Move Your Money

[daddytodd]

So, Arianna Huffington on The Huffington Post is plugging the idea of moving your accounts out of the big national banks and into smaller, local outfits.

I think this is a great idea, but if you follow it, be prepared to move your money again in a few years when the economy takes another dip, and your local bank is acquired by CitiBank of AmeriChase Fargo, and you find yourself again a customer of EvilBank.

Comments

[daytonward.livejournal.com]

I've been a credit union member pretty much my entire adult life, starting from when I was in the service. I had an account at whatever local credit union supported the base I was stationed at, and then when I went overseas, I opened an account with the Navy Federal Credit Union, and kept that one until I got married and we consolidated our accounts. When I was stationed in KC, I opened an account with what was then called the "Federal Employees Credit Union," and stayed with them even after I left the military. They've since changed their name, but they're still going strong.

Long story short: Screw the big banks, in the face. Twice.

[daddytodd.livejournal.com]

Yeah, credit unions are great. Since they operate under a different charter than a bank, they don't have to jump through the same regulatory hoops a bank does. Which means they can provide cheaper services to their customers, in most cases.

[daddytodd.livejournal.com]

On the other hand, don't think Credit Unions are immune from change either. There was a case here in Utah where a large credit union decided to transform itself into a bank, primarily so the officers could give themselves HUGE bonuses for "successfully" turning the profitable CU into an unprofitable bank. I think there are still lawsuits holding up the change-over.

If you belong to a CU, pay attention to the board of directors and fight them on this kind of shenanigans.