![](\"http:\/\/www.burntorangereport.com\/upload\/BanksMap.jpg\")
<\/a>I’ll admit it. I’ve been a customer of a certain too-big-to-fail bank that recently backed down from a debit card fee recently. I’ve had an account with them since I was 12. Well, that isn’t totally accurate, my account was in one of the predecessors to Nations Bank which eventually became Bank Of America. But, you know, I’ve been lazy for a long time, and it is probably well past time that I do a little searching on my own.<\/p>\nOf course, I was inspired by the #OWS movement, (and an email from the Burnt Orange Report folks<\/a>) but now seems like a good time anyway. And, the PCCC’s Banxodus campaign<\/a> even will help you find a local credit union. And there are many reasons to find a credit union:<\/p>\n Not-for-profit credit unions are owned by their members. These banks aren’t under pressure by Wall Street investors to maximize quarterly returns. Instead, profits go back to the members in the form of higher interest on savings and lower interest on loans, mortgages, and credit card balances. <\/p>\n The same is not true in the world of for-profit corporate banking. Just look at the chart on the left showing the tremendous consolidation of the consumer banking industry in the last 20 years. These big banks think they can get away with charging you exorbitant interest or excessive fees because you don’t have a choice. Well, you do have a choice, and that choice is a credit union that meets your<\/i> needs.<\/b> <\/p>\n A wide range of financial planners and media outlets agree: credit unions are better for your money. Here’s why: <\/p>\n 1. Fewer fees, more savings.<\/b> The Credit Union National Association estimates that consumers save more than $6 billion a year in better rates and lower fees by using credit unions. That’s your money — who should make a profit off of it, you or your bank? — ABC News<\/a><\/p>\n 2. Credit cards with lower interest rates.<\/b> Federal law prohibits federal credit unions from charging interest rates above 18%. Credit union customers pay, on average, 20% less in credit card interest. — Forbes<\/a><\/p>\n 3. Better customer service.<\/b> 70% of credit union members feel that the institution put the customer’s interests ahead<\/i> of the institution itself. The highest big bank, Wells Fargo, came in at a 40% positive rating. —Forbes<\/a><\/p>\n 4. No penalties for using or not<\/i> using your money.<\/b> Corporate banks routinely charge you to open a checking account, charge you if your account is dormant, charge you if your balance drops below a certain level. It’s crazy! Credit unions simply do not engage in these kinds of practices — practices that are focused on driving up quarterly profits, regardless of customer satisfaction. — MSN Money<\/a><\/p>\n 5. Your money stays in your community.<\/b> Credit unions primarily employ people locally, and give back generously as well. Local credit unions are also more likely to give loans to local businesses, especially women- and minority-owned businesses. Since the recession began, credit unions have vastly expanded their business loan operations, which helps keep funds working in the local community. — Businessweek<\/a> (Burnt Orange Report<\/a>)<\/p><\/blockquote>\n So, with that, I went online to find a credit union that works for me. I’m leaning towards SF Fire<\/a>, but there are probably several right within your community to choose from. Banxodus will help you find one that works for you, or if the data isn’t there, you can help your neighbors by doing a bit of crowd-sourced research. Either way, now is a splendid time to tell your Big BankTM<\/sup> to take a hike. <\/p>\n Officially, Bank Transfer Day is Saturday, but I’m sure nobody would hold it against you if you acted a bit early.<\/p>\n","protected":false},"excerpt":{"rendered":" Switch to a local credit union as part of Bank Transfer Day<\/i><\/p>\n by Brian Leubitz<\/p>\n Of course, I was inspired by the #OWS movement, (and an email from the Burnt Orange Report folks<\/a>) but now seems like a good time anyway. And, the PCCC’s Banxodus campaign<\/a> even will help you find a local credit union. And there are many reasons to find a credit union:<\/p>\n Not-for-profit credit unions are owned by their members. These banks aren’t under pressure by Wall Street investors to maximize quarterly returns. Instead, profits go back to the members in the form of higher interest on savings and lower interest on loans, mortgages, and credit card balances. <\/p>\n The same is not true in the world of for-profit corporate banking. Just look at the chart on the left showing the tremendous consolidation of the consumer banking industry in the last 20 years. These big banks think they can get away with charging you exorbitant interest or excessive fees because you don’t have a choice. Well, you do have a choice, and that choice is a credit union that meets your<\/i> needs.<\/b> <\/p>\n A wide range of financial planners and media outlets agree: credit unions are better for your money. Here’s why: <\/p>\n 1. Fewer fees, more savings.<\/b> The Credit Union National Association estimates that consumers save more than $6 billion a year in better rates and lower fees by using credit unions. That’s your money — who should make a profit off of it, you or your bank? — ABC News<\/a><\/p>\n 2. Credit cards with lower interest rates.<\/b> Federal law prohibits federal credit unions from charging interest rates above 18%. Credit union customers pay, on average, 20% less in credit card interest. — Forbes<\/a><\/p>\n 3. Better customer service.<\/b> 70% of credit union members feel that the institution put the customer’s interests ahead<\/i> of the institution itself. The highest big bank, Wells Fargo, came in at a 40% positive rating. —Forbes<\/a><\/p>\n 4. No penalties for using or not<\/i> using your money.<\/b> Corporate banks routinely charge you to open a checking account, charge you if your account is dormant, charge you if your balance drops below a certain level. It’s crazy! Credit unions simply do not engage in these kinds of practices — practices that are focused on driving up quarterly profits, regardless of customer satisfaction. — MSN Money<\/a><\/p>\n 5. Your money stays in your community.<\/b> Credit unions primarily employ people locally, and give back generously as well. Local credit unions are also more likely to give loans to local businesses, especially women- and minority-owned businesses. Since the recession began, credit unions have vastly expanded their business loan operations, which helps keep funds working in the local community. — Businessweek<\/a> (Burnt Orange Report<\/a>)<\/p><\/blockquote>\n<\/a>I’ll admit it. I’ve been a customer of a certain too-big-to-fail bank that recently backed down from a debit card fee recently. I’ve had an account with them since I was 12. Well, that isn’t totally accurate, my account was in one of the predecessors to Nations Bank which eventually became Bank Of America. But, you know, I’ve been lazy for a long time, and it is probably well past time that I do a little searching on my own.<\/p>\n