I utterly agree that we need systemic bank reform, so BofA et al, if still viable a year from now, don't swallow up every Little Bank in the country. I used to bank at Hibernia, a small bank on Castro Street. Then it became part of four other banks before finally being swallowed by BofA. (When customers are more stable than their banks, we have trouble.)<br>
<br>But, moving money out of the Big Banks is a step to create pressure for systemic reform, so it's still a good idea.<br><br>I've been banking at San Francisco Federal Credit Union since 1999. They used to be the SF City Employee Credit Union, just as the Fire Credit Union used to be only for local fireifghters. Anyone who lives or works in SF can open an account there. They're nice people.<br>
<br>They DO have computers! I don't think doubling their customer base will lead to mass RSI. Their main branch is at 770 Golden Gate, a few block north of City Hall. They have three (count 'em -- 3) ATMs in the Civic Center area. But they belong to the same Credit Union union of ATM others do, so you can use many. I do nearly everything online, anyway.<br>
<br>As to the 'big' financial services they don't offer: There are some. <br><br>The housing coop i live in tried to refi through them a few years ago, but we categorized as 'commercial,' not single-family housing, even though we're a non-profit homeowner group, so they wouldn't. But then our big-ass bank, Wells Fargo, the same year sent us a letter saying, 'We just abolished your $100,000 line of credit -- not because of a damned thing about YOUR finances or payment history, which is perfect, but because of ours!' Don't count on Big Bank services as lenders.<br>
<br>I recommend that NB move AN account with SOME money over to a local credit union. NB can still keep a toe in the Big Bank water, if we think we may need them someday.<br><br>walter<br><br>
<br><br><div class="gmail_quote">On Tue, Nov 1, 2011 at 04:36, girlgeek <span dir="ltr"><<a href="mailto:girlgeek@wt.net">girlgeek@wt.net</a>></span> wrote:<br><blockquote class="gmail_quote" style="margin: 0pt 0pt 0pt 0.8ex; border-left: 1px solid rgb(204, 204, 204); padding-left: 1ex;">
<div bgcolor="#FFFFFF" text="#000000">
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><div><div></div><div class="h5">
<br>
<br>
On 10/31/2011 6:25 PM, Olya K wrote:
</div></div><blockquote type="cite"><div><div></div><div class="h5">Does anyone have experience with New Resources Bank?
<div><a href="https://www.newresourcebank.com/" target="_blank">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 href="mailto:ryanobjc@gmail.com" target="_blank">ryanobjc@gmail.com</a>></span>
wrote:<br>
<blockquote class="gmail_quote" style="margin: 0pt 0pt 0pt 0.8ex; border-left: 1px solid rgb(204, 204, 204); 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><br>
On Thu, Oct 27, 2011 at 10:16 PM, Nick P <<a href="mailto:nickbp@gmail.com" target="_blank">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 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>
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