Well I'm glad I discovered Navy Federal Credit Union here. I burned bridges with Chase and Wells Fargo during a divorce 7 years ago. I started banking with Chase and left Wells Fargo a couple years ago in protest due to that scandal they had with bank reps opening up accounts for customers without their consent, even though I wasn't one of the ones affected. I wanted a different bank with with a very good national footprint in the USA. I've been happy with them but I now in learning this, not only will I not bother looking for any credit from Wells or Chase indefinitely, I just opened an account an B of A sort of as a hedge in case I get their nice Premier Rewards card at some point and decide to move off of Chase to simplify. I do business banking with B of A (not my choice) and the thing I don't like about them is they are fee happy -- they charge $1 to do a 3-day ACH transfer, purposely delaying the transfer so they can charge $5 for next business day transfer when we all know that an ACH transfer happens over night on business days. Chase doesn't do this.
Being like most people, I rarely have to ever go into a branch or use an ATM nowadays so NFCU will probably be my primary FI for lending products from now on. I would imagine it would be very very rare that any of the mainstream, greedy financial institutions would offer better loan terms than NFCU. Sorry, getting off on a tangent a bit here.
I've learned so much on this board. I always thought, aside from bankruptcy, after 7 years you get a "fresh start." People should take heed about this information and if their backs are against the wall, they should consider this long-term consequence if they have a choice between which bank relationships they are going to end up with some negative history.
