Banking Local????

[Alicia Leonard]

I ran across this video and link about banking local and shifting money as a nationwide movement from the large four who gave the huge bailout bonuses to small local institutions.

My bank is already on the list and I am happy with my service, although, I am thinking about adding a saving account at the local credit union.

I like the idea, and the originators consider it a non-partisan way to send a message to the big banks, even though they are considered liberals, politically, they are also dissatisfied tax-payers.

We always discuss how buying local impacts our community. How does banking local impact our community and is it something we should strive to do if possible?

Video and link:
Move Your Money



[ame="http://www.youtube.com/watch?v=Icqrx0OimSs&feature=player_embedded"]YouTube- MOVE YOUR MONEY[/ame]

 

[LuciferSam]

It depends. Savings rates suck everywhere right now. A couple of years ago though some of the big online banks were paying over 5.00% interest. I don't know of any local banks that even came close at the time, so back then the answer was pretty simple. Now I'm not so sure.

 

[Susan Horn]

I've been banking with small locally or regionally owned banks almost exclusively for my entire life, and it's because of the accountability and personal service that are not available with bigger banks. Same reasons I shop with locals/mom and pops as much as possible. Better service and accountability that you simply don't get when there are absentee investor-owners reaping the profits.

I suspect there is a similar multiplier effect at work when you bank locally as when you shop locally. Coupla sowallers I know have done some research about the local economy thing... maybe they will chime in with details.

 

[Lynnie]

I have banked with the same bank since I was 16, First National Bank of Atlanta. I am moving as it has now become Wells Fargo.....too big. Going with a credit union since so many smaller regional banks here have gone bust.

 

[beachmouse]

There are a couple of local credit unions that are generally quite good- the ones that started out military had to compete with the well-regarded USAA and it shows.

 

[LuciferSam]

I've been banking with small locally or regionally owned banks almost exclusively for my entire life, and it's because of the accountability and personal service that are not available with bigger banks. Same reasons I shop with locals/mom and pops as much as possible. Better service and accountability that you simply don't get when there are absentee investor-owners reaping the profits.

I suspect there is a similar multiplier effect at work when you bank locally as when you shop locally. Coupla sowallers I know have done some research about the local economy thing... maybe they will chime in with details.

That's funny, I don't recall the last time I even set foot inside a bank or even my credit union for that matter.

 

[LuciferSam]

Actually it's probably a good idea to have several accounts with some kind of online linkage so you can move things around as necessary. I would not necessarily dump the big bank. They may offer unbeatable rates one day that your credit union can't match. A couple of years ago when my big online bank was offering 5.05, my credit union was offering a paltry .9%. In fact, the credit union rate on CDs was about 3%.

 

[Andy A]

Credit Unions, to our family, are the way to go. LS is right about the interest rates paid but the overall service is great. I belong to two and one is the Army Aviation Federal Credit Union which is open for all residents of Walton County to join. There are many benefits to a credit union. It is worth your time to check them out. I haven't used a bank in over twenty years.

 

[30ashopper]

That's funny, I don't recall the last time I even set foot inside a bank or even my credit union for that matter.

Online banking - who needs the actual bank? I don't know of any regionals that support good online services. I have visited occasionally, for a home loan in 2001, and to visit my safety deposit box, but rarely do I do any real banking at a physical bank.

Generally though, be careful who you ostracize, a number of the larger banks/investment firms were forced by the FED to take money they didn't need it in order to provide cover for those that did.

 

[Alicia Leonard]

Online banking - who needs the actual bank? I don't know of any regionals that support good online services. I have visited occasionally, for a home loan in 2001, and to visit my safety deposit box, but rarely do I do any real banking at a physical bank.

Generally though, be careful who you ostracize, a number of the larger banks/investment firms were forced by the FED to take money they didn't need it in order to provide cover for those that did.

Thanks. I was hoping you would chime in. My thanks button is out, but I'll catch up with you later