Moving your money does more than helping to create a more stable financial system and making a political statement against the big banks; it’s also a good idea for your wallet. Outlets like Consumer Reports have already written about the individual benefits of banking locally, and now the AARP is encouraging its members to move their money. In particular, it suggests that readers check out local credit unions, saying that you’ll save money and get great service:
“We need a citizens’ intervention to reform our financial institutions,” says pundit Arianna Huffington. Late last year she launched Move Your Money, a campaign that urges Americans to shift their accounts to community banks and credit unions.
Some of us are responding: 9 percent of those polled by Zogby say they’ve taken some business away from banks, in protest. Moral outrage aside, there are always three compelling reasons to switch banks: lower fees, higher interest on deposits, and better service. As it turns out, you are likely to find all three at some of the smallest financial institutions in the nation: credit unions.
“The average consumer does much better at a credit union than at a bank,” says Ed Mierzwinski, consumer program director for the U.S. Public Interest Research Group. “Credit unions have lower requirements for waiving fees, offer better deals on car loans, and are generally more flexible in responding to customers’ problems.”
Find a credit union or community bank near you at our Find A Bank/Credit Union page.
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