Friday, May 21, 2010

Move Your Money

There is a movement afoot for people and organizations to move their banking from the mega-banks to a local bank.

The mega-banks (Bank of America, JP Morgan Chase, Goldman Sachs, Citigroup, Wells Fargo, Morgan Stanley, etc.) aren't particularly interested in you or your small business. Sure, they'll take your deposits while paying less than 1 percent on your account and they'll give you a credit card with interest rates in the range of 15-35 percent, but their real motivation is making money and serving their Wall Street masters.

The 10 largest banks hold over 60 percent of the nation's deposits. There are now 23 banks with over $100 billion in assets.

Local banks on the other hand serve their community. Their future prosperity is directly tied to the communities they operate in. Local banks don't give their executives million-dollar bonuses. Local banks hire local service providers like CPAs, attorneys, advertising agencies, marketing consultants, janitors, and other various service providers. At your local bank you'll find friendly people who know your name and want to help you.

Tomorrow, in Portland's Pioneer Courthouse Square, local bankers will be on hand to help answer questions as we encourage people to "Move Their Money." The festivities are from 1-4pm and should be a family fun event complete with music and speakers.

According to pollster John Zogby, nearly 10 percent of Americans have moved at least some of their money due to Wall Street abuses and the current banking crisis.

I hope you'll join me in moving your money and banking from the mega-banks that nearly brought down our economy to a local bank that is committed to and serves your community.

1 comment:

Brian C. Setzler said...

I sold my house and have moved my personal accounts to a local credit union.

I love banking locally!!!