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There is one point that I should have mentioned when I voiced my
concerns. My money already is at Redwood Credit Union and I have no
intent to move it to Monster Bank. The negatives associated with
BofA et al are much worse than the concerns that will come after the
large influx of money into Little Bank and Credit Union.<br>
-Claudia<br>
On 11/1/2011 9:22 AM, walter park wrote:
<blockquote
cite="mid:CAEOcJ3NdKgLCjnb6ZQQZg+hBEhXyn5Xi+piAPU8XU7K_He66eA@mail.gmail.com"
type="cite">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 moz-do-not-send="true"
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 class="h5"> <br>
<br>
On 10/31/2011 6:25 PM, Olya K wrote: </div>
</div>
<blockquote type="cite">
<div>
<div class="h5">Does anyone have experience with New
Resources Bank?
<div><a moz-do-not-send="true"
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
moz-do-not-send="true"
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 moz-do-not-send="true"
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 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>
>
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