Why?
1. Service:
Bank of America: 800# with automated system prompts and then once you get through that system you hold for someone that you've never spoken to.
Local Bank: You get an e-mail address and a phone number and you can actually call or e-mail them directly. Wow! Overdraft Protection:
2. Fees:
Bank of America: Their policy is to process your debits before your credits so if you know you're going to go overdrawn but you get to the bank with a check that day, this doesn't necessarily mean you still wont go overdrawn. BS!! Overdraft charge: $35/transaction!
The local community bank: The one I'm talking to (as well as many others I know about) will actually personally call you and let you know that your account is overdrawn and they will give you until the end of the day to make a deposit before they charge you. Overdraft charge: $20 and then goes up to $30 if it becomes a continuous occurrence.
3. Service:
Again, it's so important to me. I want to feel like a person, not a number in the system. I want to talk to actual people and have it be the same people over and over. I want personal attention and personal care.
4. Community:
I want to support a bank that supports my community. I want to support localism and giving back to the community where I live. As an owner of two small businesses this is very important to me.
5. Values:
I want to be with a bank that is more in line with my values and may actually have some morals and ethics. What is that? I know, it's hard to remember anymore.
6. Corruption and bailouts!!!!
7. Give me one good reason why I shouldn't?
Below are some good websites to visit on this topic:
- Green America's Break Up With Your Bank campaign
- Community Investing Center (resource for finding a community bank)
- My Community My Bank
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