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I have a strong feeling that Move Your Money is going to be a mixed
blessing to all involved. These are small, sometimes sleepy
institutions that often rely on doing less common operations
manually because that is appropriate to current scale. What is
going to happen when the sudden influx of customers overwhelms
manual operations?<br>
<br>
I strongly support move your money. I also recommend patience with
your new institutions while they scale up. Consider how good it
will be for community investing if we all move our money into small
banks, and then just as they commit finances to new systems we move
our money back out. <br>
<br>
Pessimistically I also wonder how much we are going to see of cases
of moving our money to Little Bank of San Francisco only to find six
months later that Little Bank of San Francisco is bought by Bank of
America. I guess this is why we need various legislation. <br>
<br>
-Claudia <br>
<br>
<br>
On 10/31/2011 6:25 PM, Olya K wrote:
<blockquote
cite="mid:CAOcqtRLd0prYfnw2vmKeZ2k4fAsQB2eJyzB0NAagno1iKRs0vg@mail.gmail.com"
type="cite">Does anyone have experience with New Resources Bank?
<div><a moz-do-not-send="true"
href="https://www.newresourcebank.com/">https://www.newresourcebank.com/</a></div>
<div><br>
</div>
<div>Apparently they're about sustainability..</div>
<div><br>
</div>
<div>Olya<br>
<br>
<div class="gmail_quote">On Thu, Oct 27, 2011 at 10:22 PM, Ryan
Rawson <span dir="ltr"><<a moz-do-not-send="true"
href="mailto:ryanobjc@gmail.com">ryanobjc@gmail.com</a>></span>
wrote:<br>
<blockquote class="gmail_quote" style="margin:0 0 0
.8ex;border-left:1px #ccc solid;padding-left:1ex;">
charles schwab is great - smartphone checking deposits and
refund of<br>
ATM fees. no cash services, but oh well.<br>
<div>
<div class="h5"><br>
On Thu, Oct 27, 2011 at 10:16 PM, Nick P <<a
moz-do-not-send="true" href="mailto:nickbp@gmail.com">nickbp@gmail.com</a>>
wrote:<br>
> SF Fire does have a catch -- their deposits are
only privately<br>
> insured. Since the insurance risk pool is far
smaller compared to<br>
> FDIC/NCUA, and since they lack government backing,
if one member<br>
> institution fails, there is a much greater risk of
a panicked run<br>
> powerful enough to bring down all other member
institutions, even<br>
> those which may have been solvent before the run
began.<br>
><br>
> To put it a bit plainly, SF Fire's management
decided a few years ago<br>
> that saving a bit on deposit insurance fees was
worth the tradeoff of<br>
> more risk for their members' deposits. So if you do
decide to go with<br>
> them, I don't recommend leaving a significant
amount of money in your<br>
> account. See also: the failure of RISDIC back in
1991, which closed 45<br>
> institutions and froze 300,000 accounts, and the
similar failures in<br>
> Ohio and Maryland in 1985:<br>
> <a moz-do-not-send="true"
href="http://www.bos.frb.org/economic/neer/neer1993/neer393a.pdf"
target="_blank">http://www.bos.frb.org/economic/neer/neer1993/neer393a.pdf</a><br>
><br>
> I use USAA checking myself; their banking is open
to all. They, Schwab<br>
> Bank, and Ally Bank all offer ATM refunds, but if
you frequently need<br>
> to see a banker in person then these are probably
not too practical,<br>
> since they mostly do things by internet/phone/mail,
but with things<br>
> like free postage-paid deposit envelopes, they're a
good option for<br>
> most people.<br>
><br>
> Mechanics Bank also offers ATM refunds with their
Relationship<br>
> Checking account, though they're mostly East Bay,
with the exception<br>
> of a branch in the financial district.<br>
> _______________________________________________<br>
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