Why does my little credit union have better online banking than Sovereign Bank?
My main bank is a small credit union with about half a dozen branches. I also bank with Sovereign.
When I make a transfer from savings to checking online at the credit union it happens instantly. The same transaction through sovereign takes 24 hours.
Using online bill pay at the credit union the amount is deducted from my balance when I authorize the billpay. I like that alot because the money really isn’t available after I authorize a payment so why show it? Sovereign waits for the payment to clear before deducting it from my available balance. Are they hoping customers trip up so they can charge them fees?
How can a such a small bank have online banking that is a class above a national bank like Sovereign?
Tagged with: Billpay • Main Bank • Online Banking
Filed under: Online Banking
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Smaller banks or credit unions for that matter or more about people than the money. I have an account with Wells Fargo and with a local credit union. My bill pay feature is free with my credit union and Wells Fargo charges for bill pay. When I authorize bill pay with my credit union it is taken out of my account immediately also. When I talked to Wells Fargo they said it can take a few days to come out. Just as I said in the beginning, smaller banks are geared toward the customer’s happiness and ease of use rather than the bigger banks. And since we are “owners” per say in a credit union we have better perks and rewards than bigger banks do.
I have two banks.
One of them is Suntrust and they are JERKS.
They hold on to direct deposits for days without clearing them.
I have another bank, things happen in front of my eyes. I can see the time of day a transfer of money comes in from my Suntrust account.
Some banks are trying to squeeze the blood out of every penny and fee people to death. I use them for convenience – but that’s it.
Suntrust has got to be the worst out there – no one else could hold on to direct deposits for that long. My other bank used to show the direct deposit PENDING the day BEFORE it was due.
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It is because they have discovered, and practice, the most important area in business. Do you want to increase your profits? Build a reputation for solid Customer Service!
No other single thing in business is as important!
As your experience suggests, bigger does not mean better when it comes to financial institutions.
Big companies have economies of scale and volume going for them, while smaller organizations are able to change faster and provide more personalized service.
In addition, your example of superior service from a smaller credit union demonstrates the idea that people shouldn’t pre-judge organizations based on size.
Hope this helps. Good luck!