I was indifferent at first, but I'm all for the "Move Your Money" movement

[scheming daemons]

But reading PCIntern's "Chutzpa" thread has pushed me over the edge on this.

We need to all move our savings and checking accounts into credit unions.

The service is better, they're non-profit (in most cases) so they're not thinking of new ways to screw you over constantly, and your money is as protected there as it is with the FDIC in banks.


I've had all my accounts with PNC Bank for years.... but tomorrow, I'm moving my money to a local credit union.


Yes... I'm just small potatoes and will have no real impact on PNC's bottom line... they'll just laugh about me, if they even notice at all.


But if millions did this, it would have an impact.

http://moveyourmoney.info/

[Statistical]

1. +1. If anyone is on the fence about this.... DO IT.

It is a no cost way to stick it to the major bank.

It doesn't take that long. I am biased but to anyone with military service I recommend USAA. They are a bank (not credit union) but they are member owned and operate as a non-profit. They attempt to manage profits with losses & costs. If they have a small profit at end of year they return it to members via an annual check.

Check your area for Credit Unions and small community banks.

[defendandprotect]

10. I think it's a great idea, too --

now, to convince my husband!!

[msongs]

2. “First they ignore you, then they laugh at you, then they fight you, then you win.” - Ghandi nt

[gateley]

3. We're not small potatoes enough that they don't bother nailing us with

outrageous overdraft fees to the tune of BILLIONS of dollars a year. Those OD fees add up, obviously, and so do our teeny little bank accounts and monthly service fees. Do it! :thumbsup:

[REP]

4. I can't - I've been in a credit union for over a decade!

Why anyone wouldn't use a credit union I don't understand. I heart cheap loans and good service!

[hfojvt]

13. I had to when the credit union moved two miles out of town

with only a bicycle to get around, I needed banking services that were just down the street.

[Hannah Bell]

19. ditto. when seafirst got taken over in the 80s & their service went down the tubes,

i switched.

[ccinamon]

5. My credit union also accepts Business accounts! Anyone with a

business should check all of their local credit unions and see if there is one that will let them open up a business account. One more way to get away from the too big too fail, and too big to care banks!

[Touchdown]

6. I've been with a credit union for 12 years.

I have never experienced the crap that I've read about late fees, charges, holding deposits any number of days, etc.

I had no reason to switch to a bank. Now I'm glad my money is in an honest institution.

[laughingliberal]

7. k & r n/t

[Go2Peace]

8. Yep, did it myself. And the banks make a LOT of money off those who are not wealthy

they will, and I sure they *are* feeling it. I chatted with my credit union and they said they have been getting many new accounts in recent months.

[inna]

9. kr +14

[ddeclue]

11. One problem: WHAT money?

:rofl: :cry:

[Frank Cannon]

25. No shit. After months of being unemployed...

and after years of struggling in general, our life savings and 401Ks are totally depleted. Every time I hear about where I should "invest" or how I should "save", I feel like someone from another planet.

[Selatius]

27. No kidding. If unemployment doesn't drain your savings, the health care bills will.

Health insurance premiums are rising faster than wages, assuming you still have a wage.

[Art_from_Ark]

12. Big-time banks aren't interested in small potatoes

They're like Milburn Drysdale-- they'll do anything to keep million-dollar depositors, but "little guy" accounts are more of a burden than an asset to them.I learned that when a big-name bank wanted to charge me $15 if I had less than $3000 in my account-- a friggin' savings account at that-- at any time during a month.

[emsimon33]

14. I agree--at the very least, switch to a "hometown" bank

[MercutioATC]

15. Just started a new business. My accounts are at my credit union.

...as are my personal accounts.

I'd never go back to a bank.

[suede1]

16. I did it a decade ago, so I'm all for it.

[NuttyFluffers]

17. if many people do it, it's best to pick one or week day for simultaneous action...

that's a run on the bank and will bring it to its knees quickly. and be sure to explain why you are removing your account funds.

when BofA went down the bad path much earlier, many people like myself pulled out their small checkin accounts because they were being charged for the 'privilege' of being in their bank. soon after BofA started to reinstate small checking accts w/o minimum acct fees, with other conditions of course, but it was change...

[change_notfinetuning]

22. That's a great idea. Especially one day, one bank. What a message. The only

problem is in the organization, which is something we should be better at, with all of today's technologies, but just aren't. It's not our strong suit. But a strategic action like that would be a beautiful sight to behold.

[change_notfinetuning]

23. Delete - dupe.

[SergeStorms]

18. I just convinced my Mom.........

to give HSBC the finger and join the credit union I've used for over 20 years. She's 82, has sizable assets, but HSBC told her they were going to add a yearly fee for her credit card (the credit card she pays off monthly, IF she ever uses it at all).
I had to assuage the fears that every depression era (the first one) senior citizen has, but she'll be far better off for switching. When I told her that the credit union gives "owner's dividends" (mine came to $239 this year) she couldn't believe that a bank (her word, not mine) would ever DO such a thing. "They pay you to keep your money there"? :) Yep, because WE OWN the credit union, not some multi-national conglomerate with stock holders up the ying-yang.

Credit unions are the only way to go, and I'm spreading the news far and wide. Congratulations for your move. The movement is spreading little by little, and perhaps one day the multi-national banks will realize their mistakes. I'm not holding my breath while that happens, though. ;)

[old mark]

20. We closed our bank account last year. We have had a credit union

account for almost 15 years now, finally got tired of losing money to our bank by small fees. There is NO downside, at least not for us.

mark

[change_notfinetuning]

21. It's the most empowering thing we can do at this time. Even if the economic

impact is less than we'd like to think, because we are small potatoes as some say, it is something we have the ability to do all by ourselves, without any help from any politician, government agency, lobbyist, or do-gooder lawsuit. It would send a real message to the corporate leeches that we citizens, we average Americans, could actually band together in a common effort, even if just a small baby step, to take back some of the power stolen by the corporate terrorists.

Even if more symbolic than anything else, it would provide some proof that we are not totally powerless to stand up for ourselves, and take some action, any action, on our behalf. Moreover, it is my belief, and maybe someone could provide the facts to back this up, that a healthy percentage of the profits of the largest banks are from fees, service charges, penalties, interest, etc. derived from us small potatoes. If memory serves me correctly, it's a disproportionately large percentage of their profits.

[gleaner]

24. You will have more impact than you think .....

We moved from Chase to a credit union in December. I don't feel so much like claws are ripping up my gut anymore. Chase was always sneaky, always dishonest and always very hostile to small depositors. I had closed two other defunct accounts I had with them in the past. There was no money in them, but they began lobbing monthly charges for more than one account unless you had a higher balance than I had even when things were easier. This time they asked me why I was closing my account.;) That felt good. They must have had a lot of closures like mine or they wouldn't have bothered. They never did before.

I told them, "I don't like big bank chains." To which they replied with a grunt. Then I told them, "I especially don't like Chase." To which they replied, "Oh, that is too bad." I finished by saying, "I'm a Democrat." Rapid breathing on the other end and I hung up. I was smiling for hours. I never chose Chase. They took over my regular bank when Bush had it declared defunct. I'm still not convinced that was necessary, but he disliked California and it was a Western banking chain.

The credit union treats me well. To them my money is important and I am a human being. They mail bills for me which I haven't been able to get a bank to do in years and they let me keep a savings and checking account with low balances. Now that feels really good.

Go you. You are doing the right thing. Together is the best way to have an impact.:fistbump:

[OneGrassRoot]

26. Credit Union recommendations?

I have been largely apathetic about this issue for the same many reason many have been: what money? I don't have anything to speak of -- barely enough to meet the bills each month -- certainly nothing to invest, etc.

Still, I'd rather that minor amount be in another system.

I know the idea of credit unions is that they're usually local, benefiting the local community, but are there good ones that are national...or regional that you guys can recommend?

I have family throughout the states and would like to be able to recommend a reputable credit union to move in that direction.

:hi:

[DemoTex]

28. Another credit union advantage: ATM reciprocity

Credit union ATM cards are usually reciprocal. I am a member of a credit union in Pittsburgh (associated with my airline), but I regularly use the ATM of a local state workers' credit union here in SC .. fee-free. On the road it is fairly easy to find a CU ATM machine for fee-free cash.