So who here is moving money out of a big bank into a community bank?

[lonestarnot]

Money? what's money? :P

[T Wolf]

1. Already bank at a community institution - even for home eq. loans. A much better experience than

previous ones with the banksters.

[StarfarerBill]

2. I've had my money in a local credit union for several years now.

[jaxx]

3. Already use a credit union for my banking.

I've been with them for a long time and that's where I'll stay.

[The Velveteen Ocelot]

4. I've been banking at a credit union for years

and have no intention of ever using a regular bank again.

[pipoman]

50. Yep

20 years ago when I started with a CU not many of them reported to the credit bureaus, good in some ways, bad in the fact you couldn't use your good credit history to obtain other credit. For the past 8 or so years mine has been reporting. Great option for young people too. The other services are nice like free carfax reports, NADA car values available over the phone, etc. Usually among the lowest loan rates and other fees and highest interest paid on comparable terms accounts compared to the big banks.

[smokey nj]

5. I moved my checking account from Skank of America to a local bank

a few months ago. I accidentally unrecced, Sorry!

[CoffeeCat]

6. We have our money in a smaller bank...

...but we also moved 15k into a "non-bank situation".

Given the screwing over of the American people--that we have witnessed--we felt
we needed some cash totally out of the system.

Don't regret it one bit.

We have our mortgage with Wells, but I can't imagine having my money with one of these
big banks. They've robbed us all to enrich themselves! How anyone could reward
such behavior, by giving them business--is bizarre. These institutions must be
laughing their butts off at all of us.

[Joanne98]

7. I already have my tiny amount of money in a small bank.

:P

[Hidden Stillness]

8. I Did That Some Years Ago, During an Earlier Financial-Takeover Era

I did that about 10 years ago or so--moved my (small) checking and savings account from a formerly independent Michigan bank which was then taken over by one of the global masters, to a local Federally insured bank, still independent and community-oriented. As soon as the other one was taken over years ago, (when that asshole Clinton was still deregulating the system), I changed.

[proud2BlibKansan]

9. If you are going to do this, proceed with caution

Banks can and do refuse to open checking accounts for folks with less than great credit. I'd hate to see someone close their account and then not be able to open a new one.

[Hatchling]

46. Exactly.

I had some problems with my bank when a deposited check didn't clear and ended up overdrawing it immensely and being unable to repay a direct deposit loan. They closed my checking account, although they did let me keep a savings account. I then opened a checking at another large bank with direct deposit, but they did a credit check and closed my account. Smaller banks wouldn't take me. It's been seven years and the original bank finally let me have a checking account again, but smaller banks still won't take me, due to some credit issues that haven't been completly resolved yet.

[shimmergal]

66. Open the small-bank or CU account first.

Actually I've been juggling two accounts for half-a-year. Opened up a Credit Union account after the original bank hit me with almost $300 in overdraft fees, following a small arithmetic error. With my income already down, it totally wrecked my finances ever since. I'm slowly moving more stuff over to the CU, and plan to send my direct deposits there soon.

But I'm keeping an eagle eye on my balance at the bank. Don't want to incur ridiculous fees again, but I won't close the account completely until I figure out a way to get the $300 back that they extorted. And yes, I do have some ideas--completely legal--but they'll take a little longer to work out.

[HipChick]

10. shopped my mortgage around to CU some years back..it about halved my payments

When the big banks wouldn't touch me...been with CU since about 1995..the only downside is some are way behind in their technical interface for bill paying etc...almost all my transactions are done electronically. I rarely physically go to a bank,..check scan deposits to accounts is a big plus

[DefenseLawyer]

11. I can't.

I've had my money in a little bank in my old hometown for 20 years. Except when my account was overdrawn, then I had no money in the little bank in my old hometown. I'm always ahead of the curve. :)

[tularetom]

12. Did that 25 years ago

Put everything into a credit union. Since then I've used them to finance several vehicles, a tractor, an RV and a revolving line of credit for some home improvements.

It's a ginormous credit union but I'm on a first name basis with the people at our local branch.

[meegbear]

13. I did it a couple years ago - before it was 'vogue' to do it, thank you

[napi21]

14. I left Big Banks a long time ago when they changed to

only wanting BIG MONEY BUSINESS money. It must be over 20 years ago that I changed. The hell with them! They didn't want my money back then and althoujgh I don't have enough for them to care, I don't want them now!

[Arkansas Granny]

15. For years I've done business with the only bank in town that is still locally owned.

[TicketyBoo]

16. About the only dealings I have with big banks

is a mortgage with Citibank which pays off in a little over a year, so I'm paying mostly principal on it now, and two credit cards which pay ME to use them (no annual fee, cash rebate feature, and I pay them in full each month, heh-heh).

Otherwise, what money I have is in several smaller banks, and has been for years.

[slackmaster]

17. Resistance is futile. You wll be assimilated. Read my tale here.

My small community bank, San Diego Trust & Savings, got taken over by a medium-sized regional bank, First Interstate, which was subsequently acquired by Wells Fargo Bank.

I also had a checking account at Great American Bank FSB, dating from when I started working there in the early '80s. That institution was taken over in 1990 by the Resolution Trust Corporation in the S&L meltdown, and transferred to Wells Fargo Bank.

All of my banking is now at Wells Fargo except my mortgage. That was with Countrywide, so I am now a customer of Bank of America.

The good news, sort of, is that after B of A took over Countrywide they invited me to sign up for online banking, which I did. When I logged in for the first time I noticed that I could see a Visa credit card that belongs to my ex-wife and that I have no recollection of being a co-borrower on. It has a high balance, and she is barely making the minimum payments.

I called Bank of America and requested a copy of the credit card application or whatever other instrument by which they believe I consented to be a co-borrower on the card (which was originally issued to my ex by a southeastern regional bank that got taken over by B of A in the '90s). Two days later B of A sent me a brief letter stating that they were unable to find the requested item. My ex is naturally less than pleased that I am able to see all of her credit card activity. We've been divorced for nearly 10 years now.

I'm pretty confident that I'm not supposed to be on the account. My ex and I kept much of our finances separate during our 10-year marriage because of child support payments coming from her first husband, and other issues. So just before Christmas I sent a letter to B of A demanding that they correct their computer records by removing my name and SSN from the account, send me a letter absolving me of liability for the debt (all of which was incurred after my divorce), and tell the credit bureaus to stop reporting the account as mine.

I believe B of A has 30 days to respond. I got the return receipt from my certified letter on Tuesday this week. They have to either "produce the note" or admit that there is no debt.

:evilgrin:

[MindPilot]

52. My story is the same.

San Diego Trust & Savings ---> First Interstate ---> Wells Fargo. By and large I've been happy with Wells and my account is so deeply integrated with Quicken, automatic payments and deposits that changing would be a monumental chore.

A year or so after my divorce, I had a similar situation; a finance company cross-linked my ex's SSN with mine and it made a real mess of the credit reports.

[slackmaster]

62. I really hope I win this thing with B of A - If they can't produce a signed source document, I think

I've got them.

Whatever happens, I will post the whole story.

[closeupready]

18. Can someone explain, what is the purpose of doing this?

I don't understand what impact this is supposed to have on current events?

[Lex]

23. A link

http://www.huffingtonpost.com/arianna-huffington/move-your-money-a-new-yea_b_406022.html

[closeupready]

27. Thanks. I don't have money in any of the Big Six, so I'm covered, I guess.

n/t

[47of74]

19. Got mine in a locally owned bank

So does most of my family too. In the past several years they've moved from the bank that got swallowed whole by a big national bank to local ones.

[Double T]

20. The big bank took all my money in fees and charges so that I would have nothing.........

to move to a community bank. Since I have no money, I don't need ANY bank.

[Nictuku]

21. I did this just before Washington Mutual failed (was bought by Chase)

I moved to a Credit Union.

[cascadiance]

22. I've banked at a credit union for decades... Better for ATM network service too...

If you are in a credit union, you can access other credit unions without fees that are in the network. Not sure about smaller banks, but I think one thing to try and avoid is using big banks' ATM's if possible and avoiding giving them the ATM fees too. I bank at a bay area based credit union, and have used it for the last decade in both San Diego and Portland without having to pay ATM fees.

[47of74]

25. The bank I use is on the Privileged Status network

I'm lucky - the bank I use is part of the Privileged Status network. That means no fees when not only using their ATMs, but also no fees when using the ATMs of any other banks or credit unions on the Privileged Status network. I really like that because the ATM at work is not one provided by my bank, but it is a Privileged Status ATM so I can use that one as much as I want without having to pay any fees.

[seabeyond]

24. mine has been in two community banks always. they are high rated...

we are perfectly content when the money is.

if i had money in a big bank, would have pulled it out aug '08 at least

[TexasObserver]

26. I haven't used a big bank in over 20 years.

Community banks are the most sound banks in the nation, and they tend to have a much more favorable attitude about borrowers than the big banks. You can do business at a big bank for 10 years, and they still won't know you from Adam, but at a community bank, they know their customers and they care about the community. Chase, Shittibank, BOA - they're all completely useless, and we would have been better off if they had been allowed to fail.

[conscious evolution]

28. Not me

Small local banks are more likely to fail then the big banksters.
Here is a list of failed banks.Notice how most are small local banks-http://www.fdic.gov/bank/individual/failed/banklist.html
I would recommend a credit union over a bank anyday.

[Lydia Leftcoast]

29. Credit union account holder

although I have some of my money in a major bank, because they're the only one with handy ATMs.

[Bonobo]

30. I divested completely from BOA.

I closed my business and personal accounts with them and cancelled the credit card.

If everyone did so, they would starve to death as they deserve.

On edit: I joined a local credit union, Freedom Credit Union.

[prolesunited]

31. Never left my community bank

Been with them since my first account in 1985.

[surrealAmerican]

36. I also still have the account I started at a local bank ...

... at about the same time. They've been bought out by increasingly larger banks at least six times (I lost track). Is Chase now.

[prolesunited]

45. The family refused to sell for the longest time

and that was one of their advertising points. About two years ago, they finally sold to a more regional bank. Hopefully, it won't be swallowed up by a big bank.

However, they kept most branches open and all of the local staff. My dad, 85, uses the same bank and they always ask about him. It's nice to do business with friendly people who know your family. They've even bent the rules for me a couple of times.

[Romulox]

32. I've wanted to leave Comerica bank since they moved to Texas. nt

[prairierose]

33. I moved to my local credit union about 7 years ago and have been...

very happy with them.

[valerief]

34. Already did it.

[glitch]

35. I've been doing it for years, problem is some huge bank comes along and buys up my little one

and I have to move again.

[starroute]

37. I've always been with a community bank

The one I started with was showing signs of getting too big for its britches back in the late 70's, so I moved to a smaller one. (And just as well -- three takeovers later, that initial one is now part of Wachovia.) Thirty years later, the smaller one has opened a few branches in neighboring towns but is otherwise unchanged.

Not only will the local banks not screw you over, but the money you deposit with them gets invested back into the community. Win-win all round.

[bvar22]

38. Did it in 2006.

Also cashed out of Wall Street, sold everything, paid off debts, tore up credit cards, bought "bubble proof" property in The Woods, moved there, and planted a BIG garden.

[krabigirl]

39. already did, but sadly our mortgage is with BofA

[cilla4progress]

40. Planning to do this - but -

how much of a hassle is it to move all auto deductions?

[bunny planet]

41. right here

I am

[KT2000]

42. Did it a couple years ago

An IRA account was in one of the big banks and i told the bank worker/financial person that I wanted to deal with a local bank. He was on hold for about 10 minutes with headquarter offices just trying to get my account closed. Got a postcard from him months later announcing his new position with the local bank.

[thereismore]

43. Left Wells fargo for Union Bank of California. (Union as in United States, not labor union).

Does that count?

[grahamhgreen]

44. I am - Associated Credit Union from BoA

[mtnester]

47. My car loan, my mortgage, my checking accounts are ALL

at local banks

[LeftyMom]

48. How about a largish regional credit union?

They've got nearly as many branches locally as any of the big chain banks, and if I go out of their area (they cover most of Northern and Central California) I can use any of the networked credit union ATMs for free.

[gleaner]

49. Already moved our account.....

to a credit union. Much better than Chase. They treat us like human beings and seem to value our business. Really, more people should do it. It is time to break the stranglehold the big banking chains have on this country before they break us.

The house is underwater though so Chase still has the mortgage that WAMU extended before Bush declared them insolvent. We are trying to use Obama's stimulus guidelines to lower the mortgage payments. Unfortunately, instead of setting up a federal program to review the claims he is letting the banks do it. We have been sending them the same information over and over since November. There was no kind of oversight until this January so only about 3% of the claims Chase had were cleared. Today they said that if we went ahead and pursued negotiating a lower mortgage payment that they would list it as a derogatory on our credit. Derogatory on the credit report, or living in a car if we can't make the high payments? Tough choice. We told them to do what they had to do and called our Congressman's office who steered us to help at FHA and a local non profit agency which does nothing but help consumers renegotiate bad mortgages for free. We got a local number for a Chase office so that we could track exactly what they are doing and the office said to use the Congressman's name. They also said that the stimulus mandate was "mute" on the issue of credit reporting but it was not intended to be derogatory to the consumers. So we continue. If we could get that mortgage out of there it would be somewhere else before you could blink. Chase is so crooked they make a coiled up rattlesnake look straight. If you have your money or a credit card there, please think seriously of changing. You will be much happier doing business with someone less inclined to fleece you.

[Sisaruus]

51. I've used a credit union for 30 years.

And my retirement funds (as meager as they are) are at Mutual of America, "the sole corporate sponsor of Bill Moyers Journal" which I choose to believe is a good thing.

[DiverDave]

53. What little I have is in our Credit Union

and they don't keep it long, thats for sure.
Although we started a vacation fund so my son can attend a card show this summer.
20 bucks a week is all we can afford.
But, I don't want him growing up without SOME fun.

[marmar]

54. I've moved just about everything from Skank of America to a credit union.....

..... I keep the Skank of America account open because they've got ATMS everywhere and it's convenient when I travel, but I only really put money in that account when I'm going out of town.

[piratefish08]

55. 15 years - 95% of all savings and banking done with a local CU

FUCK the banks.......

[Statistical]

56. I did last week. Bank Of America -> USAA

They lots 3 checking accounts, and a money market/savings account, plus daily credit card.

BofA still has my mortgage (it was sold to them) so little I can do about that. Even if I refinanced whoever I closed with (knowing my luck) would just sell it right back to BofA.

[47of74]

57. I wrote to my state legislature critters

And I asked who the state is using for it's business. And I told them if they're not already doing so, make it so that every governmental organization from the state of Iowa on down should be at the least be doing business with a bank based here in Iowa.

[Liberal_in_LA]

58. lol

[equinedemocrat]

59. union bank?

I want to, but in my town we don't have a community bank- so I have to think about if I want to drive 20-30 minutes to the closest one. Is Union Bank a community bank?

[bullwinkle428]

60. Too late - I did it close to 20 years ago.

[thotzRthingz]

61. never had a "bank" acct. and never will (i've always be a credit union member)

[skipos]

63. TCF (Twin City Financial) has been pretty good around the great lakes area

Are they considered a big bank?

[blueamy66]

64. Seriously thinking of moving my

money to a CU. B of A pisses me off.

And future bonus $ is staying in the house.

[scarletwoman]

65. I've banked exclusively with local credit unions for over 20 years.

Plus, I've never owned a credit card.

It's very simple, don't feed the beast that enslaves you.

sw

[Catshrink]

67. I will....

I'm in the middle of a refi and as soon as it's complete, I will move to a smaller bank or CU. I admit, I haven't researched it yet and need to get find one that is convenient and good.