Source: Yahoo Finance

Category: Bailouts, Video

Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

5 Responses to “Americans: Hate big banks, but can’t quit them”

  1. Arthur Schopenhaeur says:

    re:Americans: Hate big banks, but can’t quit them.

    My wife and I took action regarding this several years ago. We spent the time and researched the best credit union we could find with the best services/rates, etc. We pulled everything out of our “big bank” and started doing business with the credit union of our choice. We are glad we did this because (1) we get better service (2) we get better interest on our savings (3) we have better credit card terms (4) but MOST OF ALL… We feel like we have done a little towards being AMERICAN PATRIOTS! We are no longer contribute to the federal reserve banking cartel.

    If you find yourself griping about your “big bank” and whatever that entails… well get off your duff and take action. Put your money where your mouth is. Get off your duff and put your money in your own town, in your neighbors and your own community.

    If you want to get started – Here’s some links to help you:

    Compare the Best Credit Unions Locations, Rates, Fees, and more
    http://credit-unions.findthebest.com/

    Find a Credit Union
    http://www.creditunionsonline.com/credit-union-locator.html

    Credit Union Credit Analysis – Credit and Finance Risk Analysis
    http://www.credfinrisk.com/creditunion.html

    National Credit Union Administration (NCUA)
    http://www.ncua.gov/

    NAFCU
    http://www.nafcu.org/

  2. Arthur Schopenhaeur says:

    As a corollary to my previous post, if you endeavor to look at the financial statements of your “big bank” and then look at the financials of some of the credit unions in your area, I can almost guarantee that you will exclaim “Holy shite! I/We need to get my/our money out of that big bank and we need to get it in that credit union NOW!”

    If you just look simply at the financial risk aspect, a good credit union is much, much safer than a federal reserve bank.

  3. RW says:

    What Arthur Schopenhaer said.

    I would also add that I’ve encountered folks who seem to believe a local bank or credit union somehow limits their ability to access or move money when out of town because there isn’t a branch in every major city or what have you. Might have been true at some point I guess but it sure isn’t now.

  4. MarkKlose says:

    Arthur,

    I’m not sure what you mean by “…a good credit union is much, much safer than a federal reserve bank.” The Federal Reserve is the central bank of the United States. There is no such thing as a “Federal Reserve Bank” where consumers can establish accounts. As part of the Fed’s responsibilities, they are the principle regulator for a small number of bank and thrift holding companies but most banks are regulated by the FDIC in combination with the OCC and individual state regulators. As far as safety is concerned for deposits up to $250k, there is effectively no difference between FDIC insured institutions and credit unions covered by the NUCA. Moreover, the idea that all credit unions are safer than all banks is nonsense. I haven’t kept up with the data lately as the financial crisis has receded, but in Q1 of last year the NUCA closed 4 failed credit unions. There are troubled institutions in both groups but as long as your account stays at or below $250k it is perfectly safe in either.

  5. It’s far worse than you think. You have to look at your investments as well as your bank accounts.

    “Prime Money Market” funds are basically loans to banks and other large financial institutions. They may not even be U.S. institutions!

    “Bond Funds”, unless they specifically say “treasury bond” or something similar, are also basically loans to banks and other financial institutions.

    And of course broadly diversified stock index funds have a fairly large fraction of bank stocks in them.

    Given that many folks have far more in their 401Ks than in their bank accounts, they may be doing more to feed the too-big-to-fail beast with their 401k allocations, than they are with branch banking!

    So, if you really want to starve the banking beast, scrub your investment portfolio as well as moving your checking and savings accounts!