"Buy local" works with food, so why wouldn't "bank local" work with money? At least your small, local bank isn't likely to be fooling around with toxic derivatives, and if they have, someone at the local watering hole is likely to know. Via the invaluable McClatchy:
Chris Courtney can see the effects of big bank failures from his office overlooking the busiest intersection in Oakdale.
Residents literally have walked out of Washington Mutual with cashier's checks in hand, crossed the street and opened accounts at Oak Valley Community Bank.
"We've had a net inflow of deposits," said Courtney, president of Oak Valley Community Bank.
Courtney and other officials at community banks in the Northern San Joaquin Valley have seen money flow into their vaults over the past few days, but, like Courtney, they prefer not to speculate why.
Community banks credit their conservative approach to lending and their close relationships with customers for largely avoiding the troubles that thrust Washington Mutual and Wachovia into the headlines.
"When you work for a community bank, customers see you walking down the street. When they look into your eyes and ask if their money is safe, you want to be able to say 'yes.' That's the difference between a Wall Street banker and Main Street banker," Courtney said.
Community banks' nature means they don't make the big bucks in good economic times, but they survive the bad times.
Hopefully. At least they, and we, have a better chance!
- lambert's blog
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Amalgamated bank
labor bank baby, excellent, personal service. Handles complicated business matters very well, even has good international service. Can't go wrong.
I already do have all my money
in a local bank. I kept my accounts there even when I moved an inconvenient distance away (thank gawd for atms and check cards). I kept them not because I was magically prescient that they'd hold their own when the Potemkin Village
burnt to the ground, but because they had really good service -- super helpful and friendly. There's a connection between all three, local, helpful, and stable. At least I hope there is, because that would renew my faith just a bit in all this mess.
You don’t know me, son. So let me explain this to you once: If I ever kill you, you’ll be awake, you’ll be facing me, and you’ll be armed.
-Malcolm Reynolds, “Serenity”
We keep ours in a local bank too
Because of the service, and the impersonal nature of those large banks. We are very pleased now! We are hoping they don't have problems in this mess.
"A little knowledge is a dangerous thing. So is a lot." - Albert Einstein
Interest rates
But what interest rates do they pay?
Try finding a local bank
I know of none in my area. Where I bank was local when I started with them, but they were bought out by a larger bank which was in turn bought by an even larger bank. My bank still "looks" local in advertising and such, and if you were new to the area and unfamiliar with the story you might well think they were a local bank. All I'm saying is check things out; your bank may not be as local as you might think.
...for the rest of us
...for the rest of us
Try a credit union
I've been with a credit union since 1969. They waste some money on new buildings, but there are no stock holders pushing for higher profits. Free checking, free ATM use and a $5 minimum in savings is all that is required.
And Foxx, no bank pays enough interest on savings to amount to much.
I Use a Credit Union
one of the ones set up for federal employees. Not perfect, but not going under any time soon either.
"Do what you feel in your heart to be right -- for you'll be criticized anyway. You'll be damned if you do, and damned if you don't. " - Eleanor Roosevelt
Good idea
Does all the FDIC stuff apply to credit unions?
[ ] Very tepidly voting for Obama [ ] ?????. [ ] Any mullah-sucking billionaire-teabagging torture-loving pus-encrusted spawn of Cthulhu, bless his (R) heart.
"First they ignore you, then they ridicule you, then they fight you, then you win." -- Mahatma Gandhi
98% of Credit Unions Are Insured
through NCUA, which is essentially the same as FDIC for banks. To make sure the credit union is insured, look for the NCUA sign indicating such, like you see FDIC signs at banks. In fact, the FDIC has a credit union for its own employees. So does the Treasury Department. If you look at the bottom left corner of the FDIC Credit Union's homepage, you'll see the little NCUA sign and that deposits are insured up to $100,000.
And see this from the Federal Reserve on the difference between banks and credit unions:
Credit unions were established by FDR in the 30s to help solve the credit crunch by making it easier for regular Americans to get credit.
So use a credit union, that's what the government officials regulating the banks do. Heh.
"Do what you feel in your heart to be right -- for you'll be criticized anyway. You'll be damned if you do, and damned if you don't. " - Eleanor Roosevelt
i thought they were all closed-membership tho?
i've never heard of any that are open to strangers walking in--without affiliations.
Credit Unions Are Closed, But Only Kind Of, Sort Of
They are technically closed so they can't compete with banks (wouldn't want to do that). But as a practical matter the "closed" part has been loosened over the years so that most people will qualify for membership in a credit union near them. There's one here in Los Angeles County open to anyone who lives in, works in, worships in, volunteers in, or attends school in Los Angeles County, for example. There are lots of these "community" credit unions throughout the United States. You can find credit unions in your area here.
So while they aren't generally open to the public, often you will find ones that you can join. And once you're in, you're in. My credit union is for a department I no longer work for.
"Do what you feel in your heart to be right -- for you'll be criticized anyway. You'll be damned if you do, and damned if you don't. " - Eleanor Roosevelt
Another FDR institution...
Shouldn't we be trying to destroy it?
[ ] Very tepidly voting for Obama [ ] ?????. [ ] Any mullah-sucking billionaire-teabagging torture-loving pus-encrusted spawn of Cthulhu, bless his (R) heart.
"First they ignore you, then they ridicule you, then they fight you, then you win." -- Mahatma Gandhi
I belong to a credit union
It started out in the 30's as a credit union for my local municipality's employees, but now covers anyone within a 10-county service area.
But, we've always been at war with Eastasia...