Posted by: twotrees | January 2, 2010

Local Banks for Local People

A confession – I bank at Chase.  It’s the bank that swallowed up the sickly Wamu, which itself had purchased California-based Home Savings in 1998.  At the time Home Savings was overtaken, I wondered why I should continue banking with a company based out-of-state.  Because I did not have the strength of conviction (and was lazy) I chose to stay with Wamu as it had the benefit of several convenient branches in Ventura and enough access throughout the west to make ATM withdrawals easy.  Wamu became sick because of the greed in its lending practices, where bankers and loan agents made far too much money writing up loans to anyone who could fog a mirror.  Gone were the days when bankers used fundamental financial reasoning before lending, replaced by profiteering on crazed consumers desperate to get in on the real estate escalator as it grew to unreasonable heights.

But today I read a piece on Huffington Post that asks people to switch to local banks, and the concept is sound.  By giving your money to a local concern, you help our local community and live up to the credo ‘ good money to good banks.’ 

The Frank Capra film It’s a Wonderful Life is a story of financial greed similar to what has been on display in the past decade and is used in a short video to help invoke action from consumers to change banks.  Read more about it here:  http://moveyourmoney.info/

It’s a good New Year’s Resolution.

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