People retain faith in banks, query finds

People are passionate about their banks. They love them or hate them.

Most were pleased with their banks, according to responses to a query from the Richmond Times-Dispatch posed to readers about whether they had confidence in their banks. The question drew dozens of responses via e-mail and telephone calls.

Many were small-business owners who were grateful that their banks believed in them and what they were doing.

Dave McCormack said he approached 15 big banks to help finance a $14 million renovation project in Petersburg, converting a building in the historic part of town into apartments.

"All of them declined until someone finally suggested I go to Bank of McKenney. . . . That was about nine years ago, and I can tell you that building made both of us a lot of money. The loan helped me get started as real estate investor, but more importantly it helped me establish credibility."

Others were quick to point to the personal attention from their hometown bankers.

"I am 26 years old and have two piddly accounts at Chesapeake Bank," Kisa O'Brien wrote in an e-mail. "Yet by the way they treat me when I visit the Irvington branch, you would think I have 10 substantial accounts with them."

Some were less than complimentary.

Bob Philbrook from Farmville said he lost confidence in his bank, one of the nation's largest, since it received billions of dollars in bailout money after making bad business decisions. Plus, the top executive walked away with a multimillion-dollar severance package.

Sue Smith from Hanover County said she may switch to another financial institution, after her big bank suspended her home equity line of credit and discontinued her personal banker relationship.

"I'm wondering how many other customers got these same form letters with bogus reasons . . . other than the fact that [the bank] is having difficulty staying solvent in this economy," she wrote in an e-mail.

Linda Viglietti from Chesterfield County was irate because her bank raised the rate on her credit card to 30 percent when she was late making a payment.

Yet the bank was bailed out when it got in financial trouble, she said. "If the government is helping [the bank], why isn't [the bank] helping its customers?"

Here are edited excerpts from what others had to say:

Contact Carol Hazard at (804) 775-8023 or .