Just a short one this time to ask about Move Your Bank Day. Are any of my friends doing this? Where do you bank and are you happy with it?
Where I bank is a community bank, and I have been pleased with their minimal fees and good customer service. I feel in general they have been a positive force in the community.
When we first moved to Blackshear we tried to go with the same megabank that we used in Rockmart (north Georgia). But we were so ill treated, asked to do so many things over again, that we just felt like if we were going to have to start everything over, why take the abuse? We picked a local bank, which we stayed with until they sold to a larger bank from outside the area.
I understand, everything else being equal, that local banks and credit unions are a more positive force in a local community, have greater knowledge of the area, and are more responsive to the customers that are also their neighbors. But there is a downside to everything, which is why I am a checks and balances guy. Local banks can also be too tied into the good old boy network, and be more generous with the already established 10% that rule the roost sometimes in local communities. They also, I would believe, redline (discriminate against qualified minority borrowers, particular if they want to come into certain neighborhoods) at a higher rate than the megabanks. Local banks can be like George Bailey and his famous Savings & Loans in It's A wonderful Life. But they can also be like Henry Potter. So sometimes you need to do a little more than just simply choosing a local bank and/or credit union. You have to evaluate whether the institution is a genuine positive force in the community.
So to repeat the question above...are you moving your money away from the big banks? Are you happy where you bank? What effect do you think any of this will have?
I would have switched banks, but I also bank at a local community bank. I am extremely pleased with the service I receive there. They greet me by name when I walk in the door. In comparison to a recent visit with a friend's "big bank", my service is worlds better.
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