I hope that Occupy Wall Street is causing
this change in bank behavior. But I would be much happier if this works:
...several companion movements, such as National Bank Transfer day...“revitalized a citizen’s movement to take money out of the large Wall Street banks and to put it into community banks or credit unions.”
People should drop Bank of America like the bad bet they are. Here are current BofA rates of return for money market accounts:
Ponder, for a second, that they have a bracket for people with $2.5 million stashed in a money market fund. Then ponder that the rates are, across the board, abysmal. Now look at my little, local credit union rates:
The $5 to open share account returns the best rate possible from BofA. Even better, the rates at the other credit union where I am a member:
I get a better rate of return on $30 than someone at BofA with $30 million. Why the hell would anyone keep their money in a big bank? Back in the day--the '30's?--you may have had more security, but the share accounts at (these and most) credit unions are FDIC insured so there is no more risk here than at BofA. Also, too, these credit unions didn't need bailing out so what risk is present is, if anything, lower.
Ponder, for a second, that they have a bracket for people with $2.5 million stashed in a money market fund. Then ponder that the rates are, across the board, abysmal. Now look at my little, local credit union rates:
The $5 to open share account returns the best rate possible from BofA. Even better, the rates at the other credit union where I am a member:
I get a better rate of return on $30 than someone at BofA with $30 million. Why the hell would anyone keep their money in a big bank? Back in the day--the '30's?--you may have had more security, but the share accounts at (these and most) credit unions are FDIC insured so there is no more risk here than at BofA. Also, too, these credit unions didn't need bailing out so what risk is present is, if anything, lower.
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