There has been a lot of discussion about moving from large banks like Bank of America and Chase to smaller local banks and local credit unions. This has been the result of general frustration that a lot of people have had with their big banks. Now that frustration has reached the point of taking action.

In my travels, I see smaller local banks and credit unions courting the average depositor. They want people like you and me to move our money to their smaller bank, where we will be treated with more respect.

I know of one local bank where the managers sitting down with a potential depositor for coffee and discuss the depositor’s needs. Then the manager highlights what that bank can do for them. This year, I see a lot of small banks trying to position themselves as the peoples bank.

We had our business and personal banking done through a local bank that was just in the Northwest. Last summer that bank was bought out by one of the big banks. Since then may of our friends who banked with that bank have moved to local smaller banks.

In light of all the bank closures from unpaid loans, the next big question, in my mind,  is which banks are safe to put my money. If I put my money in a local bank or credit union will it be bought out by the bank I just left, within the next year?

At a local trade show, I was talking with Matt Wade a Relationship Manager a Home Federal Bank, about this very subject. Like any good bank employee he pitched his bank. However, he in the following week, he emailed me a link to a website that I thought was very helpful. It was titled, “Move Your Money“.

Move Your Money is taking some of the principles that were portrayed in the movie, “A Wonderful Life”. What Move Your Money does is help the average depositor find the right local small bank in their community.

Now when it comes to the process of moving for one bank to another, it has to be in a smooth process. We will look at it next week.

Tags: Bank of America, Chase, Home Federal Bank, Move Your Money