Move your money!

[On Our own]

I love this clip!


http://www.youtube.com/watch?v=Icqrx0OimSs

My only question has to do with moving IRAs and the like. If you're not cashing out, can you simply take your business elsewhere?

 

[DrakeMaiden]

They had a segment on our local public radio station about this. They asked people to call in and tell them if they had moved their money to a smaller bank and what they thought. It was almost funny that the callers were nearly 100% unanimous about how they had moved their money to small local banks and found the rates to be competitive and the personal service to be much higher. Only one college kid called in to say that Bank of America has more ATM locations . . . I'm sorry but,

Over a year ago, my husband and I moved our savings/checking accounts because the health of the local bank looked a lot better than the bigger bank that we had always banked with . . . not long after that bigger bank was taken over. There are websites out there where you can see how your own bank rates . . . I just don't remember any off hand.

 

[SKR8PN]

I have dealt with the small, locally owned(it used to be anyway) bank for the past 40+ years. Since they were bought up by a larger bank, I am considering switching over to a local credit union.

 

[Bettacreek]

Haven't watched the video. I'll watch it when I get home. However, I used a national chain bank, was screwed over by them, then switched over full-time to the state's credit union. MUCH happier with them, and even switched the BF over to it, since he was having issues with HIS national bank.

 

[DrakeMaiden]

This is a classic "vote with your money" campaign. I think it is a win-win. Here is the main "move your money " site, for a written explanation.

 

[old fashioned]

So what would be better-local bank or credit union?
We are currently with Bank of America for checking/savings (keep the change) for similar reasons of the college kid because at one time I thought it would be better if we ever moved, either across state or out of state, that the accounts would follow and still be accessable. I've been thinking lately of reorganizing our money situation, but I know DH wouldn't change banks unless they screwed us in a big way-so far they haven't. So given that factor, I was thinking of leaving our bill money there, but finding a better place (local or CU)to keep a stash savings.
Any thoughts, ideas or suggestions? I've thought about BECU, but they are getting pretty big and not sure if that's a plus or not.

 

[DrakeMaiden]

I can pm you, if you want. The bank we switched to is not really small, but not very big either, although it is growing. They have good rates on savings accounts, IMO.

I see your point about moving state lines and not wanting to have to change banks.

I guess I was just laughing about ATMs, because I never use them . . . I try to think ahead or go without. I am just more interested in other reasons to choose a bank.

 

[Better Half]

Credit Unions are Not-for-profit so they don't gouge their members. I've been a member of a CU for over 20 years. The checking is free, the saving rates are higher, the visa rate lower, no fees to use a cash machine, lots of other benefits. My CU is smaller than some so they only have a handful of branches but I can use other CU's machines for free including the machines at 7-11.

The Credit Union Association has lots of info

 

[kcsunshine]

I've used my CU for about 12 years. Friendly service, no fees, I try to steer everyone there.

 

[Wifezilla]

Another credit union fan here.