Move Your Money Movement
 

There's a push afloat to get people to move their money from the Big Four to community banks and credit unions. What do you think?

Lots of people think that it's a good idea, but don't want to be bothered with the work required to move an account. Others seem to think that having a branch and ATM on every corner is important. With direct deposit available to so many and pretty much every place one walks in to willing to give cash back on an ATM purchase, I'm curious to know why it is that folks need to have constant and instant access to their bank. It makes sense if you have a business and need to make regular deposits, or your paycheck has to be manually deposited every Friday, but that's not most folks.

Move Your Money

linkyloo to Huffington article

I haven't had a checking or savings account with any of the Big Four since about 1995. Two of them pissed me off so much that I won't even accept their credit card offers. I'm stuck dealing with one (for now) because it gobbled up the regional bank that held my mortgage and one credit card. I have to go to my brick and mortar bank 3-4 times a year, and my online bank has more free ATM sites within 5 miles of my house than any of the Big Four.

Great thread!!! Thanks MsDemeanor!!

I am huge fan of localizing money!! This is a great way to do it!!

I am also researching nurture capitalism, natural capitalism, and Slow Money Principles.

I don't think this is derailing because these things go hand and hand with the concept you posted. Here are some links to be interested in.

http://www.slowmoneyalliance.org/

http://www.chelseagreen.com/content/...re-capitalism/

http://www.natcapsolutions.org/

http://www.natcap.org/sitepages/pid5.php

I moved my $ from Washington Mutual (now known as Chase) to a local credit union about 6 years ago. WaMU was messing around with my money and charging me fees upon fees. I changed to the credit union and haven't looked back since. I heart my bank now.

Hadn't heard about the Move Your Money Movement, but I think I will read more about it! :)

~cara

Credit unions are wonderful. I love my credit union. It isn't that hard to change. I did not know about this movement but I think it is a great idea.

I just made it up.


:happyjump:

I love it when You go all CommandoCreative on us.....that's hawt.

:pendulum:

I have been with the same local bank since (well, whatever age it was my father took me as a kid).

I have my checking and regular savings there. The only credit card I have is through this bank. I have used my local credit union for my car loans.

My mortgage is through Wells Fargo.

My non 403(b) investments (Roth Ira, rollover IRA) are in Vanguard. Vanguard is essentially client owned and the fees (which are the lowest around) are pretty close to what it costs to manage the funds.

My community bank doesn't really offer much in the way of investing. If it did, I would go with it.

Recently, my bank was taken over by a larger comapny (not one of the "big" ones, though). 750 of the 3,000 employees were let go. The people that were let go were evidently those who worked in the local branches. The folks who weren't in the day to day banking were kept as supposedly the reason why this bank wanted to take over my bank was b/c they weren't good at x, y, z (but of course they were good at the day to day stuff, so the branch people were let go!). The bank has been around for many years. Many folks have been there for 30 years. It is sad.

(I didn't see this thread until today!)

I love our credit union. Spoke to them today about refinancing our mortgage through them.

Andrea