Move Your Money: Tell Us About Your Local Bank

Take the pledge to Move Your Money!

As national banks soak up bailout dollars, cut lending, and exploit overdraft fees, a number of Americans have decided to move their money to local banks.

While Wells Fargo and Citigroup have made headlines recently for repaying the massive debts they owed to the American taxpayer, people are still frustrated about subsidizing the gambling habits of mega-banks. Yesterday's post "Move Your Money" generated a lot of comments from readers who want to ditch their accounts with the Too Big to Fail crew.

Below is a list of the four mega-banks that took the most government bailout money:

1. Bank of America ($45 billion)

2. Citigroup ($45 billion)

3. Wells Fargo ($25 billion)

4. JP Morgan Chase ($25 billion)

(Source: ProPublica)

According to Treasury's most recent report on the bailout, our massive subsidy of the behemoth banks didn't pay off especially well. Large financial institutions made record profits last year. Neighborhood banks, on the other hand, were forced to sharply increase their rates of consumer loans to fill demand. For these reasons and many, many more, we're seriously thinking about localnomics.

We want to hear how local banks serve communities better. Try the moveyourmoney.info tool to find small banks in your area, or add to the list of community banks below:
Send us your videos, stories, and even just locations of the best local banks in America. Visit moveyourmoney.info to learn more and find a community bank near you.

It's easy to participate. Simply click participate below and write out your account. We want to know why some Americans have decided to move their money and why others should.

Pledge to Move Your Money!

Take the pledge, join the movement, and invite your Facebook or Twitter friends to get involved.

Pledge on Facebook or Twitter:

Have you trusted your savings to a community bank? How has that worked for you? Share your story and the location of your local bank.

Move Your Money Stories

 

Participating is easy! Simply title your submission with the name of your bank, share your story about what it's like to be a community bank customer, mark the location of your bank on the map and upload a picture, either of you or of your bank!

Click on one of the markers on the map below and then click "View info" to read why people have moved their money to community banks.

— Move Your Money

Comments

[Bubba01]

09:44 AM on 03/12/2010

Looking for a great privately owned bank? We have been with Woodforest National Bank since 1996 when B of A (Bank of Assoles) messed us around. We have been very pleased with service and the folks at our branch know us. Woodforest is based in Texas, but is branching out with branches opening all over the eastern US. My local branch is located inside a Wal-Mart store and is open on Sundays and all holidays except Christmas. They even have a few branches open 24 hours a day. I believe those are only in south Texas though, sorry. Just thought I would give everyone a heads up on my banking experience.

[Spotbanks]

09:53 PM on 02/27/2010

Looking for a local bank? Try www.SpotBanks.com to find a bank near you!

[KathyC1]

11:05 AM on 02/17/2010

Unfortunately my IRA is tied up with Wachovia (Wells Fargo) until Oct., but I moved a CD back to my credit union recently and the IRA will be going to a small local bank as soon as possible. I've been with my credit union for over 20 years and stayed with it even though I retired and moved 500 miles away. The interest rates are higher there too.

[wildwomanfund]

12:47 PM on 02/13/2010

I moved my money from Bank of America and Chase to my local bank, University Federal Credit Union. I switched because Chase was always giving me HUGE overdraft fees, and NEVER taking any of them back. So as soon as I had more money in my account, they took it. They literally stole thousands of dollars from me, upped my rates to 30% interest and this is their business model!

They have ruined so many lives. I am taking my power back. They do not get to ruin mine, not anymore.

[Angela Martin]

09:47 PM on 01/26/2010

First National Bank of George West, Texas. My grandfather was one of the original founders, my father was on the board for thirty years. I have owned stock in this privately held bank since i was in my early twenties and watched it grow steady and slow, even through this economic downturn my stock continues to go up in value. we now have four banks that include the cities of Three Rivers, Floresville and San Antonio. The bank does business the old fashion way... with integrity and respect to it's customers, yes, they actually know you by name. And I should add that they do business with integrity and respect to their employees, many of whom have make a life long career with the bank. You can pick up the phone and actually talk to a person, walk in and speak to an officer without an appointment, or go online for great service. I'm very proud of our bank and am glad to have the opportunity to share that.

[LUOruz]

05:57 PM on 01/14/2010

Wells Fargo repeated the similar behavior in a few weeks with my personal account. I had our DirecTV bill automatically deducted from our family Wells Fargo Checking account. I also had a very small personal savings account that I was putting aside for my son. It was new and there was only $125 in it. Knowing what Wells Fargo did with our business account, I had changed my online payments, including the DirecTV, to a Bank of America account. It showed that the account was changed on the DirecTV website where I check my monthly payments. So, I was comfortable with it. Well, we had already closed all our personal and business accounts with Wells Fargo and when the DirecTV made a mistake and sent the online charge to my old Wells Fargo account it bounced because it was closed. But I did not know they would do it because I had already changed it to Bank of America on the DirecTV website. Well, without even calling me or sending me an email, Wells Fargo went ahead and paid DirecTV from my that other little $125 account. This is a third party they are paying without asking me... May be I had cancelled my DirecTV, may be someone was trying a fraudulent act. I was furious. That day on, I took all my money out from all the banks and moved to my local credit union, Commonwealth CU in Morgan Hill, California.

[LUOruz]

05:54 PM on 01/14/2010

We had a business savings and checking account with them since 1992. We had never defaulted anything. In the fall of 2008, we asked them to modify our Business Credit card payments due to financial difficulties. While we asked this we continued making the payments, we did not go on default. They told us not to pay for two to three months, because we were paying they couldn't do anything. They would talk about modification if we did not pay. So, we stopped payments for two months and in January '09, with the help of a credit counseling agency, we started making $735 a month payments towards paying off that credit card. The bank took our payments for three months. One day in April, my husband wrote some payroll and utilities checks from the business checking account and sent the checks. Later that day, when he came home he sat down at his computer to check the daily balances on the business accounts. He had written checks totaling for the amount of $7,500. To his shock, he had seen that Wells Fargo transferred all the money in our business checking to pay off the business credit card and left those checks to bounce. They did this while we were already making $735 a month payments to the credit card. The next morning when my husband called them, they refused to put the money back into our checking, not only that, they also charged for each check "insufficient funds fee."

[LUOruz]

04:13 PM on 01/14/2010

After the financial abuses and illegal action of Wells Fargo and Bank of America to my personal and business accounts, I happily transferred all my money to my local Commonwealth Credit Union and I will never return to a bank or a credit card again!!!

[Sis Asbury]

04:02 PM on 01/11/2010

If more of us would back our local banks, farmers, small business and other locals we could bring much more back to our communities... Strange how 100 yrs has changed the US into a corp world and we are all suffocating. We produced our own asphyxiation for ourself and our children. Our grandparents provided much more for the American dream then we have by a long shot. Education and support of our community is the only way out. The best part is that this CHANGE is possible! What do you think could be our first steps back to HONOR?

[fcsakes]

03:47 PM on 01/11/2010

Boeing Employees Credit Union Seattle Washington! The best!

[emelysma]

05:27 PM on 01/12/2010

Yes!! Me too!! Last year I banked at WAMU. When they were taken over and purchased by Chase that was it for me. I have now been a proud Boeing Employee Credit Union member, south of Seattle in Auburn, WA for a bit over a year. !!

[Sportswoman]

02:40 PM on 01/09/2010

First Financial Federal Credit Union in LA is the only bank supported by major unions. Small, people-oriented, personable, great service.

[MIMom]

09:56 AM on 01/09/2010

I went to your link. Of the two banks recommended, I found out last night that one of them is buying out the other.

How is that so much different than what the larger banks do?

[Bubba01]

10:24 AM on 03/12/2010

What link was that?

[Roxanna]

08:36 AM on 01/09/2010

I just joined a local credit union and am in the process of leaving Wells Fargo all together, where I have banked for years. I made this decision some time ago, based on the fact ,that Wells Fargo has my mortgage, which they eagerly gave me, but could now "Not lower "my interest rates on it ,saying I did not make enough, yet they automatically take a payment out each month.

I am thrilled Arianna has promoted this and I believe it will have a big impact. I also believe if people start buying local produce(such as local farmers markets) and supporting local stores this will also have an impact. Move your self away as best as you can from large corporations

[Anuphobe]

02:47 AM on 01/09/2010

Where have you all been. I dumped Chase, nee Washington Mutual, eight months ago. Am now with Union Bank of California, a local bank, but they are playing games with my pittance, and I'm seriously considering the Naval Credit Union. Wall Street is a massive con game and the major banks are criminal enterprises. Unfortunately, the Treasury Dep't. is in the hands of some of the very people that put us in this recession/depression. It's unlikely that the banks and investment houses will reform out of the goodness of their hearts. We must give them a message, and the best way is to not give them our money to play with. Find a local bank or a Credit Union and quietly, or noisily, if you prefer, transfer what money you have left, before huge NSFand reserve charges eat it up.

Good Hunting

[Joe The Nerd Ferraro]

10:02 PM on 01/08/2010

i have seen this movement and looked into it.

i used to have a bank with local roots.
they donated to all sorts of things in my town.
they have 3 branches in my town.

They were bought up by TD.

The same people work at the branches under the new flag.
TD seems to still be involved in the community.

If all my neighbors and I take our money out of this bank,

What do I tell my neighbors
who worked at these branches
after the TD Branches close in our town
when I see them at the supermarket?

What should I say to them?
They have kids who play with my kids.
They did their jobs well for the bank.
Why am I punishing them?

Giving them some kind of Global Economic Platitudes
I just think will make me look like kind of a jerk.

Help me out here.

[emelysma]

05:42 PM on 01/12/2010

You know JTN you make a good point. Clearly you bear no ill will towards these people who work at these banks under newer and bigger ownership. At the same time what else can we as consumers do? These banks were bailed out with OUR money and now are holding onto it tighter than ever, with the exception of paying out big bonuses. My husband's job was part of the collateral damage of this economic crisis, as were thousands and thousands of other people's jobs. The vast majority of us are still looking for jobs.

Maybe if you think about it this way...more and more money is being concentrated in fewer and fewer hands. Our country will never thrive again if big changes don't happen. These friends you're worried about putting out of a job could end up being more collateral damage if people don't get back to work soon. Who's going to need banks anyway once the rest of us run out of savings?

These "too big to fail banks and bankers" are behaving immorally!! This is our opportunity to make an impact. If enough of us take action maybe the banks will change their ways, although I'm not holding my breath.

[Joe The Nerd Ferraro]

05:48 PM on 01/12/2010

the bank i am talking about doesn't appear to be acting immorally.
it is a larger bank, that has done right by me personally.

i just have a problem changing for the sake of change.
if i were having the issue with my bank personally,
or if i thought it was gouging people,
i'd have no problem moving.

[LUOruz]

06:01 PM on 01/14/2010

They can all go work at the Credit Unions. By the way, I learned something very important during this process, Banks cannot buy out Credit Unions becaus CU's are non-profit organizations. All the more reason to switch.