Michael Beird, director of the banking services practice at J.D. Power and Associates.

Community banks team up to fight the megabanks

Checking account fees have been on the rise at the nation’s biggest banks over the past year, and customer revolt against big banks really began to mount after Bank of America (BACFortune 500) proposed amonthly fee for debit card use last fall.

Even though the bank later backtracked on its decision, the announcement led to a nationwide, social media-fueled “Bank Transfer Day”, during which customers encouraged each other to dump their big banks for community banks and credit unions.

The report also found that many customers were already unhappy with the customer service at big banks, so when fees were announced or raised, there was even more of an incentive to switch institutions.

‘I dumped my bank!’

“Service experiences that fall below customer expectations are a powerful influencer that primes customers for switching once a subsequent event gives them a final reason to defect,” said Beird.

More than half of all customers who said fees were the main reason for switching banks also said they had received poor customer service at their prior bank, he said. To top of page

34 Responses

  1. Nancy—the Parties on the NOD dated 10/27/2010 are Aztec Foreclosure Corp as Trustee securing obligations for MERS, as “nominee” for Indymac Bank, FSB (which doesn’t exist).
    So—it looks like it states MERS is beneficiary on the NOD, which is not on my 1099…?

  2. @Nancy

    Yes, I got the 1099.

    It says:

    Acquisition or Abandonment of Secured Property

    Then account number listed is not original loan number on DOT…

    Then says under Lender’s name,etc…:

    IINDYMAC MTG SVCS, A DIV OF ONEWEST BANK
    6900 BEATRICE DRIVE
    KALAMAZOO,MI 49009
    (800) 781-7399

    Then it says:

    Date of lender’s acquisition or knowledge of abandonment:

    Nancy, the date listed is the date of the Foreclosure Mill’s Trustee’s Sale—12/21/2011—but the property was bought by a third party real estate agent investor…who is the entity trying to kick me out.

  3. @Nancy Drewe

    I am in Los Angeles county, CA. I would like to fight this with an injunction or whatever, but I’m out of money.
    They had the “trial” in Unlawful Detainer court this morning (because I demurred) , but I didn’t go because I didn’t know what to do to fight it…so, I’m sure the sheriff will be showing up soon with the writ for possession…

    Nancy—my email is cariemac9@gmail.com

  4. There are two loans ‘Close End Loan’ and Foreclosure Loan, both for the same amount ‘IndyMac’ is just a name and has nothing to do with the foreclosure and the proof sits in CTS-Link! Call 973-347-3475

  5. CARRIE AS A MATTER OF FACT, MR. SOLIMAN HAS A CLIENT IN THE SAME SITUATION HE IS HELPING INDY MAC … PARTY IN NEW JERSEY WHOSE FILED INJUNCTION IN NEW YORK – WHERE I HAVE SEEN THE EVIDENCE EVERYONE IGNORES. REAL DOCUMENTS RECEIVED OVER TIME REVEAL THE TRUTH.
    I CONNECTED THE PARTY IN NJ WITH MAHER AND ONLY HE – NOT ANY OF THE NEW JERSEY ‘LEGAL BEAGALS’ KNEW WHAT TO DO, I’M SORRY TO BE DISREPECTFUL BUT IF ATTORNEY’S ACT LIKE BEAGAL’S THAT’S WHAT I MEAN – THEY ARE ON THE CASE WHEN THEY KNOW WHAT TO DO – THEY PRACTICE WHAT THEY KNOW IS ALL. THAT FACT WAS INCORPORATED INTO THE MINDBOX ARTIFICIAL INTELLIGENCE TOO! YOU ALL BELIEVE ‘SERVICER ANYBANK NA’ IS REALLY A BANK! ITS NOT! ITS A BENEFICIARY. THE BENEFICARY AND SUCCESSOR BENEFICIARY ARE OF THE SAME ‘TRUST ESTATE’ AND ‘TRUST FUNDS’ SETTLE UP ! FILE A LIEN AND TAKE YOUR PROPERTY AND PUT BACK INTO THEIR REO STABLE PROPERTY FOR EXCHANGE AND KEEP ON COLLECTING BY THE WAY YOUR BENEFICIAL INTERESTS UNTIL ITS TIME TO CASH OUT! THEN YOU’LL RECEIVE A 1099 A.
    HAVE YOU RECEIVED YOUR 1099A -????SEND US A COPY OF THE 1099a IS IT THE SAME PARTY AS ON THE NOTICE OF DEFAULT? IS IT THE SAME PARTY WHO WAS SERVICER? DO YOU REALLY KNOW WHO THE PLAINTIFF WAS? IT WAS THE PARTY WITH BENEFICIAL INTERESTS TO BECOME SUCCESSOR TRUSTEE IF THEY SO CHOOSE! ITS NOT WHAT YOU THINK – WHY AM I BURDENED BY THIS WITHOUT ACCESS TO MNINDS WHO HAVE THE PATIENCE TO UNDERSTAND AND USE THEIR GIFTS TO HELP YOU?

  6. CARRIE I MEANT THEY LIE CHEAT AND STEAL!

  7. CARIE YOU NEED LEGAL MIND AND EVIDENCE.
    WHO DO YOU KNOW WHO CAN LOOK UP THE ORDERS, SECURE COPIES OF DOCUMENTS, RESEARCH YOUR DOCUMENTS, AND CULTIVATE EVIDENCE, START WITH THE ORDERS ISSUED BY THE JUDGE TO ALL OF THE PARTIES!

    YOU NEED TO GET AN INJUNCTION FILED.
    YOU NEED TO START WITH FIRST NOTICE OF DEFAULT, MONTHLY SERVICER STATEMENTS, ETC. DO NOT MOVE!
    INJUNCTION WILL ALLOW YOU TO FUNCTION.

    HARMS – EVIDENCE = REMEDY BY MOVING COURT!

    YOU DON’T NEED A REAL ESTATE LAWYER. YOU NEED A LAWYER WHO UNDERSTANDS TRUST LAW, AND HOW TO LOOK IN PUBLIC RECORDS FOR THE SERIES OF AGREEMENTS, POWER OF ATTORNEY’S, ETC. YOU LIE, CHEAT, AND STEAL YOUR RIGHT TO BE SAFE IN LIFE AND PROPERTY; UNFAIR SEIZURE OF ASSETS, INJUNCTION! MAHER SOLIMAN AS EXPERT CAN HELP YOU SECURE AN INJUNCTION! JUST BECAUSE YOU DON’T UNDERSTAND HIM DOES NOT MEAN THE JUDGE WON’T! THE JUDGE IS AN EXPERT OF THE MOST COMPLEX SUBJECT MATTER – TRUSTEE’S WHO ARE THE ‘LENDERS’ THEMSELVES STEALING THE CASH OF PENSION TRUSTS, MUNICIPAL TRUSTS, PRIVATE WEALTH TRUTHS OTHER THAN THEIR OWN!
    YOU NEED PERSON WITH KNOWLEDGE! TO COORDINATE THE ‘TEAM EFFORT’

    THE HARM IS THERE!

    LOOK AND YOU’LL SEE.

    LOOK AT ALL OF THE TRUSTEE SALES WHICH ARE MERELY SHORT-SALES OF ‘SETTLEMENTS’ OF TRUST ESTATES THEY LIE THATY YOU ABANDONED! NOW IF YOU HAD A TRUST ESTATE, CARIE, WOULD YOU ABANDON IT?

    WHO KNOWS HOW TO LEGALLY SECURE EVIDENCE ACCEPTABLE TO A COURT OF LAW, AND FILE THE LEGAL COMPLAINT REVEALING HARMS SEEING REMEDY. I’M NOT TRYING TO BE DIFFICULT. THERE IS SKILL NEEDED OF PARTIES ‘TRUST ESTATE LAWYERS’, FORENSIC ACCONTANTS, EXPERT WITNESS. YOU CAN HAVE CAUSE FOR INJUNCTION SO YOU DON’T HAVE TO MOVE AND DON’T HAVE TO PAY RENT WHILE YOU PAY TO FIGHT YOUR CASE. IN THE EVENT THE PARTY UNDERSTANDS THE HARMS TO YOU BRING TREBEL FOR YOUR TROUBLES, YOU THEN CAN NEGOTIATE. HOW DO YOU SECURE ASSISTANCE FROM KNOWLEDGEABLE PEOPLE. FIRST YOU FIND ‘KNOWLEDGEABLE PEOPLE WHO WILL ALIGN THEMSELVES TO RIGHT WRONGS, LIKE LIVING LIES, WHO FINDS EXPERTS LIKE A.FIELDS, AND OTHERS. IN ADDITION, YOU NEED LEGAL MINDS WHO UNDERSTAND CIVIL PROCEDURE AND WHAT TO DO. WHAT STATE ARE YOU IN?

  8. Indeed—and what WE “get” is a swift kick into an overpriced rental, a tent, a car, or the street…

  9. carie- these people are “bound by the pooling and servicing agreement” only when it suits them. If they were in fact bound, there would be a listing of loans in the ‘trust’.(mortgage loan schedule). Loans in pools are listed in 1% of the PSAs.
    If IndyMac Mortgage Servicing has no relationship to IndyMac bank, or bank NA, then they would have the same incestuous relationship with each other that all servicers have with their bank affiliate. (but not on paper)
    I would guess that IndyMac Mortgage Servicing bought the collection rights only, but will receive the sale proceeds, while the investors in the DeutscheBank Trust will get nothing. Indymac(Onewest) will continue to reap modification payments from Treasury, 5k after the mod intake and trial period, foreclose anyway, and then receive the pre-bubble appraised price from the FDIC when “all attempts at modification were fruitless”. Plus lenders’ title policy proceeds.

  10. @Ian

    Here is how the servicer explained it:

    “…As you may know, IndyMac Bank failed and was placed in receivership by the Federal Deposit Insurance Corporation (FDIC) in 2008. In March, 2009, OneWest acquired certain assets from the FDIC, including a mortgage servicing portfolio that includes your loan. While we chose to retain the name “Indymac Mortgage Services” for our mortgage servicing business in order to minimize confusion on the part of our customers, we have no corporate affiliation or successor relationship with Indymac Bank. Additionally, it is important to make clear that OneWest does not own your loan. As stated above, your loan is part of a securitization, whereby we are bound by the servicing and pooling agreements between us…”

    When I asked for proof of my payments being conveyed to the trust, he said:
    “…to the extent we received any payments the proceeds were properly accounted for to both you and the trustee, and the applicable amounts were remitted to the trustee…”

    I guess that’s his proof. Looks like ‘hearsay’ to me, ’cause he never showed me a ledger to the trustee—even though I asked for it over and over…and over.

  11. carie- also, there are 2 Indymac Banks, one with FSB following, and the other just plain Indymac bank. I forget the difference, but it is substantial, I think that one is ‘holding’ the loan portfolio it aquired via bailout and loss sharing agreement with Feds, the other is the loans that were not included. But Indymac bank would have everyone believe that they are one and the same. Look into this, sorry I have no links.

  12. Yes, I know—the direct questions with out direct answers from the servicers that I kept asking were— WHO is beneficiary and WHO is owner of the note…they NEVER answered directly…just gave me the run-around.

  13. No–no ‘corrective”…I am in non-judicial CA—they do all their BS based on the DOT…

  14. carie- ca.civil code sec.2934a explains substitution of trustee for deeds of trust. A quick read indicates that the beneficiary is the key, and it looks like your beneficiary is questionable. Also, ‘attorney in fact’ is, according to Max O.Gardner, a surefire sign of fraud. Especially if it is one entity, rather than a human being, transferring attorney in fact status to another entity, rather than a human being.

  15. carie- foreclosure mill said that your original lender was MERS? MERS never has nor ever will lend any money or collect any payments- that has been established in many many courts. I will go backwards from there with what you posted.
    Did you at any point have any “corrective assignments of mortgage”?

  16. Forgot this part on my 10/27/2010 Notice of Default—which was dated ONE YEAR before the Substitution Of Trustee—which substituted Aztec as Trustee…it says:

    AZTEC FORECLOSURE CORPORATION
    As Trustee, by LSI Title Company, As Agent

    ____(squiggle signature)___________

    Marco Marquez (stamped)

    So—they were a “Trustee” a year BEFORE I got an SOT for them?!?!?

  17. @Ian

    I have everything you mentioned!

    Original “lender” on 2006 re-fi was (now defunct for years), Indymac Bank, FSB. MERS named as “beneficiary”.

    Servicer changes at some point to “IndyMac Mortgage Services, a division of One West Bank, FSB”…My original loan number changes also…

    I then attempted nightmare of HAMP due to sharp income drop—in the process found out about the massive fraud—I pestered unceasingly that the servicer prove ownership and real creditor of promissory note and proof of my payments going to trustee and/or loan in securitized trust. Servicer NEVER answered direct question of ownership of note—just kept saying in writing that my loan was securitized and that they have the right to collect payments and foreclose…”…we are of the opinion we are following all applicable laws…”

    Notice Of Default was recorded by Aztec Foreclosure Corp on October 28, 2010…which says “to find out the amount you must pay, etc…contact (the Deutsche Trustee) C/O Aztec Foreclosure Corp!!! They don’t even give you a chance to contact the purported owner/beneficiary, (which they say in the NOD is MERS, as nominee for IndyMac Bank, FSB—which has been GONE for years)—just a complete run-around!!!

    Then, they finally record an Assignment Of Deed Of Trust on Oct. 28, 2011, which states MERS does hereby “grant, sell, convey,and transfer all beneficial interest under that certain Deed Of Trust…to the Deutsche securitized trust INDX 2006-AR19…together with the Note…”
    Then “squiggle” signature by a certain “David Rodriguez” (robo-signer) as assistant secretary for MERS…

    Then we have the lovely Substitution of Trustee, which states “MERS was was original beneficiary under DOT…and Deutsche Trustee (and says “the undersigned”—but no one from Deutsche is “undersigned”—only an “attorney in fact” for OneWest Bank, FSB is “undersigned”, and OneWest Bank, FSB is only a debt collector) is present beneficiary…
    Then SOT goes on to say “the undersigned beneficiary hereby substitutes Aztec Foreclosure Corp as Trustee of Said Deed Of Trust…”

    The foreclosure mill (in writing) said my original creditor/lender was MERS, and my current creditor/lender was the trustee of the loan trust.

    Then I received a Notice of Trustees Sale dated Oct 26 2011, where Aztec Foreclosure Corp states at one point: “The beneficiary under said Deed Of Trust heretofore executed and delivered to the undersigned a written Declaration of Default and Demand for Sale, and a written Notice of Default and Election to Sell”…

    They are saying the Trustee of the loan trust—Deutsche—is the beneficiary…yet John Gallagher, the official spokesman for Deutsche, in a public statement, said Deutsche has NO BENEFICIAL OWNERSHIP IN ANY OF THE LOANS…

    Do you see how they manipulate the whole thing? Pretending like the trustee is somehow the beneficiary. Yet, if I had wanted to pay off the “loan”, the “payoff check” would be have been made out to OneWest Bank, FSB.

    This is the TOTAL CRAP they use every minute of every day to steal homes.

    So—how can I fight back?

  18. carie- assuming all assignments of mortgage thru which the foreclosing entity gains ownership of the mortgage&DOT/note are fabricated, backdated and forged, what did yours look like? I know it seems like water over the dam, but attys & pro se are reopening judgements based on these requirements with increasing regularity, and overturning the f/c. Just a thought, I have seen hundreds of in-your-face blatant lies by out of business entities, roboforgery, nonexistent notaries, undocumented attestations, years after the cutoff date for the trust, empty mortgage loan schedules in PSAs, phone numbers listed for the ‘trust’ ring at the servicer’s offices, and on and on.
    Fraudulent documents submitted to the courts to deprive someone of property are criminal acts.
    What is in your chain of title?

  19. @Nancy Drewe

    You said “the harm to you happened after the Sheriff/Trustee sale”.

    My sale (in CA) happened on Dec 21 2011.
    My “players” are Indymac/OneWest, Deutsche trust/Trustee of MBS, and Aztec Foreclosure Mill.

    I am moving my family to a rental house.

    What can I DO—right now—to fight back regarding the “harm” you speak of?
    Do I sue the servicer? Do I sue the Foreclosure Mill? The real estate person who’s name is on the Trustee’s Deed?

    What can I do (specifically) to fight back—I want to do SOMETHING for “the cause”, but I don’t have money…

  20. Enraged you understand you can’t have a SHAM when the OCC does not have powers to enforce laws. CONGRESS is the sham. Congress concealled mortgage loans sold in secondary market are unregulated. Closed End Mortgage held by Property Trust and Real Estate Investement Trust Broker of Title insures sale of collection right and agrees to issue in name of SERVICER ANYBANK NA dba Correspondent of Servicer ‘Loan’ to you in exchange for a Sales Contract, your promissory note held in blank pending your coveted default! When you defaul their self-insurance fund each REMIC settles us the short-sale. The harm to you happened after the Sheriff/Trustee Sale. LOOK Back, at the orders – look very carefully at all the orders you were not copied on!

  21. ENRAGED

  22. Pending, Pending, Pending, Pending, Pending, Pending, Pending
    2 Allonges

    (1) Closed End Mortgage
    (1) Forecosure Mortgage
    Both for same amount!
    Both with different Agreement#’s
    Lawyer after Lawyer ignore 2 Allonges — WHY?
    One is for closed end loan and one is for Assignment in Blank pending Settlement purchase of loan from REMIC, settlement of what have become infamous short-sales.

    Special Purpose Company:
    Structured Asset Securities Corp. 2006-WF3
    Mortgage value held: $0.00
    Servicer: Aurora Loan Services
    Custodian:
    Underwriter: Lehman Brothers
    Trustee: US Bank
    Rating Agencies: No Rating Agency
    Credit Enhancement Providers: No Credit Enhancer

  23. Credit unions are a way to go right now, but under your mattress is really safe till after November.

  24. I switched long ago and influenced 14 ( fourteen) others to switch. God bless the Credit unions. Just hope the TBTF don’t buy them out.

  25. […] Filed under: bubble, CDO, CORRUPTION, currency, Eviction, foreclosure, GTC | Honor, Investor, Mortgage, securities fraud Tagged: 60 minutes, affidavits • attesting • Daniel Edstrom • DTC-Systems • fabricating • false information • false sworn documents • foreclose • illicit business practices • improper statements • imp, AHMSI, appraisal fraud, attorney general, auction fraud, Chris Koster, community banks, credit bids, credit unions, DocX Indictment, foreclosure fraud, FORECLOSURE SETTLEMENT, foreclosures, forgery, housing market, housing prices, investors, linda green, LPS, Missouri, mortgage fruad, mortgages, Robo-Signing, settlement, strategic default, Wells Fargo Livinglies’s Weblog […]

  26. Bank of America is happy right now….

    http://mobile.reuters.com/article/idUSTRE81Q20O20120228?irpc=986

  27. @Ahn,

    Put things into perspective please.

    Yes, OCC is a sham. Yes, the AG not-yet-in-writing settlement is a sham. It doesn’t matter. Change will not come from inside out but from outside in. Start focusing on what is happening in the world at large and you’ll see that this is it. TBTF are done for good. Just a question of weeks or months before they collapse.

    See, we are less than 5% of the world population. Our economy has tanked the entire world economies and reactions are being felt everywhere with massive bank and government resignations all over the world. OCC is absolutely nothing in the big scheme of things. Your house is absolutely nothing in the big scheme of things. Stay put. Keep informed. Things are moving. 70 bank and governments resignations so far within one months.

    http://www.facebook.com/TheDivineCosmos/posts/284780624924423

  28. Fraudclosure Settlement is A Scam! How The Feds are working with the banks to scam us all….
    February 27th, 2012 | Author: Matthew D. Weidner, Esq.
    Just add this one to the woodpile.The woodpile of burning kindling that should really get Americans burning…..

    Wells Fargo’s Fraudulent OCC ‘Independent’ Foreclosure Reviews

    Right around the time our Bank Housing Secretary was pitching the OCC reviews as social justice, a person temping for Promontory Compliance Solutions LLC (an affiliate of Promontory Financial Group) on the Wells Fargo OCC “independent” review project was telling Mandelman what a complete charade it was. The insider’s description exposes the reviews as the fraud on the public that they are.

    The full revelations of the temp hired, trained and supervised by Promontory Compliance Solutions, working on the Wells Fargo’s OCC independent foreclosure reviews project, are available as a Mandelman blog post and a Mandelman Podcast. But here’s a few highlights to show how rigged the process is:

    Read more at
    http://mattweidnerlaw.com/blog/2012/02/fraudclosure-settlement-is-a-scam-how-the-feds-are-working-with-the-banks-to-scam-us-all/

  29. We left our small community bank after we moved, we were with them for 15 years, after getting a load of one of the TBTF ‘s we went back to our little community bank, so all in all we have been with them over twenty years never an overdraft fee and personel wonderful customer service. Will never do that again!!!! We also bought a safe and only use the bank to pay bills. Thank goodness my husband works in the same neighborhood as our bank for deposits.

  30. I’ve been advocating leaving big banks and stopping all payments of debts (alleged) and mortgages until they collapse and we can get our trillions back. Then, se’ll see much clearer as to whom to pay and how much.

  31. Very happy to see this, hope many other will do the same, I divorced them years back when my mortgage problems became too big to bear and not by my doings, Good luck all who do you will not be disappointed, please do not feed the beast as you will get bitten

  32. Deutsche Bank Americas CEO Seth Waugh To Resign – Quick Facts

    (RTTNews.com) – Deutsche Bank AG (DB) announced that Seth Waugh has decided to step down as Chief Executive Officer of Deutsche Bank Americas. The company said a successor will be identified in due course.

    Deutsche Bank noted that Waugh will remain as Chief Executive Officer through the selection and transition process. He will then continue to serve the bank in an advisory capacity.

    Waugh has been Chief Executive Officer of the region since April 2000.

    For comments and feedback: contact editorial@rttnews.com

    http://www.rttnews.com

  33. The entire board (11 members) of Olympus has resigned today amid financial scandal and ill-gotten gains.

    http://www.mcall.com/business/sns-ap-as-japan-olympus,0,3080473.story

    Clean-up continues…

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