As I touched on in Banks, Boobs, Bamboozled I moved my checking account. I had been with Bank of America. I initially signed up with them when I moved to a new town and I was in hurry to get a bank. The more I learned about BoA, the unhappier I became with banking there. I stayed with BoA much too long due to inertia. It is a pain changing banks. But I finally bit the bullet and made the change. I chose Regions as they have branches in both St. Louis and Memphis. I had only been with them a few months when they decided they just had to charge their customers for use of their debit cards. (They have since reversed that decision, but they have lost my trust) I immediately started the process of changing banks. I went with the local company credit union. Much to my surprise there is a network of ATMs that I can use free of charge available to credit unions. My thought with Regions was to avoid ATM charges which irk me to the extreme. I have gotten settled in my new bank, my automatic deposits and bill pays are happening, a no charge ATM is handy. My banking life is good.
A fact that sometimes seems to go unconsidered is that dollars are votes. Let me repeat that – Dollars are votes. If you buy something you are voting for that product, you are voting for the store that you bought it at. The same goes for banks. Using a particular institution is essentially a vote for their business practices. Many of these large banks were at the heart of the mortgage/financial meltdown. Do not vote for such practices by continuing to do business with them. Move your money to a local bank or credit union.
As this article details: Beyond the Banks, 3 More Ways to Move Your Money Away from Corporations, the trick is to:
- Buy Local
- Buy Union Made
- Buy Green
- And I would add Made in the USA
If you want some more reasons why you should move your money, and tips on how to do it check out this article: Happy Bank Transfer Day! 3 Resources to Help Your Leave Your Corporate Bank
Bank Transfer Day was November 5th. There is absolutely no reason not to keep the ball rolling. There are a multitude of reasons to do so.
See you at the credit union.
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10 Stories of People Moving Their Money, Despite Banks’ Efforts to Stop Them