Wikinvest Wire

Stephanie moves her money

Thursday, December 31, 2009

From the Huffington Post comes this story of Stephanie taking the advice offered yesterday and moving her money out of Bank of America into a smaller community bank.

One unfortunate aspect of the last year of developments in "too big to fail" (as one commenter noted, a phrase that Treasury Secretary Tim Geithner couldn't bring himself to utter in yesterday's video) is that it only reinforces the idea that places like Bank of America are "safer" than any small bank around the country.

One opinion piece over the weekend referred to the biggest banks as "the new GSEs", which makes sense because the former GSEs are now GOEs (as in "owned", not "sponsored").

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Dan said...

I looked into this yesterday. I went to their website to find a local small bank. My search criteria returned a list of about 30 different branch locations, but not much choice. The only bank on the list that was close enough to make switching convenient was Citizens Business Bank. They are also TARP recipients. I would say this is a FAIL. It's a fun concept, but as I wrote yesterday: the only real solution is to end fractional reserve lending, etc, etc.

Happy New Year

Get Money said...

You know I don't blame her at all! Greed has taken over!

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