I’m curious to know what account-holders at failed banks have decided to do with their money. Did you give your bank another chance or have you sought other means? While I do hold the banks accountable and am looking to move my money, I also despise the American people for their greed and insatiable appetite for buying things they can’t afford in order to mask some deep-seated insecurity.
Regardless, I’m currently a member of Chase and my only worries about moving my money to a smaller/local institution is the online management and global access. I’m looking to do some traveling in the near future and would feel more secure abroad knowing my money is with a larger bank. That said, I believe I’ll fashion a hybrid, moving most of my money to a local institution while leaving my travel money in global hands.
Here’s a great article on how/why a fellow American moved her money to a local institution. It’s important not to get caught up in the bank’s size, but the rating of its practices.
Tags: finance
I maintain primary accounts in a large bank because I travel too. Nothing like free ATMs anywhere LOL. If said bank were to fail however, my “real” money is diversified in other types of accounts supported by smaller financial institutions that I trust. Credit Unions are a best kept secret too – something to look into for folks that want other options. Now, despising the American people for flaws that we’re all programmed to practice? A little harsh for me. I rather hate the game, not the players
Saying the words “we’re all programmed” allows consumers to take a back-seat role in what’s happened. I don’t agree with allowing those consumer mistakes to be bundled up in a “we didn’t know better” excuse.
We have to hold both sides accountable or else we run the risk of this happening again.