Move Your Money: Can North Carolina do what New Mexico is doing?

Here is a story about how New Mexico is considering moving its state funds to smaller local banks, away from the big four banks. This is part of a larger campaign to get folks to MOVE THEIR MONEY - initiated by Ariana Huffington and some economists.

To strengthen the little banks that are actually lending to small business and home buyers, and put pressure on the big four to be better citizens with better treatment of their customers. Could this happen in our state? Read it here.

Comments

This is something we can do individually...and it works.

I bank with a local community bank and a credit union. I had an account with B of A and closed it about two years ago after they went on a binge of soliciting accounts from illegal immigrants. I'm not trying to start an immigration discussion...but I figure if I have to provide a SS# to open an account, so should everyone else...unless they are a documented visitor. About that time I also got a 6 page legal size notice in small print, both sides, telling me of all the upcoming credit card interest rate hikes and outrageous penalties for being late, etc. I believe they were also using the "stick it to the customer" process whereby if someone overdraws their account (multiple checks) the bank applies the largest check first so that they can maximize the number of bounced checks and assess the larges penalties (regardless of the order in which the checks were presented).

Take your money and auto deposits away from the big banks and bank locally. They'll actually learn your name and the service is better and friendlier.

Stan Bozarth

This will be the year I do that

I've put it off, off and off because it will take me weeks to clear all my auto-this and auto-that, but this is the year I will make the switch from Bank of America where I have been since 1977 when I first walked into the NCNB branch in downtown Chapel Hill.

I will never have checking or savings accounts in banks again

I finally moved everything from a local bank into the State Employees Credit Union. It is fantastic. It doesn't have crazy fees constantly being imposed; they try to help us (they suggested once that we refinance a home equity loan to save money, and we saved it!); etc.

They give back to the community (SECU house in Chapel Hill, eg.). Etc, etc.

Why do people use banks at all? It can be hard to get into credit unions, I admit, but if you're not in on now, keep your eyes out. I was able to join when I was a TA in grad school.

Maybe the Self Help Credit Union in Durham?

Just sayin'

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https://george.entenman.name

SECU and LGFCU are great

The State Employees Credit Union and the Local Government Federal Credit Union are great. If you are eligible to be a member, you should immediately move.

If you volunteer for a local government, you are eligible for the LGFCU. I served on a committee in the Town of Cary a few years ago, and I have also been a volunteer T-Ball coach the past two years. Those are the kinds of things that make you eligible to join, and is yet another great reason to volunteer in your community.

Even more reasons to consider credit unions now

...than even small or regional banks.

As Ed Cone notes, commercial real estate (many small and regional banks are overexposed considering their relative holdings) is just starting to come upon the smalls and regionals with the vengence that must sweep away earlier irresponsible speculation - not to mention acres of destroyed farmland in overdevelopment.

I would urge consideration of credit unions unless you plan on staying under the FDIC's deposit guarantee limit per bank.

 

Check your bank rating

The Street rates banks and S&Ls A-E select NC in the scroll menu at the bottom.

Only 2 banks got A minus:
Cedar Hill National Bank -Charlotte
Surrey Bank and Trust- Mt Airy

Great Idea

This is something that I'm surprised hasn't happened already. If the government won't punish them, the market won't punish them, the consumers should punish them.

Like James I was an old NCNB customer, that was my first bank account way back in the day. Then they merged and merged and merged and the next thing you know in the mid '90s I was being charged $1 for a hand written deposit slip and $0.50 to check my account balance on their phone system. I said goodbye to them and hello to Coastal Federal Credit Union! I've since joined SECU and PenFed! All great credit unions. The membership requirements to most credit unions are VERY slack. For example, to join Coastal you just need to join NCCC for a year. To join PenFed you just need to join NMFA for a year. SECU is a bit harder nut to crack, but if anyone in your family is a state or local gov't employee you can probably get in.

FWIW - Our last big bank tie was cut in early '09 when we refi'ed with PenFed and ditched Wells Fargo. We still have a BofA credit card that hardly gets used. Would love to get rid of it one of these days.

Watch out for dormant fees

I saw something that warned about new dormant fees that credit card companies can charge. If you have a card and don't use it, they can now charge you for not using your card (in addition to any yearly fees, etc.). I went through and cancelled all but two of my credit cards last week.

And..

Clark Howard, a financial guru that has a show on HLN said that you should make at least one purchase every 6 months on any credit cards you have even if paid up and that you should not cancel them. If you let the cards stay inactive too long or cancel them, it will show up negatively somehow on your credit report.

Bunch of tea baggers

You guys sound like a bunch of tea baggers. Next you will be burying Mason Jars full of cash in the backyard.

(Make a map for the kids so they can find them)

Before it went mainstream

Honey, I was a tea bagger before it went mainstream.

Oh...I use a credit union too. Credit Unions are backed by the credit union version of the FDIC -- the NCUA. Here's their link.

 

Mason Jars Paradise?

You guys sound like a bunch of tea baggers. Next you will be burying Mason Jars full of cash in the backyard. * Really Honest or just plain stupid?

The real tea baggers left years ago when George Bush the younger was elected. They now own Coffee planations in Costa Rica and play on-line Poker with real silver libertarian coins. If you feel that this present country will be a Republican Paradise in the near future, than I suggest that you hang around in a Kroger parking lot and fight with the Sara Palin supporters over who will get today's ration cards for food?

119 Credit Unions in NC

I have been a member of a credit union for over 30 years in NC. There are 119 of them per this site. Should be relatively easy for most North Carolinians to join one.

I agree TOTALLY that they are a great alternative to banks for the average person.

great service & low fees are what attracts one to a credit union

Look on the Huff Post for the earliest posts about this campaign to MOVE YOUR MONEY.

It is overly ambitious to think everyone can or will move their money, however, if the campaign continues to attract the attention, it does, it can cause enough of a problem that maybe the outrageous fees being charged, will be dropped.

And even if the big four keep on with their tactics, in a credit union you can have a credit card, with low apm, no annual fee, $9 charge for lateness, etc.

I have banked with one for 30 years and could not be more pleased with the personal service and great rates I have received.

TurnNCBlue

Thanks! We use 'em for

Thanks! We use 'em for internet purchases and a few recurring charges from folks we don't want to have access to our bank account (like Gyms). They've tried to charge us an annual fee a few times over the years but miraculously wave them after we call up to cancel :)

Buy Local, Bank Local and "the Road From Ruin"

Matthew Bishop, the US Business writer for the Economist, has a new book" The Road From Ruin" which sounds like a must read-- about how to repair our capitalism , make it respond to our community needs. Has anyone read it?

A group of labor, church, and other community organizations has been monitoring their local Big Four Bank-- pressuring them to speedup their dealing with mortgage foreclosures, using the threat of moving their money.

It has been likened to the buy local, eat local effort....why are we trying to eat local, buy local, focus on our communities and then we go and use a bank that is not serving our local community?

Read more about move your money, but most urgent: Vote in the primaries, vote for forward thinking judges. Get informed, and get others the information and point them to vote.

http://www.huffingtonpost.com/michael-green/the-road-from-ruin-10-way_b_525052.html

TurnNCBlue