Dear Patelco, You and I have been together a long time. Over fifteen years! I have nostalgic feelings for you. I know you so well. I haven't had to deprive you of my warm wallet to make a gadget purchase in years. So etched in my brain are your sixteen rhythmic digits.
I took pride in my loyalty to you. I felt special knowing that not just anyone could be a part of you. You were not just a bank and I was not just a customer. No, you were a credit union, and I was a member. I belonged to you. I was special and we both know why: because 15 years ago I was once part of Pacific Bell or a company that had an arrangement with you.
And yet I was not an ordinary member. I was, literally, a "loyal household" member. I believe this entitled me to a twenty-five basis point reduction in interest rates. I thought, "stay close, Patelco! Someday I might need that boost!" But my credit was true, and my need for your generous gift never did arise.
And, I confess, my heart wandered... over to bankrate.com, that sweltering orgy of mortgages, CDs and, yes, other credit cards. It showed that there were others out there, willing to give me even better rates, should I ever need them in some future, dark moment of fiscal difficulty.
But, Patelco, that is not the reason for my discontent. The truth is, it's not you, Patelco, it's me. We've grown apart.
When we first met I was satisfied transcribing your transaction information into Quicken. When you offered a way of downloading transactions online via QIF files, I was there, first in line. It was quirky and error-prone, but better than manual data entry. All I had to do was spend ten minutes providing categories for each of your transactions. Those were crazy, exciting times.
But then my other credit cards -- yes, there were others -- started giving me more. They gave me direct connection from within Quicken, so downloads happen in one step! They were smart enough not to blindly duplicate transactions if I overlap dates. They knew which accounts the transactions belong to, so I don't have to tell them. They even assigned reasonable categories for me automatically, saving me a lot of tedium.
Patelco, you need to know that this has been going on for years. Look around: QIF is way out of style. I am busier these days, and I just don't have the time to spend with you categorizing transactions.
(Yes, things are on the rocks with Quicken. But that is my business. Please don't change the subject.)
Don't get me wrong, Patelco, you've been faithful to me, and I appreciate it. You've given me 1% back on every dollar I charged to you over the years. For that I thank you.
But then there are the fees. Late fees? I am sorry I am not that kind of man.
You blame me for being late. But let's be fair, you had a part to play in this too. I want to give you your full balance every month. "Just take it" I said to your customer service reps, "Take the right amount every month so I don't have to deal with it." But you refused to just take it. It's as if you have some weird control issues. You like making me come to you every month, don't you? And yes, I am human, and sometimes I am bound to forget. BOOM, you never fail to smack me with late fees. After all we've been through!!
Well I have a news flash for you, Patelco: You may not be that type of financial institution to take my money automatically, but there are plenty of others who are. Smack on time, month after month. No complaining. It's been going on for years and yes we're both VERY satisfied. It's a low-maintenance relationship and I need that at this stage of my life.
And Patelco? I don't mean to kick you when you are down, but the other bank websites just look and feel better. Even frumpy Washington Mutual had some work done recently and suddenly it looks five years younger.
The truth is, you are getting older. Patelco, it's time to look inwards and ask what YOU should be doing to attract people like me.
I am sorry, my mind is made up. After fifteen years it is time for us to make a clean break and move on.
Good luck, Patelco. Thank you for the good memories. I hope you can grow through this experience and become a better credit union for your other members.
Best wishes,
- Philip
I've been a member for over 10 years too. I can download my credit card and checking right into Quicken; I also have done it with Money, works like a champ.
It is true if you don't have enough in your checking account the transfer to your credit card doesn't work. But, I've also had my accounts transferred automatically for a long time too.
Late fees? Washington Mutual charged me $29. for being one day late, what a rip off!