As national banks soak up bailout dollars, cut lending, and exploit overdraft fees, a number of Americans have decided to move their money to local banks.
While Wells Fargo and Citigroup have made headlines recently for repaying the massive debts they owed to the American taxpayer, people are still frustrated about subsidizing the gambling habits of mega-banks. Yesterday's post "Move Your Money" generated a lot of comments from readers who want to ditch their accounts with the Too Big to Fail crew.
Below is a list of the four mega-banks that took the most government bailout money:
1. Bank of America ($45 billion)
2. Citigroup ($45 billion)
3. Wells Fargo ($25 billion)
4. JP Morgan Chase ($25 billion)
According to Treasury's most recent report on the bailout, our massive subsidy of the behemoth banks didn't pay off especially well. Large financial institutions made record profits last year. Neighborhood banks, on the other hand, were forced to sharply increase their rates of consumer loans to fill demand. For these reasons and many, many more, we're seriously thinking about localnomics.
VeritaasLondon, Greater London, England UK5,839 posts
Conrad73: ....and where do you think the small Banks money is?
Exactly Conrad, these small banks invest in the bigger banks, and those big banks give them the backing when they want to release a new mortgage or credit card, etc etc
Veritaas: Exactly Conrad, these small banks invest in the bigger banks, and those big banks give them the backing when they want to release a new mortgage or credit card, etc etc
lint874: I'm transferring all my money to Lehman Brothers.
I've heard they're a good, safe, long-established, well run, investment bank.Next week I'm trading in my car for a Toyota.
I've heard they're the best built, most reliable cars you can get.
-Toyota's are still one of best, well made car's out there...
The Evil Big Bank's.
The Big Bank's Sponsor and support some major event's such as
Special Olympics, 2010 Winter Olympic's, Superbowl, Golf Events, Soccar Event's, Tennis Event's and much, much more? So, By destroying the profit the Big Bank's may not be the Outcome you'd like to have or desire???
BlainX: -Toyota's are still one of best, well made car's out there...
The Evil Big Bank's.
The Big Bank's Sponsor and support some major event's such as
Special Olympics, 2010 Winter Olympic's, Superbowl, Golf Events, Soccar Event's, Tennis Event's and much, much more? So, By destroying the profit the Big Bank's may not be the Outcome you'd like to have or desire???
There is a very small bank on the outskirts of glasgow, who are run on personal terms that suit the customers. No big bonuses, only 2 branches I know of, pos a third,rates for borrowing great, interest is good for today and no call centre all done face to face and a little on line. Manager knows all his customers personally. Old fashioned but safe banking. They have never made a loss.
patmac: There is a very small bank on the outskirts of glasgow, who are run on personal terms that suit the customers. No big bonuses, only 2 branches I know of, pos a third,rates for borrowing great, interest is good for today and no call centre all done face to face and a little on line. Manager knows all his customers personally. Old fashioned but safe banking. They have never made a loss.
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Boycott the big banks(Vote Below)
As national banks soak up bailout dollars, cut lending, and exploit overdraft fees, a number of Americans have decided to move their money to local banks.
While Wells Fargo and Citigroup have made headlines recently for repaying the massive debts they owed to the American taxpayer, people are still frustrated about subsidizing the gambling habits of mega-banks. Yesterday's post "Move Your Money" generated a lot of comments from readers who want to ditch their accounts with the Too Big to Fail crew.
Below is a list of the four mega-banks that took the most government bailout money:
1. Bank of America ($45 billion)
2. Citigroup ($45 billion)
3. Wells Fargo ($25 billion)
4. JP Morgan Chase ($25 billion)
According to Treasury's most recent report on the bailout, our massive subsidy of the behemoth banks didn't pay off especially well. Large financial institutions made record profits last year. Neighborhood banks, on the other hand, were forced to sharply increase their rates of consumer loans to fill demand. For these reasons and many, many more, we're seriously thinking about localnomics.