Americans fed up with the lack of financial reform and the behavior of big Wall Street banks are moving their money to smaller community banks and credit unions. Many are doing so as part Move Your Money, a project that encourages account holders to contribute to financial reform by depositing their funds into better-managed institutions.
CNN profiled dissatisfied bank customers in a recent story titled "Take This Bank And Shove It." The customers who were profiled, quit their big banks for multiple reasons:
Barry J., who detailed his switch from Bank of America (BAC, Fortune 500) to Southeastern lender Regions (RF, Fortune 500) in an email, said he had just become fed up with the $8.95 monthly maintenance fees on each of his three accounts.
The concept of too-big-to-fail:
[Abel Collins] said he never had a problem with BofA specifically. But he switched from the nation's biggest bank to a local credit union to protest what was happening in the financial sector more broadly, namely... "too big to fail"
John Andersen said he became so fed up with some of the practices of the big banks that he decided to close the KeyBank checking account he used for his Portland, Ore.-based carpet cleaning business... Andersen added that his decision was also driven by a desire to do business with a smaller lender that would make loans that would benefit the local community.
On Monday, the New Mexico House of Representatives voted to essentially move the state's money to community banks and credit unions.