Here is an easy way to both make a political statement and make your household more financially secure. If you are banking at a large national bank such as Bank of America, Wells Fargo, Chase, or Citibank, move your assets to a local bank in your area. Your assets in these smaller banks are still insured by the FDIC and many smaller banks contract for other forms of deposit insurance such as DIF. Certainly, you will want to do your homework and choose an institution with a good reputation in your area, and which is convenient for you to physically visit when that form of contact is necessary. These smaller, local banks will offer on-line banking, direct deposit, debit cards, on-line bill paying and all of the other services that you've come to expect from the giant national banks. What they won't come with is the giant fees, the need for huge government bailouts, or the ponzi schemes that have been par for the course for the past two years.
What is more, moving your money will help your community. Big national banks are not lending to small businesses right now, at least not in any significant form. Local banks, which are the lifeblood of local credit economies, continue to do so and the more local money that these institutions can bring under their financial umbrella, the more lending to local persons and businesses they can do.
Make your money safer and send a message to both Wall Street and DC? Seems like a no-brainer to me! This idea was first brought to my attention as a movement at The Huffington Post and there is even a how-to video out now. So, for what are you waiting?
30 December 2009
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