Banking Local????

[ShallowsNole]

We bank locally, at two different banks, plus also at Eglin Federal Credit Union. We don't have enough in liquid funds to utilize many of the services touted by the big banks. Plus, if we accidentally run out of liquid funds, they call us. They all offer direct deposit and online banking, I pay most of my bills online, though I do visit one of my local branches in order to talk up my Noles with the branch manager.

On the other hand, Bank of America has swallowed up the company with which we are carrying an uncomfortably significant credit card balance PLUS they bought out Countrywide, so BOA carries most of my debt. Would be nice if they stimulated my economy by forgetting about some of it, but noooo...

 

[30ashopper]

We bank locally, at two different banks, plus also at Eglin Federal Credit Union. We don't have enough in liquid funds to utilize many of the services touted by the big banks. Plus, if we accidentally run out of liquid funds, they call us. They all offer direct deposit and online banking, I pay most of my bills online, though I do visit one of my local branches in order to talk up my Noles with the branch manager.

On the other hand, Bank of America has swallowed up the company with which we are carrying an uncomfortably significant credit card balance PLUS they bought out Countrywide, so BOA carries most of my debt. Would be nice if they stimulated my economy by forgetting about some of it, but noooo...

Not really related to your issues, but they did just come out with a brand new cash back rewards Visa this January. 1% on all purchases, 3% for the first six months, and they have this Add It Up rewards program with various retailers, up to 30% cash back on purchases!

https://additup.bankofamerica.com/jsp/01.0-welcome.jsp

 

[Mango]

A friend sent me this Blog " Move Your Money Campaign"and it's also a Fan page on FB.

Thousands of people have pledged to move their money away from the casino-style Too Big To Fail banks and give their money to community banks and credit unions. The media has picked up on the campaign and bloggers have added their two cents — most of them praising the effort, some critical. Read about what people are saying at Time, the Nation, Newsweek, Salon and all around the web. This site was set up as a modest home for the effort. A seed. But the idea will only have an impact if others keep it going from here.

My opinion...I think eventually if enough people move their funds out of big Banks, the credit unions and community Banks will become overwhelmed and not be able to provide the level of service people expect from small town Banking.

 

[scooterbug44]

I think there is quite a bit of leeway before the small banks get bogged down and overloaded - especially given how many transactions do not require a human from the bank.

And if they do get overwhelmed - I am sure they can find someone who needs a job these days!

 

[Teresa]

Tootsie, if you ever need another financial institution, or want to change, I highly recommend the local credit union Army Aviation Center on Mack Bayou Rd.
they are open to all of Walton County. Until I moved to South Walton, I had never had a bank account--used credit unions all the time--since there was no convenient credit union when I moved here, I had to open a bank account; but kept my account in the credit union in Tallahassee and once the AA opened a convenient office, I opened an account. They do all the things you listed and more...and they definitely know your name. Rates are usually better too on almost everything.

thanks GW. I have used credit unions in the past and certainly enjoyed the experience. but since I do 100% everything online - I have not found a local bank that truly allows for all I need (they offer online services but they are almost always limited in ways that are really important to personal and business accounts), unless it was a larger institution. and in my experience in SoWal, the larger institution doesn't matter because the local office knows me and my needs well. they are always responsive and go out of their way to keep my business. so, for now, I'm very satisfied. but, I know what you are saying and would definitely consider doing business with a credit union in the future. it makes sense to evaluate your situation from time to time, and be willing to make changes that will improve your banking regarding rates, online services, customer service and all the rest!

 

[Here4Good]

Moving money is catching on:

New Mexico State Rep wants to move state's money out of BOA:
KOB.com - New bill would distribute state?s funds into community banks

NYC is moving part of their money into local banks:
Amy Traub: New York City Moves the Money

I've been with a credit union in Atlanta for 15 years, and have absolutely no complaints. Their online banking is quite sophisticated, includes Quicken.

 

[scooterbug44]

Jim Wallis was on the Daily show the other night and had a great quote "They say the banks are too big to fail - so let's make them smaller!"