Losing Faith in Banks

Two of my banks go under, two of my credit cards comprimised. I’m quickly losing faith.

I have two banks. One is a credit union that was based in Fort Collins with whom I had been a member since 1988. It’s name was Norlarco but is no more because it died and was merged with another Denver-based credit union. From what I hear, Norlarco’s board allowed someone to make risky investments in Miami property and that essentially killed it. (Ironically, when I was wanting to buy a home in Los Angeles they told me they couldn’t help me unless it was in Colorado. I guess I didn’t grease enough palms!) The biggest pain has been changing my checks and all of the settings for all my various auto-payments, from utilities to Netflix. Ugh.

Last year I opened an account at Washington Mutual because I neede the convenience of a local bank here in New York. As everyone knows, that died and got sold to JPMorganChase.

Now my drama continues with credit cards. I was notified last month by my credit union that due to an internal security breach all their debit cards were comprimised and would have to be replaced. New card just showed up in the mail. New PIN for me to memorize.

Last night I just got an e-mail from USAA (a credit card issuer) stating that there’s been a security breach, and they are going to have to replace my credit card.

This is crazy! I’m just about ready to start stuffing money into my mattress!

Author: Murray Todd Williams

I live in Austin, Texas. I'm enthusiastic about food, wine, programming (especially Scala), tennis and politics. I've worked for Accenture for over 12 years where I'm a Product Manager for suite of analytical business applications.

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