Mr Potter Wasn't All Bad

I had a standing loan with WaMu for about 10 years. They put our daughter thru college, and helped us pay for things when DH got injured. WaMu was probably the best group I had ever worked with as far as responsive and helpful loan companies.

It all started with a chair for DH's birthday. Most furniture companies don't finance purchases, they farm them out, and we were farmed out to WaMu. We got the loan without a problem, but th furniture company refused to come up with the chair. We went round and round with them for 6 weeks. I finally went down to the WaMu office and spoke to Carol, the loan officer. Within 48 hours, all of our money was repaid and we went elsewhere to buy the chair, with WaMu's hearty agreement. The furniture company went bankrupt, but we hung with WaMu, expanding a $600 loan over time to $4000. We made payments and they made loans; it was simple and direct, the people were friendly and understood money. When we finally paid them out last year, 2 years after our daughter's graduation, it was like we were losing old friends.

We've been customers of BOA for over 27 years, if you count the buyouts of the banks we belonged to - C&S, etc, that gradually became a part of the BOA chain. (New tellers were always stunned to see all of the leading zeros at the start of our account numbers - "Wow, this is a really old account!") They finally acquiesced to refinancing our home 5 years ago, during the big rush, which lowered our payments and put some money in the account for us. BOA even took up our car loans, and were persnickety about on-time payments - not friends, like WaMu, but professionals who sent reminder letters out 10 days ahead of time. Dealing with them was not as friendly as WaMu, but they were far more knowledgeable about money matters, and when DH was hurt, found ways to keep our accounts current. We were quite happy to pay them off and own our cars. They didn't aggravate us or anything - it was just a joy to own our things. Unlike some banks and loan institutions, BOA doesn't charge for an early payoff.

We got used to the professionalism at BOA and were sorry to have to change for our operations out West, but the closest BOA is 600 miles from us. We still keep three accounts open with them, one a small-limit credit card. While the bank here is as friendly and fun as the WaMu folk, they lack the financial grasp of products and their uses as had the folks at BOA. Now I watch BOA use their market savvy once again, to buy out Merrill. (I sneer quietly - Merrill and I had a falling out 20 years ago, and I have watched their young-pup money-grubbing antics, and their wild-eyed enthusiasm for questionable market deals, all this time, waiting for the axe to fall.)

BOA reminds me of Mr Potter in "It's a Wonderful Life" - good market savvy, and following the aphorism, "Don't buy until blood is running in the streets". You may not have liked Mr Potter, or indeed BOA, but their financial savvy cannot be denied; they'd rather deal in money than in confiscated property, etc. And being a customer of theirs for so many years, being able to compare them with other banks and loan institutions, one can see how and why things are happening the way that they are. Unfortunately for those of a Kenyesian mindset, those who base their market dealings on steadily increasing returns rather than friendship - in spite of all of the happy happy joy joy friendly helpful fantasies of the George Baileys of this world - are the ones who survive, even prosper, in fiscal crises.