You're Still Keeping Your Money in a Big Bank? What's Wrong with You?

[marmar]

via AlterNet:



News for Real / By Stephen Pizzo

You're Still Keeping Your Money in a Big Bank? What's Wrong with You?
We've gotta stop doing business with the enemy.

March 10, 2010 |


Excuse me, but can I have a word with the 70% of Americans who continuing keeping their money in big banks, like Bank of America, CitiBank, Wells Fargo and such? Come closer. A little closer. I want to be able to give you a well-earned dope-slap while I ask;

WHAT THE HELL's THE MATTER WITH YOU? ARE YOU STUPID!?

Jesus H. Christ, what's it going to take before you people stop doing business with the enemy? You're like abused spouses who are slapped around and slapped around again and again by your big bank and keep crawling back for more. If this behavior didn't hurt the rest of us I'd be delighted to just let you get the shit beat out of you until your big bank bleeds you white. That would be Darwinism at it's most effective.

But, thanks to the fact that 90% of America's household savings are deposited in these big banks means that your self-destructive banking habits are fueling the very financial services juggernauts that have repeatedly devastating the lives, homes, families and savings of average working Americans. And not just once, but time and time and time again.

Are you listening goddamnit!

And why do you do it? ..............(more)

The complete piece is at: http://www.alternet.org/economy/145988/you%27re_still_keeping_your_money_in_a_big_bank_what%27s_wrong_with_you

[dkf]

1. In the end whatever institution you bank at needs to be convenient and available.

I'm guessing this is why people haven't switched.

My credit union is very convenient with numerous branches and access to the biggest banks ATMs.

[Saturday]

2. That's exactly the reason, convenience.

I've moved mine but DH needs ATM access all over, more than a local can provide.

[Uben]

3. My CU has national access on ATMs

I assumed they all did. I've used a CU for my bank since about 1985. I also have accounts at local banks which also offer ATMs nationally. I have never had money in a "big bank", and I do have a considerable amount (that's why the use of several institutions). I did once use Merrill Lynch as a broker, but quickly fired their ass when I realized they were doing nothing for me. If you want to hold my money, you damned well better call me occasionally and at least blow some smoke up my ass! I got nothing! They only worked for those with seven figure accounts. By the time I achieved that, I was with another firm, which is probably why I achieved it at all!
I just fired my insurance agency of 23 yrs, too! FOR THE SAME DAMNED REASON! NO CONTACT! I found the same coverage for 40% less, and if I can find it, they could have too.....if they had wanted.
I'll be shopping insurance every couple of years now to stay on top of it.

[formercia]

4. My CU just lowered my VISA rate to 6.25%

Let's see if the 'Big Boys' can beat that.

I've been with them for 17 years and never a complaint.

[SPedigrees]

5. Credit union here, but I still think I'd feel more secure with money stuffed in the mattress.

The more time goes by, the less I trust any banks or want to patronize them.

Our credit union has access at all ATMs.

[Alcibiades]

7. Your credit union is probably safe

Ironically, the big banks are the ones who control how credit unions are regulated. For years, this has meant that credit unions have stricter lending standards than the big banks, who love to make profitable subprime loans and have really kept credit unions out of that business. They also have stayed clear of many of the products and commercial lending services that have gotten the big boys into trouble. There have been credit unions failures in this crisis, but not for the same sorts of shenanigans that have been done by the banks: usually, it has been smaller credit unions in communities hard hit by the depression.

[Turbineguy]

6. A list of the 50 biggest banks.

The difference between #1 and #50 is startling.

http://www.ffiec.gov/nicpubweb/nicweb/Top50Form.aspx

[Doctor_J]

8. A family member is a banker for a Big One

She is looking to get out of the profession. The day after she's done with Big One, so am I. we have a great CU in our community that hasn't taken a penny from the bailout.