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As a US expat I'm on the fence as to whether to close accounts when they mess up (or comply more than needed) with these processes imposed on them by a state th

by yayana 8y ago

As a US expat I'm on the fence as to whether to close accounts when they mess up (or comply more than needed) with these processes imposed on them by a state that is a domestic abuser and considers me its property.. On the one hand, I would want to not do business with an institution that makes things even more unsavory, on the other hand, most foreign institutions don't actually want "US person" customers and benefit from less paperwork and risk if they convince US citizens to go to another one.. Ultimately, I think too much focus on the finance institutions is wrong. These laws are absurd invasions of everyone's rights under a bizarre premise that the US can make us all do it's foreign policy and enforce its bizarre law enforcement plans as unwilling deputies. I don't really see a positive future while any one of the superpowers continues to exist. Personally, I don't think a reform eliminating their special status in the UN would be much, but it would be the first message in a new path.

Spooky23 8y ago
I only ask because I used to do business with BoA after a series of banks that I did business with were acquired by them. They were a truly awful company, and seemed to systematically apply policy in such a way to maximize customer harm. I now use a credit union, and the customer experience is dramatically better. Other than fee-free ATM access, there is literally no downside. I addressed the ATM issue by adding a checking account to my brokerage relationship strictly for cash purposes.
- yayana 8y ago
  I avoided them when I was in the US since the bank that can extract the most value is clearly going to be a winner in buyouts and the worst option for consumers.. But I would assume this is another policy of maximizing customer harm that is in their best interest given the policies they are supposed to adhere to and expected costs and profits. The more accounts they frivolously close (or get closed by outrageous behavior) in the right demographics, the less likely and less severe any fine or get well plan is that is imposed for non-compliance for say an Iranian national that leaves and let's their US green card lapse.
- dv_dt 8y ago
  My credit union refunds x number of out of network ATM accesses a month, and networks with other credit unions to share both withdraw and deposit with no fees in the first place within that cooperative network. But between credit cards and bank-app deposits, I think my average monthly ATM visits is zero anyway.

by yayana 8y ago

Spooky23 8y ago

I only ask because I used to do business with BoA after a series of banks that I did business with were acquired by them. They were a truly awful company, and seemed to systematically apply policy in such a way to maximize customer harm. I now use a credit union, and the customer experience is dramatically better. Other than fee-free ATM access, there is literally no downside. I addressed the ATM issue by adding a checking account to my brokerage relationship strictly for cash purposes.

yayana 8y ago
I avoided them when I was in the US since the bank that can extract the most value is clearly going to be a winner in buyouts and the worst option for consumers.. But I would assume this is another policy of maximizing customer harm that is in their best interest given the policies they are supposed to adhere to and expected costs and profits. The more accounts they frivolously close (or get closed by outrageous behavior) in the right demographics, the less likely and less severe any fine or get well plan is that is imposed for non-compliance for say an Iranian national that leaves and let's their US green card lapse.
dv_dt 8y ago
My credit union refunds x number of out of network ATM accesses a month, and networks with other credit unions to share both withdraw and deposit with no fees in the first place within that cooperative network. But between credit cards and bank-app deposits, I think my average monthly ATM visits is zero anyway.