Capital One merged Chevy Chase Bank into its charter July 30^th and plans to begin converting Chevy Chase to Capital One Bank in the second half of next year. Chevy Chase Bank locations in Bethesda, Hagerstown, Laurel and Rockville will close Dec. 19, 2009. Branches in Waldorf and Bethesda are scheduled to be closed Jan. 9, 2010.

According to deposit figures released by the FDIC on June 30th, Charlotte, N.C.-based Bank of America saw a surge in local deposits and overshot Wachovia Bank, which lost deposits, to become the area’s largest bank. Bank of America’s increase was driven by growth in its retail banking business. The figures are from the FDIC’s annual survey of each branch. McLean-based Chevy Chase Bank also gained ground with deposits, surpassing Atlanta-based Sun Trust Bank to reach third place. Chevy Chase’s figures don’t include deposits held at Capital One Bank, which merged Chevy Chase into its charter after numbers were collected.

Overall, community banks did a little bit better than large banks, taking about 1 percent of local market share from Bank of America, Wachovia, SunTrust, BB, Chevy Chase, Citibank, M&T, PNC, HSBC and TD Bank, which held 80.55 percent of local deposits, down from 81.49 percent a year ago.

 So why am I telling you this? Remember my scenario of last month, what the Capital One manager said about not being able to make any adjustments in my favor because of the economy and consequent defaults which gravely effected their bottom line? Well, their bottom line was huge in the black. Don’t take my word for it, get evidence of their earnings straight from Capital One! Goodbye Capital One, there’s something new in my wallet. Hello Community Banks!

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Ryan Schneider, president of Capital One Financial, stated in a letter to Rep. Betsy Markey, he will not raise rates as she requested after she had drafted a letter signed by 17 members of Congress. They continue to raise rates in New York, but slyly, through the practice of imposing annual fees that were waived in prior years for their customers in good standing. When annual fees are challenged, they point to the economy and their credit card losses. How ironic and arrogant.

How do I know this? I personally called Capital One on October 27^th and had a major discussion with an account manager about raising interest rates and annual fees. He diplomatically explained to me the business of business: profit; and how their profits had been grossly and negatively affected by current consumer default and late payments (America will see the truth of that at the end of the quarter).

I’m no Ann Minch aka Rockerchic4God, but the silent retort in my head was “Capital One, are you stupid?” My argument was simply that if Capital One or any other bank continually raises interest rates and tacks on or reinstates annual fees, you will continually have credit card default and late payments. I further explained that it makes sense to do for their customers what the Administration did for them. Of course they are not in the business of making sense, so no resolve.

On the evening of October 28^th when I contemplated contacting Suze Orman (since she had Ann Minch on her show), guess who calls me for a chat? Capital One! I was elated! I thought, hey they considered our conversation and they’ll drop the annual fee and return my interest rate to 6.17%. Nope. That makes too much sense. It was a survey. A survey? Yep. A survey to zero in on the issue and the customer service rendered. They asked questions to which I was to answer; but they already knew the answers. I was to rate the answers. Just taking up my time. More arrogance! Let us think credit unions and community banks…

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It’s an advance against credit card sales. You can be funded in as little as 10 days after the required paperwork is processed. The secret is to show that your business accepts credit card payments and that you have at least $2,500. to $3,500. per month in sales with the last 4-6 consecutive months of Visa/MC statements. In most cases the application consists of a single page.

Fico Scores/Reports. If your credit score is not what you had hoped, we recommend reading Rich Dad’s Advisors®, both available at Amazon.com.

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