I had a similar experience (albeit smaller $#’s) with Chase. I’d had a WAMU account which was taken over by Chase. They slowly but surely eliminated all interest and started charging fees. (No grandfathering.) The interest was ridiculously low on our MM account. So low we moved it to the credit union.
The following year we didn’t get a 1099-int. I no longer had online access to get the info since we no longer had accounts there.
They didn’t mail us the 1099.
I called to ask and they said they don’t send them if they paid less than $10 in interest for the year – but that we were still required to report it. That <$10 was the reason I'd changed - same account was getting $30 previously.
Banks are slimy.[/quote]
We also had the WAMU->Chase experience (and no 1099s for accounts with less than $10/year interest). Haven’t changed because we have a number of accounts there and I generally like the customer service. Have contemplated moving to a credit union, but haven’t yet. How do you like the CU compared to Chase WRT interest rates, customer service, etc.?[/quote]
We had CU prior (had both) – but WAMU/Chase was walking distance. It sucks that we now need to get in a car to do banking. (Thank goodness for the new apps that let you do deposits with your phone.)
I’ve always preferred the CU’s customer service. Rates are crappy – but better than what Chase was offering for the same MM account with over $25k. Now we hold cash at schwab since their bank interest rates are better. I can transfer money between schwab and the credit union with no problem.
The customer service at chase was more annoying – they were pleasant – but we had to go in, in person, each month to have them remove a fee they shouldn’t have charged. (We were above the min. balance.) And my husband had an IRA brokerage account that was close to impossible to pull from there. He wanted to open an IRA CD and was talked into this expensive mutual fund. When he wanted to do a trustee to trustee transfer they ignored written requests. My husband had to sit in their lobby and refuse to move till it was transferred. The VP was trying to move him out the door and he kept asking louder and louder why they weren’t doing the trustee to trustee rollover. Finally they did it. (45 minutes of creating a scene before the VP finally made it happen.)
So… customer service on normal transactions were fine – but they were very reluctant to give up IRA brokerage money and it was an epic fail in customer service for that.
