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YouTubeNovember 5th was Bank Transfer Day.
The idea is to move your money from one of the big "bankster" banks to a smaller bank.
I'm wondering if very many people in Columbus took that kind of direct action.
The mainstream news media doesn't even cover this kind of thing.
I learned about it at Occupy Columbus and Bump Your Bank bumper stickers!
Columbus Underground Messageboard » General Columbus Discussion » Politics
Did You Switch To a Credit Union This Week?
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bestofcbus
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Posted 6 months ago # -
Analogue Kid
5th by West-Northwest
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I switched to a credit union 15 years ago
Posted 6 months ago # -
gramarye
In Exile
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Eh, I still have my accounts with one major regional full-service bank and one of the big national "bankster" banks.
In truth, I consider the move to move deposit accounts away from the big banks to be shooting at the wrong mark. Yes, it would hurt to lose a lot of accounts, even small ones if a bank lost enough of them. However, the advice I give my friends who ask me about such things (because of my field of practice) isn't about where you have your deposit accounts. It's about where you have your loan accounts. Those are harder to switch quickly (though even switching your deposit accounts can be somewhat logistically challenging if you have a lot of automatic bill payments and automatic funds transfers set up from one primary checking account), and there are fees involved, so they don't make quite as good fodder for a one-off protest event. However, those are the ones that really hurt when they go elsewhere, and they're also the ones that are most important from the borrower's side to set up with a bank where getting in to talk with a human being with some genuine authority to make things happen if your circumstances are temporarily tight is crucial.
In other words, moving your $500 checking account from Bank of America to your local community bank or credit union is a minor inconvenience for Bank of America and a major inconvenience for you. Moving your $200,000 mortgage from Bank of America to a community bank or credit union (if you can do it) or simply getting your mortgage from a smaller, local, more human-centric lender in the first place is not only a much larger loss for the big bank, but is more likely to be something that you'll be glad to have done if you ever fall on hard times.
Posted 6 months ago # -
turnedNOTburned
Grandview/Columbus, Ohio
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I maintain an account at a local CU as well as having a "big box" bank. The CU was the former business account and now is just a backup with some emergency money, with most of the fluid money running through the larger bank.
I'm strongly considering establishing a stronger relationship with the CU. Moving my carloan will be 1st. This thread is good motivation to do so.
Thanks for the advice gramarye.
Posted 6 months ago #
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