Move Your Money Movement

MsDemeanor · 01-07-2010, 06:22 PM

There's a push afloat to get people to move their money from the Big Four to community banks and credit unions. What do you think?

Lots of people think that it's a good idea, but don't want to be bothered with the work required to move an account. Others seem to think that having a branch and ATM on every corner is important. With direct deposit available to so many and pretty much every place one walks in to willing to give cash back on an ATM purchase, I'm curious to know why it is that folks need to have constant and instant access to their bank. It makes sense if you have a business and need to make regular deposits, or your paycheck has to be manually deposited every Friday, but that's not most folks.

Move Your Money

linkyloo to Huffington article

I haven't had a checking or savings account with any of the Big Four since about 1995. Two of them pissed me off so much that I won't even accept their credit card offers. I'm stuck dealing with one (for now) because it gobbled up the regional bank that held my mortgage and one credit card. I have to go to my brick and mortar bank 3-4 times a year, and my online bank has more free ATM sites within 5 miles of my house than any of the Big Four.

weatherboi · 01-08-2010, 05:09 PM

Great thread!!! Thanks MsDemeanor!!

I am huge fan of localizing money!! This is a great way to do it!!

I am also researching nurture capitalism, natural capitalism, and Slow Money Principles.

I don't think this is derailing because these things go hand and hand with the concept you posted. Here are some links to be interested in.

http://www.slowmoneyalliance.org/

http://www.chelseagreen.com/content/...re-capitalism/

http://www.natcapsolutions.org/

http://www.natcap.org/sitepages/pid5.php

cara · 01-08-2010, 05:38 PM

I moved my $ from Washington Mutual (now known as Chase) to a local credit union about 6 years ago. WaMU was messing around with my money and charging me fees upon fees. I changed to the credit union and haven't looked back since. I heart my bank now.

Hadn't heard about the Move Your Money Movement, but I think I will read more about it!

~cara

julieisafemme · 01-08-2010, 05:48 PM

Credit unions are wonderful. I love my credit union. It isn't that hard to change. I did not know about this movement but I think it is a great idea.

theoddz · 01-09-2010, 11:13 AM

Same here. I've been with Navy Federal Credit Union for many years now and refuse to go back to a bank. My mortgage, unfortunately, is held by Wells Fargo, but other than that, I do all my business through Navy Federal. They've always been really really nice to me and have gone wayyy out of their way to help me out in the past. They've earned my loyalty!!!

~Theo~

Diva · 01-09-2010, 12:53 PM

Like some of You, I bank with one of the Big Four (I had no idea they were called this, but it doesn't surprise me.)...........and like some of You, there have certainly been some issues with this bank of mine.....there is always SOMEthing going on with them that just really irritates me.

I don't have a lot of money, but what I DO have needs to be safer than what it is and they need to not be nickle and diming me every 5 seconds.

Currently, I am researching Credit Unions close~by which will suit me better. This year, I will kiss BoA Au Revoir..............

MsDemeanor · 01-10-2010, 11:53 AM

Quote:

Originally Posted by Diva

Like some of You, I bank with one of the Big Four (I had no idea they were called this, but it doesn't surprise me.)...........

I just made it up.

Quote:

Originally Posted by Diva

Currently, I am researching Credit Unions close~by which will suit me better. This year, I will kiss BoA Au Revoir..............

Diva · 01-10-2010, 12:14 PM

Quote:

Originally Posted by MsDemeanor

I just made it up.

I love it when You go all CommandoCreative on us.....that's hawt.

Corkey · 01-10-2010, 05:47 PM

We use a Credit Union, have direct deposit and can access our CU's atm's at the places we use the most. Very convenient, and we have online access to boot. Yep love our CU! Oh and because I'm over 50, I don't get charged per check fees. Banks make me

DapperButch · 03-12-2011, 09:02 PM

I have been with the same local bank since (well, whatever age it was my father took me as a kid).

I have my checking and regular savings there. The only credit card I have is through this bank. I have used my local credit union for my car loans.

My mortgage is through Wells Fargo.

My non 403(b) investments (Roth Ira, rollover IRA) are in Vanguard. Vanguard is essentially client owned and the fees (which are the lowest around) are pretty close to what it costs to manage the funds.

My community bank doesn't really offer much in the way of investing. If it did, I would go with it.

Recently, my bank was taken over by a larger comapny (not one of the "big" ones, though). 750 of the 3,000 employees were let go. The people that were let go were evidently those who worked in the local branches. The folks who weren't in the day to day banking were kept as supposedly the reason why this bank wanted to take over my bank was b/c they weren't good at x, y, z (but of course they were good at the day to day stuff, so the branch people were let go!). The bank has been around for many years. Many folks have been there for 30 years. It is sad.

(I didn't see this thread until today!)

Blade · 03-12-2011, 09:08 PM

I use a local bank and am planning on opening an account with the state employees credit union very soon but will keep the other account as well. My house and everything I've ever bought has been with the local bank.

Andrea · 03-12-2011, 09:09 PM

I love our credit union. Spoke to them today about refinancing our mortgage through them.

Andrea

01-07-2010, 06:22 PM	#1
MsDemeanor Member How Do You Identify?: queer stone femme Relationship Status: Happily married to MisterMeanor, the man of my dreams Join Date: Nov 2009 Location: SF Bay Area Posts: 703 My Photo Gallery Thanks: 165 Thanked 1,850 Times in 511 Posts Rep Power: 2698179	Move Your Money Movement There's a push afloat to get people to move their money from the Big Four to community banks and credit unions. What do you think? Lots of people think that it's a good idea, but don't want to be bothered with the work required to move an account. Others seem to think that having a branch and ATM on every corner is important. With direct deposit available to so many and pretty much every place one walks in to willing to give cash back on an ATM purchase, I'm curious to know why it is that folks need to have constant and instant access to their bank. It makes sense if you have a business and need to make regular deposits, or your paycheck has to be manually deposited every Friday, but that's not most folks. Move Your Money linkyloo to Huffington article I haven't had a checking or savings account with any of the Big Four since about 1995. Two of them pissed me off so much that I won't even accept their credit card offers. I'm stuck dealing with one (for now) because it gobbled up the regional bank that held my mortgage and one credit card. I have to go to my brick and mortar bank 3-4 times a year, and my online bank has more free ATM sites within 5 miles of my house than any of the Big Four. __________________ artisan jewelry jewelry gallery

01-09-2010, 11:13 AM	#5
theoddz Senior Member How Do You Identify?: Old Poop Preferred Pronoun?: Mr. Beast Relationship Status: Happily Married Join Date: Nov 2009 Location: Central Texas Posts: 3,501 My Photo Gallery Thanks: 10,793 Thanked 9,864 Times in 2,473 Posts Rep Power: 21474854	Same here. I've been with Navy Federal Credit Union for many years now and refuse to go back to a bank. My mortgage, unfortunately, is held by Wells Fargo, but other than that, I do all my business through Navy Federal. They've always been really really nice to me and have gone wayyy out of their way to help me out in the past. They've earned my loyalty!!! *~Theo~* __________________ *"All that is gold does not glitter, Not all those who wander are lost; The old that is strong does not wither, Deep roots are not reached by the frost."* -- J. R. R. Tolkien

01-10-2010, 05:47 PM	#9
Corkey Infamous Member How Do You Identify?: Human Preferred Pronoun?: He Relationship Status: Very Married Join Date: Dec 2009 Location: Where I want to be Posts: 8,155 My Photo Gallery Thanks: 47,491 Thanked 29,299 Times in 6,640 Posts Rep Power: 21474859	We use a Credit Union, have direct deposit and can access our CU's atm's at the places we use the most. Very convenient, and we have online access to boot. Yep love our CU! Oh and because I'm over 50, I don't get charged per check fees. Banks make me __________________ "Many proposals have been made to us to adopt your laws, your religion, your manners and your customs. We would be better pleased with beholding the good effects of these doctrines in your own practices, than with hearing you talk about them". ~Old Tassel, Chief of the Tsalagi (Cherokee)

03-12-2011, 09:02 PM	#10
DapperButch Roadster Guy How Do You Identify?: FTM, Stone Butch Preferred Pronoun?: He Join Date: Nov 2009 Location: Northeast Posts: 7,745 My Photo Gallery Thanks: 26,545 Thanked 26,893 Times in 5,771 Posts Rep Power: 21474858	I have been with the same local bank since (well, whatever age it was my father took me as a kid). I have my checking and regular savings there. The only credit card I have is through this bank. I have used my local credit union for my car loans. My mortgage is through Wells Fargo. My non 403(b) investments (Roth Ira, rollover IRA) are in Vanguard. Vanguard is essentially client owned and the fees (which are the lowest around) are pretty close to what it costs to manage the funds. My community bank doesn't really offer much in the way of investing. If it did, I would go with it. Recently, my bank was taken over by a larger comapny (not one of the "big" ones, though). 750 of the 3,000 employees were let go. The people that were let go were evidently those who worked in the local branches. The folks who weren't in the day to day banking were kept as supposedly the reason why this bank wanted to take over my bank was b/c they weren't good at x, y, z (but of course they were good at the day to day stuff, so the branch people were let go!). The bank has been around for many years. Many folks have been there for 30 years. It is sad. (I didn't see this thread until today!) __________________ -Dapper Are you educated or indoctrinated?

03-12-2011, 09:08 PM	#11
Blade Infamous Member How Do You Identify?: TG Preferred Pronoun?: He Relationship Status: once in a while someone amazing comes along...and here I am! Join Date: Jan 2010 Location: Down on the farm Posts: 5,492 My Photo Gallery Thanks: 9,850 Thanked 14,400 Times in 4,049 Posts Rep Power: 21474856	I use a local bank and am planning on opening an account with the state employees credit union very soon but will keep the other account as well. My house and everything I've ever bought has been with the local bank. __________________ Yeah so what if I'm triple dipped in awesome sauce? The best way to predict the future, is to create it.

01-08-2010, 05:09 PM	#2
weatherboi Infamous Member How Do You Identify?: Owned boy Preferred Pronoun?: Hey boy!!! Relationship Status: counting freckles slowly under Her direction!!! Join Date: Nov 2009 Location: i have 2 sets of geographic coordinates!!! Posts: 6,097 My Photo Gallery Thanks: 26,797 Thanked 12,559 Times in 2,993 Posts Rep Power: 21474857	Great thread!!! Thanks MsDemeanor!! I am huge fan of localizing money!! This is a great way to do it!! I am also researching nurture capitalism, natural capitalism, and Slow Money Principles. I don't think this is derailing because these things go hand and hand with the concept you posted. Here are some links to be interested in. http://www.slowmoneyalliance.org/ http://www.chelseagreen.com/content/...re-capitalism/ http://www.natcapsolutions.org/ http://www.natcap.org/sitepages/pid5.php

01-08-2010, 05:38 PM	#3
cara Senior Member How Do You Identify?: Queer/lesbian femme Preferred Pronoun?: She/her Relationship Status: Married to my love 08.15.15 Join Date: Nov 2009 Location: Snohomish County, Washington State Posts: 3,401 My Photo Gallery Thanks: 11,994 Thanked 13,254 Times in 2,724 Posts Rep Power: 21474854	I moved my $ from Washington Mutual (now known as Chase) to a local credit union about 6 years ago. WaMU was messing around with my money and charging me fees upon fees. I changed to the credit union and haven't looked back since. I heart my bank now. Hadn't heard about the Move Your Money Movement, but I think I will read more about it! ~cara

01-08-2010, 05:48 PM	#4
julieisafemme Member How Do You Identify?: Femme Woman Preferred Pronoun?: She Relationship Status: Married to Greyson Join Date: Nov 2009 Location: In the present Posts: 828 My Photo Gallery Thanks: 3,156 Thanked 3,445 Times in 660 Posts Rep Power: 21474851	Credit unions are wonderful. I love my credit union. It isn't that hard to change. I did not know about this movement but I think it is a great idea.

01-09-2010, 12:53 PM	#6
Diva Timed Out How Do You Identify?: Diva Preferred Pronoun?: Diva Join Date: Nov 2009 Location: Chez Diva Posts: 11,879 My Photo Gallery Thanks: 9,263 Thanked 17,180 Times in 5,238 Posts Rep Power: 0	Like some of You, I bank with one of the Big Four (I had no idea they were called this, but it doesn't surprise me.)...........and like some of You, there have certainly been some issues with this bank of mine.....there is always SOMEthing going on with them that just really irritates me. I don't have a lot of money, but what I DO have needs to be safer than what it is and they need to not be nickle and diming me every 5 seconds. Currently, I am researching Credit Unions close~by which will suit me better. This year, I will kiss BoA Au Revoir..............

03-12-2011, 09:09 PM	#12
Andrea Senior Member How Do You Identify?: Mature Femme Preferred Pronoun?: Her/She Relationship Status: I heart Rene Join Date: Dec 2009 Location: California Posts: 3,755 My Photo Gallery Thanks: 15,427 Thanked 15,248 Times in 3,064 Posts Rep Power: 21474852	I love our credit union. Spoke to them today about refinancing our mortgage through them. Andrea __________________ I am very spoiled! What we think about and thank about, we bring about! Today I will treat my body with love and respect.