Bank of America - Ruining a Good Thing at WaWa's

This is based on a personal experience and is a personal post. It is about both Bank of America and WaWa.


I love WaWa. I am a sucker for innovative businesses that just do things right. WaWa is one of these businesses.

WaWa stays competitive in large part by creating cheap pricing on everyday items. So stuff like cigarettes, coffee, use of the ATM, and gas are priced extremely competitively compared to the surrounding competition whom ever those poor souls may be.

I needed some cash the other day and their is a WaWa located conveniently to my home. I know they don't charge for their ATM use which is a deal that they have worked out with their bank or credit union.

So I checked my balance and then withdrew 20 dollars.

Then a few days later I check my bank statement. I was charged 4.00 dollars by my bank which is Bank of America.

They charged me 4.00 or 20% of what I took from my account.

Think about this WaWa paid for the location and electricity that was needed for this transaction. Their bank supplied the cash, and all of this was provided free of charge to me. Then Bank of America has the nerve to charge 4.00 dollars.

Man that really hurt my finance feelings.

Credit Unions or Banks? Are they the Same? Whats the Difference?

So I was out with a girl the other night. It is our second date. We were talking and some how the term bank and credit union came up. She didn't know the difference.

Know the difference between credit unions and banks. Please.

Well to save the very few others who don't know here is the scoop...




Credit Unions

• Nonprofit Organizations
• Owned by the members (customers)
• Board of Directors call the shots and they are volunters (though nothing is free)
• Profits are driven back into the banks costfunctions and thus yield discounts for the members in the form of lower interest rates, smaller fees, and whatever.

Banks

• For Profit Organizations
• Owned by Shareholders
• Board of Directors call the shots and they are paid. They are paid to make profit for share holders
• Profits are either invested into bank or paid to shareholders

To put all this in perspective...

Banks are generally going to be more innovative, motivated, and hire better talent.

Banks are going to try and take as much money from you as possible with out losing you.

Customers of banks potentially will feel less attached or as motivated to pay up, though these margins are so slight that they may not even matter.

Credit Unions are going to be a little old fashioned and do as it is done and has been done.

Credit unions are going to try and keep rates as low as possible. They want to keep costs down.

Credit Unions will have good people working but these are not gona be the change the world type for the most part.

Members (customers) may potentially have a stronger sense of duty, responsibility, and loyalty.

The Bottom Line Round

Go with a Credit Union over a Bank. Or not what do I care.