03 January 2010
"Move Your Money"
This past week I've noticed the video above posted at a variety of major websites (HuffPo, Daily Dish, TruthDig) in association with an appeal for people to support their community banks rather than the major ones. I ignored the video, assuming it was a simple clip from "It's a Wonderful Life." Actually it's a mashup of scenes from the movie interlaced with news reports on the banks that are "too big to fail," and it's quite well done.
TYWKIWDBI agrees with the principle of supporting local banks, for selfish interests as much as for philosophical ones. When a short-term CD matured this summer, my broker at Wells Fargo (formerly Wachovia, formerly Prudential) said he could roll the money into a new one at 1.25%. I told him my local credit union was offering about 2% and asked him to call me back when he found a yield to match that. He hasn't called me since (and I moved the money). We also keep money in CDs in a small-town bank in northern Minnesota.
This is something you have to decide for yourself; don't blindly follow my lead. But you can start by watching the video, or visiting the Move Your Money site.