3 thoughts on “Move Your Money”

  1. Dog, I love populists! So much idealism. So little information. At this point community banks don’t want your money. Your deposits are a liability that they have to hold capital against, and its hard to build capital in this economy. Moreover, if they are well-managed (i.e. they didn’t get overextended in the great bubble and are still healthy) they have all the money they need and are making all the loans they can reasonably make.

    If you want to support your local bank or credit union you should be sure to get your car loan there. Many people find it convenient to get the loan from GMAC or whatever captive financier is available at the dealer. See the local bank or CU before you refinance the house or take out a student loan. If you are using fee income services at Chase, by all means go to the local bank or CU. The fees are probably lower.

    Until interest rates go up, no one is making money on money. Park your spare cash someplace safe, try to get a little return on it, but the local bank doesn’t really need it. If you want to burden BofA, leave your money with them.

  2. I hate to be a shill, but the Almagamated Bank is still a great Union Oriented bank that offers real services for real people…
    They were founded in the late 20’s and have offices in NYC and Wahington…I am not a rich guy and never will be, but this bank has always been real.

    Now, I want to tell you that this morning when I woke up on the first dawn of this new decade, The Terrible Teens, I discovered that I had acquired new and enhanced super powers. I also discovered that i have the ablility to pass them on to my fellow deserving bloggers, so Mr. Bonk…
    Happy 2010……..

  3. Problem is most people have to put retirement savings into 401k’s & all that goes to some big bank entity. We are limited to choosing through what the employer offers & the last time the shoe fell- the worker bees took it in the shorts losing 1/3 to more than 1/2 of their savings.
    What to do about that???

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