Move Your Money Campaign Helps Trustco Bank

Aside from taking the media world by storm, the Move Your Money campaign is having a real-world effect.

Albany's WTEN reports that Glenville-based Trustco Bank has seen a surge in business ever since the Move Your Money campaign began calling for consumers to stop lining the pockets of the too-big-to-fail banks and to support their local community banks. Trustco saw 30 new accounts opened in one day, including one worth seven-figures.

Bank officials say that other branches of the bank are seeing similar results.

Watch the report below:

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Comments

[2garen]

09:10 PM on 01/25/2010

We have been a member of Boeing Credit Union for 22 years. They have always treated us great. Free Notary, free financial planning and great service.

[NavyMom44]

11:28 PM on 01/14/2010

There is another benefit, with these additional deposits these banks will began hiring....I work for a community bank & they are now hiring additional people in fact 5 people will be starting in the next week.

Keep up the transfer and we will see more jobs back in our own communities and tell these so called big banks to kiss where the sun don't sun.

[Ivy Treadwell]

07:26 AM on 01/12/2010

I'm moving this week!

[indabush]

12:06 AM on 01/12/2010

I HAVE JOINED THE REVOLUTION!!!!!!!!!!!!!!

Yes I have migrated from HSBC to Signature Bank...feels good.

[helmboy]

02:36 AM on 01/12/2010

been in a credit union for thirty years and don't have a regret to name

[BOS29]

11:19 PM on 01/11/2010

Last week I started the process to move back to our employee credit union. I'll be one less WaMu/Chase customer in a month or so.

[yogajan]

10:44 PM on 01/11/2010

I have banked with a credit union for years, financed my last car purchase with excellent interest rates and have never had a problem. When I first moved to CA, I used B of A and was shocked at the poor service, charges on everything and saw no reason to keep that account. While the credit union has issued me a debit card, I only use it for travel or on-line purchases, otherwise, CASH IS KING. I put a certain amount in my wallet at the beginning of the week and live off of that. It makes you think whether to brew a pot of coffee at home or stop at Starbucks to pay $1.60 for burned tasting java.

[Courtney Cobbs]

09:09 PM on 01/11/2010

I am waiting for my charges with Bank of America to clear and I will more than likely be going to a credit union. If not a credit union then a local bank. I can't wait!

[lmktacwa]

10:18 PM on 01/11/2010

Good for you! I highly encourage credit unions, but a local community bank with good ratings (per the moveyourmoney website) is great too.

I opened an account at a Credit Union (happens to be Navy Federal Credit Union cuz I still had an old savings account there ) I spoke to their customer service rep and she said they are available 24x7. Real people, who talk and think and actually help you are available 24x7!!! OMG! I also was able to set my online bill pay in 30 minutes and start paying bills immediately! unlike BOA which makes you wait 3-10 days for the "merchant" to appear.

I was also able set up over half my bills so they come to my online billpay & I can click one button and it just pays the bill! BOA does not have any function like that on their bill pay.

My son has a BOA account, and is in Russia, and used an ATM twice last week. Guess how much BOA charged him? $75.00 PER use. so he got hit with a $150.00 "fee" for using an ATM in Russia!! When I spoke to the credit union she said they charge a 1% fee for Visa to do the currency exchange. A $500.00 withdrawal would cost $5.00

I can't wait til my direct deposit hits my new account at NFCU so I can tell BOA to K.M.A.!!

Good luck! Welcome to the moveyourmoney club!!!

[delphillips]

08:01 PM on 01/11/2010

I recently stopped at my local community bank to obtain additional info before opening an account. Before I mentioned this campaign, the banker told me they have seen a surge in new accounts lately as well. She was very interested in hearing about this campaign. I gave her the site and info about it.

[Fogy]

07:27 PM on 01/11/2010

Moving our money is HALF of the solution. We have to change what's broken about the SYSTEM:

www.themoneymasters.com

The Two Step Plan to National Economic Reform and Recovery

Step 1: Directs the Treasury Department to issue U.S. Notes (like Lincoln’s Greenbacks; can also be in electronic deposit format) to pay off the National debt.

Step 2: Increases the reserve ratio private banks are required to maintain from 10% to 100%, thereby terminating their ability to create money, while simultaneously absorbing the funds created to retire the national debt.

These two relatively simple steps, which Congress has the power to enact, would extinguish the national debt, without inflation or deflation, and end the unjust practice of private banks creating money as loans (i.e., fractional reserve banking). Paying off the national debt would wipe out the $400+ billion annual interest payments and thereby balance the budget. This Act would stabilize the economy and end the boom-bust economic cycles caused by fractional reserve banking.

www.themoneymasters.com

[apeng dicitis]

05:54 PM on 01/11/2010

When opening an account at any bank, one thing to consider is if they are offering debit cards. If they do avoid it like a plague.

[lmktacwa]

10:22 PM on 01/11/2010

Or maybe just don't get a debit card. I know cash is the best, but I personally like to purchase things online, and not everything takes paypal. So, I'm not sure I would take your advice without first understanding the reasoning behind your request.

[max08]

11:18 PM on 01/11/2010

Why? Even credit unions have debit cards. How are you supposed to get your money out of an ATM after hours?

[SparkyGump]

05:54 PM on 01/11/2010

When Trustco took over a bank named Home and City Savings in the 90's, the president of Trustco went to each Home and City branch and took out a squirt gun and squirted employees and said "you're fired" then squirted and another and said "and you're fired too". This guy was laughing away while he went from branch to branch ending careers of good, honest, hard working people. Just because a bank is smaller doesn't mean that the people who run them are ANY nicer or have any more scruples than the big boys. In my opinion, the only place you're going to get more concience for your buck is to go to small credit unions.

[Chomskyan]

07:53 PM on 01/11/2010

sorry...I don't buy it.

[SparkyGump]

08:53 PM on 01/11/2010

Yea, well I was working at a bank called National Savings Bank at the time and heard it from multiple ex Home and City employees. Believe what you want but it happened. The same guy also said he "liked blood enough blood on the floor to make it slippery". Evidently, he enjoyed firing people. Banks in the Albany, NY area were going through a time of multiple mergers and aquisitions then. Luckily, we were bought out by Key Bank, which then promptly moved it's HQ from Albany to Cleveland after merging with Society Bank.

[lmktacwa]

10:24 PM on 01/11/2010

well, you may not buy it, and I can't confirm or deny what SparkyGump says about the squirtgun dude, but I don't think SparkyGump's credit union advice (over a local community bank if you have the option) is bad advice. I second the advice.

[Epiphany2b]

08:26 AM on 01/12/2010

I guess it might be prudent of all those switching to smaller local banks to keep their eye on bank policy changes, and the minute that bank is merged with another, move again to one that hasn't been. Larger banks right now are not trying to swallow the smaller ones with the aggression they have in the past, but this campaign is going to start that again, wait and see!! It's the only way they're going to get access to that money again.

[apeng dicitis]

05:51 PM on 01/11/2010

I just move my money from a credit union that gave me a debit card to another credit union that just have their own ATM card. I made the change because last November I got charge $50 for overdrafting my checking account at the 1st credit union mentioned above. When the teller asked me why I want to close my account, I said so that I won't make another mistake. I felt good closing that account that offer me a debit card. A debit card by "Visa." Visa I feel is just like the big banks. Kill the customers will a loving hign interest rate. Visa makes their yearly profit while the customer gets the shaft.

[Epiphany2b]

08:28 AM on 01/12/2010

The same thing could have happened if you're written a check, so not having the debit card isn't going to save you from inattention to detail. If it helps you manage better, than go for it.

[Icantbelieveher]

05:37 PM on 01/11/2010

We moved ours when our bank started nickel and diming us to death. I can't see that they ever took TARP, but it is a foreign-owned bank and I'm all for stimulating our economy, not that of other countries. Especially since our government doesn't seem all that interested in protecting our economy!

We moved to FirstBank that is local to Colorado (and a few other states, but listed on the list at moveyourmoney.info). We actually like this bank account better, and their billpay service is topnotch! Plus no hidden fees, which we really like!

[BambooHarvester]

05:30 PM on 01/11/2010

Zsa Zsa , Where's the link to find local banks and credit unions ?

[mikerobjohn]

08:34 PM on 01/11/2010

Funny.

[lmktacwa]

10:26 PM on 01/11/2010

Try this:

http://moveyourmoney.info/find-a-bank

[SuperV]

05:25 PM on 01/11/2010

the ghastly thing is...

The big banks will just buy up the little ones once enough depositors have moved there

[Loffee]

05:57 PM on 01/11/2010

Then we will move all the accounts to a credit union...haha we win again!

[lmktacwa]

10:26 PM on 01/11/2010

Or you can just go straight to the credit union.

Member owned.

[mikerobjohn]

08:35 PM on 01/11/2010

That's right because the owners of the little banks are greedy as well.

[weatherwaxx]

01:26 AM on 01/12/2010

Depends on the bank. There's a great one in Columbus, O -- First City Bank. Owned by a family not a corporation. Check a bank out before you sign up. And when you look at a credit union, look at the board and see what ties they have to big banks.