Move Your Money – Good Idea or Latest Fad?

This movement seems to be catching on.   There is a link in the article to check the banks in your zip code.  What are your thoughts about this movement’s chance of success?  Will it make a difference or are they just Don Quixote chasing those windmills?

Lilacluvr

http://www.huffingtonpost.com/2010/01/07/move-your-money-movement_n_415326.html

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7 Comments

Filed under Community Organizing, Economics

7 responses to “Move Your Money – Good Idea or Latest Fad?

  1. Don Quixote, in the long run.

    Here’s the rub; banking isn’t a localized endeavor any longer. While there are many “community banks” around, one needs to investigate which institutions are used by the local banks to facilitate inter-state and international transactions. For businesses, there are further issues surrounding correspondent banks for things such as large loans, clearing transactions, etc. which cannot be totally or efficiently handled by community banks. This means, imho, the “bailed out” banks will still be making money from various transactions that most of us, including me, don’t fully know about nor understand.

    • Zippy

      A helpful if depressing tip.

      Makes me think of all those “corporate headquarters” housed in a single building in the Caymans.

      But to the extent there are genuine small community banks run by George Bailey in New Bedford Falls, yeah, I think they should be patronized.

  2. The above further does not take into account the ability of mega-banks to buy smaller banks in areas where the mega-banks want/need a presence.

  3. lillacluvr

    The only thing I can see beneficial might be a wake up call to the ‘too big to fail banks’ in that they are losing customers.

    And that will only be beneficial if alot of their customers are pulling out. Otherwise, they really don’t care – that is why they are so big.

  4. Griffin and I are of an age where we want to retire — a goal I’ve met and he hasn’t YET. So, we’re pretty careful. Well, the other fact is you can’t do much with our little. 🙂

    We bought a car a couple of years ago and for us that’s a biggie. We don’t get cars often and then we drive the wheels off before getting another.

    This car was used, bought at CarMax and we did the loan they offered that Saturday and then went to the Credit Union where we bank the following Monday to ask what they could offer. They could offer us — regular customers of many years — a lot better, like 3 percentage points lower on the interest rate!

    Since we were within that “3 days” required by law, we made a loan there where we were known and canceled the one at CarMax.

    We know some people at the Credit Union, and they know us. So it’s a place we do the little business we do. But I think the key here is LITTLE. We don’t have enough to worry about where we keep it. 😦

  5. The one thing I would recommend to those who want to “move their money” is to carefully review the annual reports of the bank(s) moved from and the bank(s) moved to. Take a good luck at the income sources in particular; it is very interesting.

  6. wicked

    I already bank at Cheers. Uh, I mean a small bank where everybody knows my name. Years and years ago when I was just out of high school, I had an account at 4th National. Remember that bank? It didn’t last long. Their check writing fee took too much of my money in 10 cent increments. I went to small banks and am still perfectly happy to stay with one, even though another had failed while we banked there. I guess you could say I’ve already moved my money, just years and years in advance. 🙂

    I took a bag of coins to my bank one day a couple of years ago, and a few hours later I got a phone call that they wanted me to come back because some of the coins might be worth more than face value. They sent me down to a nearby coin shop where I quadrupled my money. Would Intrust do that?