New Year’s resolution: Fire your bank
- December 30, 2009
- 4 comments
- Posted in Banks & Banking, Latest Posts
The big banks needed billions of dollars from the taxpayers to stay alive. Now they’re thumbing their noses at the very people who saved their tails. They’re hiking fees and interest rates on credit cards, and refusing to modify mortgages so that willing people can keep their homes. They’re socking it to small businesses, by restricting credit and hiking rates.
Why would you want to do business with an institution that puts people last? Tell them they’re fired. You’re through. You’re outta there. Switch your account to one of the small banks in your city or suburb. You’ll find plenty of good ones, rated A for safety and soundness and with deposits insured by the FDIC. Find them by entering “community bank” with the name of your town in a search engine. Or use the bank locator compiled by the Independent Community Bankers of America. Or the the IRA Bank Ratings locator. These sources list different banks so check them all. The IRA Bank Ratings site runs a dandy little video, showing kindly community banker George Baily(Jimmy Stewart) fighting the heartless Mr. Potter (Lionel Barrymore)–a stand-in for all the greedy bankers of today. “It’s a Wonderful Life” may be an old film but it’s looking more current all the time.
Tags: banks, Banks & Banking, community banks
Good Morning i read your website often and wanted to say all the best for the New Year!
Or better yet, join a credit union.
Thanks for this message. I heard you today on WNYC radio. By coincidence, I read a helpful and related article on the Huffington Post about community banks: http://www.huffingtonpost.com/berdell-knowles-jr/community-bank-confidenti_b_415494.html
I also appreciated your Newsweek article back in 2006 on 529 education programs! My wife put it aside for when we became parents (Oct 2008) and I am glad to be aware of the distinctions you raised in the article!
Keep up the good work!
Ms Bryant QuinnI saw you on WGN yesterday. Your advice on this is sound. I recently fired my BIG Bank owned credit cards. We had 3 (13.99%,15.99% & 14.99%) we took out a home equity loan (6.5%) from my Credit Union,paid them off and now with every payment the balance goe’s down. I had a 6.9% fixed HSB Credit card never missed or was late. The letter telling me it was being raised to 13.99% varible was “better for the consumer” gave me a much needed belly laugh.