Hello Credit Union! Goodbye Wells Fargo!

January 10, 2010 at 9:41 am (bank) (, , )

Well, I did the deed. This past Friday I went down and opened up a new checking/savings account with Boeing Employees Credit Union. While I am not an employee of Boeing nor have I ever been (though I do have a shirt with their name on it!), I can join since they are open to all WA state residents.

I obviously have good credit, since I was pre-approved for a $5K line of credit (which I accepted) and received the lowest rate possible for the loan, 8.9%. I don’t currently need it, nor do I expect to use it, but I want it just in case Wells Fargo gets mad at me for leaving them and decides to change the terms of my business loan, once it rolls over from an SBA to a business line of credit next summer. Now that WF has promised me the same terms (5% for up to a $30K balance), I don’t feel tied to them anymore, and I am starting the process to leave and go somewhere better.

I expect I can begin using the BECU checking account as my primary account by the end of the month, once I get checks (which are needed to pay my rent). I’ve already set up my emergency fund and my 5 mini funds as separate savings accounts: kitten fund (for vet bills), vehicle fund (for car repairs), health (for larger health expenses like dental stuff that isn’t covered by health insurance), xmas (self explanatory), and clothes (since it’s hard to stay under $70 within one shopping trip, if I need to buy something). This makes me really happy. Now I don’t have to keep several wads of cash at home, or have one big lump sum in the bank. I can have it separated out and saved separately (and it will be easy to transfer it to my checking account when I need to pay for something).

Now all I have to do is add all my utilities, etc, for the bills that I pay. I haven’t really ever done this before! I tried bill pay once, early on when it first started and it was an absolute disaster. I couldn’t locate any of the main local utilities, so I gave up and cancelled and have avoided it since. It is many many years later now and I’m sure the process is much simpler, so I’m going to give it a try, especially since they pretty much require it.

They also offer very good deals on their accounts – they have 6% interest for the first $500 in both checking and your primary savings accounts. They have a branch very close to where I work, and just a mile from where I live, which makes it more convenient than my old bank.

Yeah, I am pleased to be supporting a local business rather than a big national corporation. “Buy local” indeed!

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4 Comments

  1. graduateofenglish said,

    Probably completely unrelated, but I want to know where you got your Debt Stats monitor from. I could really use something like that for my blog, desktop… other electronic devices. I think it’d be great to see how much I owe and how much I’ve paid off.

  2. debtmaven said,

    Graduate, do you mean those color bars showing my debt progress? Those are html text that I “borrowed” from another blog and modified to fit this one. To steal the code yourself, go to the view tab at the top of your browser then view the source. You’ll find it eventually, or do a search for a phrase, like SBA and you’ll find the exact location. It needs to be in a webpage for it to work, since it is html coding. I chose different colors for the progress, that #66cc99 listing for example (in photoshop, choose web colors only and you’ll get a list of colors, or look on web tutorials for a chart of the 256 colors available). I then manually adjust the percentage every month that I change the paid off amounts and recalculate it. Since the “width” is 170 pixels (72 pixels per inch display on webpages), you have to then calculate the percentage to be out of 170 (or whatever width you give it) instead of 100.

    If you meant something different you’ll have to explain further.

    If you want to have it on your desktop, you can always use excel and do bar charts or pie charts (they all have that functionality). Good luck with your progress!!!

  3. the Dad said,

    Wow, Effie Berry… that’s is some really great spam! LOL

    Congrats on the CU, DebtMaven! Let us know if you still love it down the line. We are going that way ourselves.

  4. debtmaven said,

    Dad: I was on the fence about Effie… it is a pretty good spam, gourmet in fact! But I should eat less processed food…

    God idea, I’ll definitely have to do a followup!

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