As I document my financial journey, I must mention that I’m switching banks. When I was in college, my mom opened an account for me at the Alabama Credit Union because they had some special running for new students at UA. Throughout college, I used them and it was fine and great and good.
When I moved home to New Orleans post-graduation, I tried to continue using the AlabamaCU, but they were putting holds on the checks I deposited, because I was out of state. I used to share a house with some friends, and I collected the rent and paid our landlord. The credit union held my checks for the max allotted 11 business days after depositing. As you might imagine, this was incredibly inconvenient, since there was no way I could get my roommates to pay me two weeks ahead of time, and no way I would have an extra couple of thousand bucks in my account as a cushion for when the rent was due. Continue reading