American Banker reports that the Move Your Money campaign is increasingly gaining steam:
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Since Move Your Money’s Dec. 29 kickoff, daily Web traffic has more than tripled on the National Association of Federal Credit Unions’ CULookUp.com, a credit union locator site.
According to a poll on American Banker’s Web site, 39 percent of respondents said the reputations of big banks have been hurt enough to drive customers elsewhere.
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I and my family members banked at BofA for ten years. We watched how their attitudes changed as the bank grew. It became frustrating to deal with them. There were constant errors and mistakes made involving the 8 accounts we held with them. The standard reply from them was, “we’re sorry”, which just didn’t cut it. My reply to them was, “you don’t know what sorry is”. It was then and there that I decided to take back the power over my money. I called each of my 4 sons and after very little discussion – we went as a group to BofA. We closed every account, cashed out CD’s and closed our safety deposit boxes, six years ago. Two sons went to the local credit union and 3 of us are customer’s at a small local bank. We had forgotten that banking could be a pleasant experience! We constantly encourage family and friends to make the change.
This week the big banks and investment firms will be distributing their exec bonuses, therefore now is the time to tell them how you, the consumer, feels about their excess. Move to a community bank or credit union. During this economy, as my family struggles, they are the only organization that has been willing to work with us. No threats, no shame. I never appreciated these organizations until now.
Common sense is the collection of prejudices acquired by age eighteen.