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Money Rehab with Nicole Lapin

Should You Dump Your Bank for a Credit Union?

Money Rehab with Nicole Lapin

Money News Network

Education, Self-improvement, Business

4.41.4K Ratings

🗓️ 30 January 2023

⏱️ 9 minutes

🧾️ Download transcript

Summary

And, WTF is a credit union anyway? Nicole reveals all. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

Click on a timestamp to play from that location

0:00.0

I'm Nicole Lapin, the only financial expert you don't need a dictionary to understand.

0:07.0

It's time for some money rehab.

0:15.8

Having an issue with your bank can be so unsettling to say the least.

0:19.8

Money is stressful enough without having to worry that your bank, the place where your

0:24.2

money is supposed to be safe, is going to disappear your money.

0:29.1

So real, the call is coming from inside the house situation.

0:33.1

And that's exactly what happened to Bank of America customers recently.

0:36.5

Earlier this month, the customers woke up to discover that money was missing from their

0:40.7

accounts.

0:41.8

For some people, this missing money even led to bigger problems, like accidentally overdrafting

0:47.7

when they should have had enough money to cover their spending.

0:51.1

Or for others, the missing money resulted in a negative balance account, with some reporting

0:55.6

that they were in the red by thousands of dollars.

0:58.6

Many of these customers ended up complaining on Twitter because the call center was no

1:03.4

help.

1:04.4

As one customer tweeted, when they tried to call Bank of America, the lines were so overwhelmed

1:09.5

that people were being hung up on, even calling their local branch or going there in person

1:15.2

didn't resolve the issue for many customers.

1:18.0

The problem was ultimately resolved fairly and people got their money back.

1:22.4

But that isn't always the case.

1:24.6

Take Wells Fargo, for example.

1:26.5

In December of last year, Wells Fargo was fined 1.7 billion, yes, with a B dollars, for

...

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