Arianna Huffington has written another great post at HuffingtonPost.com on the current state of the banking industry. This time, however, she focuses on the positive. While Wall Street and large, national banks have failed both America and Americans, small Main Street banks and credit unions are alive and well. These local institutions are lending and are on strong financial footing. Huffington does a good job outlining why this is the case, how it is positive for the country right now, and why it should be the template for our larger banking institutions. It is definitely worth your time.
Those who know me know that I am a prudent man with money. Both my parents and my grandparents instilled this in me and part of that was banking locally. When moving into a new community, I have always researched as to what is the most stable local bank that has both the highest regard for customer service and the most convenient methods to interact with the institution (e.g. branches, drive-up, atm, Net). Although I am a Net junky, I am someone who often wants personal contact with my bank. It is all very boring, but it is also safe and I sleep like a baby.
One caveat, I also use a completely on-line bank for part of my banking needs, electronically moving assets between my local bank and this institution as needed. (I researched the hell out of that bank, too, btw!) This allows me the best of both worlds in terms of return, safety, and convenience.
So, if you are using a big Wall Street bank such as Bank of America or Wells Fargo, consider switching over to a local bank or credit union in your community. I bet you will be pleasantly surprised.
14 April 2009
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