Kids and savings accounts and morals, oh my!
Both of our kids have a savings account at Chase, but DH is the official owner because minors can't have bank accounts. He takes each of them in to our local branch a few times a year to deposit their piggy bank money and checks from grandparents, and he has fond memories of doing the same with his grandpa, who would pull out his wallet & match, right then & there, whatever DH was depositing. DH doesn't do that, but he loves the memory! We no longer want to support Chase (see a couple of articles below) and are going to move his money to the credit union I belong to. And then DH was told that the kids' accounts at Chase can't stay open if he has no account there.
Both kids also have a savings account with my credit union but there is no local branch. I have direct deposit, I do most of my banking online, and if I need cash I use my card at the grocery store or at a network ATM. I said, let's just move all the kids' money to their savings accounts at my credit union; when they make a deposit, we can either buy their coins for laundry money and take dollar bills to the network ATM, or keep the cash & transfer money from my checking account to their savings accounts. We can even show them online as we do the transfer. The alternative is to keep a balance of at least $300 in DH's savings account at Chase, which defeats the purpose of trying to escape from Chase in the first place!
What would you do? Is it more important to kids to be able to walk into a bank and deposit their money with a real teller and get a receipt for it, or is it more important to take all of our money out of a financial institution that we can not in good conscience support?
JPMorgan Chase's 11 Biggest Problems
JPMorgan Chase Faces Full-Court Press of Federal Investigations - NYTimes.com