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Customers changing to locally owned banks - 10/1/2008 1:01:58 PM

Vendaval

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I have been wondering how many people who had their money in WaMu or other large banks would start switching over to smaller, locally owned ones. Anyone else hearing similar stories in their neck of the woods?

"Small, locally owned banks say customers are flowing in"

Customers reportedly bailing from big banks
By Eve Hightower
last updated: October 01, 2008 07:22:01 AM

"Residents literally have walked out of Washington Mutual with cashier's checks in hand, crossed the street and opened accounts at Oak Valley Community Bank.

"We've had a net inflow of deposits," said Courtney, president of Oak Valley Community Bank.

Courtney and other officials at community banks in the Northern San Joaquin Valley have seen money flow into their vaults over the past few days, but, like Courtney, they prefer not to speculate why."

http://www.modbee.com/local/story/448441.html

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RE: Customers changing to locally owned banks - 10/1/2008 1:08:30 PM

Musicmystery

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I've always been in a local bank.

Loans, however, get sold---so you buy a car and suddenly a month later you're a customer of a bank in another state you wouldn't have chosen necessarily. Sucks, but I don't see as you have a lot a choice.

Everything seems to end up owned by Morgan/Chase, Citibank, or Bank of America

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RE: Customers changing to locally owned banks - 10/1/2008 1:14:05 PM

Vendaval

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I specifically choose to keep my money in a local institution rather than a big monolithic corporation. Years ago I once opened an account with B of A and it was not a good experience.

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great day, I will tease you all the same."
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RE: Customers changing to locally owned banks - 10/1/2008 2:17:06 PM

Bethnai

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Mine is local. It was very local and then it was bought out.

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RE: Customers changing to locally owned banks - 10/1/2008 3:04:28 PM

Alumbrado

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I'm hearing sales pitches about the 'wisdom' of switching to small local banks that weren't there a year or two ago

Not being at all suspicious or anything....I wondered where some of these new 'local' banks were coming from, since several old ones had been absorbed by the mega-corp expansions over the last several tears.

One here claimed it was a 'partner' with the Enterprise Corporation of the Delta....which turned out to be 'partners' with Regions, Wachovia, and so forth. Stated goal of 'helping' those members of the community who couldn't get loans eleswhere borrow money for cars, 2nd mortgages, and business ventures.

Another one recently started up in the Memphis area, founded by the retired president of Suntrust... stated goal of being a 'destination bank', where people would come just hang out for the gourmet coffee, Wi-Fi connections, artwork, and general ambience (according to the article in the local business publication) .... while opening up FDIC protected $100K accounts for every member of their family, instead of leaving larger accounts 'unprotected' in larger banks..

The founder suddenly resigned from that 'local' bank a few weeks ago.

These are only 2 I've looked into, I wonder how many of these new 'local' banks have sprung up lately, and what their profit margins are?

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RE: Customers changing to locally owned banks - 10/1/2008 3:36:08 PM

SteelofUtah

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Mulitple accounts in Several Banks all Gaining Interest and all able to be closed out quickly and transfered to another bank.

Just so you know be careful what bank you choose many small banks are Subsidiaries or Pull on thier loans from Larger Banks that may go out. No matter what you do KNOW WHERE YOU MONEY IS. and if you are smart with the next crash you may want to pull everything but the minimum out and just deal in cash. Interest is no good if they eventually tell you sorry we spent all your money and now have gone bankrupt sorry.

Steel

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RE: Customers changing to locally owned banks - 10/1/2008 3:46:02 PM

SageFemmexx

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My local bank has been around for 100 years. So far, so good. I prefer a place that knows me on sight by name. No muss, no fuss, no BS. I donate to their food bank and go to their ice cream socials. They now know my new husband on sight, added him to accounts and opened his own without blinking an eye or credit check BS.

I say support your local everything, you'll always be glad you did.

Sage.

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RE: Customers changing to locally owned banks - 10/1/2008 3:46:29 PM

Vendaval

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Are locally owned Credit Unions likely to fair better in this crisis?
As in they are less likely to be absorbed into another larger, corporation?

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"Beware, the woods at night, beware the lunar light.
So in this gray haze we'll be meating again, and on that
great day, I will tease you all the same."
"WOLF MOON", OCTOBER RUST, TYPE O NEGATIVE

http://KinkMeet.co.uk

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RE: Customers changing to locally owned banks - 10/1/2008 5:26:23 PM

Musicmystery

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If you wish, you can ask to look at their capitalization.

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RE: Customers changing to locally owned banks - 10/1/2008 5:52:33 PM

popeye1250

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I'm with a "regional" and also with a local credit union.
No problems it seems they're always busy.
Plus, this area of the country is really growing.

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RE: Customers changing to locally owned banks - 10/2/2008 10:09:06 PM

winterlight

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There is someplace on the web where you can see how many points your bank has. I think that determines whether it is "safe" or not.

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RE: Customers changing to locally owned banks - 10/2/2008 10:47:56 PM

popeye1250

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quote:

ORIGINAL: winterlight

There is someplace on the web where you can see how many points your bank has. I think that determines whether it is "safe" or not.

And where would that "someplace" be?

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RE: Customers changing to locally owned banks - 10/3/2008 12:26:40 AM

UtopianRanger

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quote:

ORIGINAL: SteelofUtah

Mulitple accounts in Several Banks all Gaining Interest and all able to be closed out quickly and transfered to another bank.

Just so you know be careful what bank you choose many small banks are Subsidiaries or Pull on thier loans from Larger Banks that may go out. No matter what you do KNOW WHERE YOU MONEY IS. and if you are smart with the next crash you may want to pull everything but the minimum out and just deal in cash. Interest is no good if they eventually tell you sorry we spent all your money and now have gone bankrupt sorry.

Steel

Even if the bank is solvent the interest you would garner from a CD, money market account or an interest-bearing checking account, for that matter, is still far below the true rate of inflation.

There are many many ways---bypassing the notion of banks-- in this current environment to realize nice returns.

- R

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RE: Customers changing to locally owned banks - 10/3/2008 7:37:26 AM

pahunkboy

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I will begin commerce in beads for trade.

The Indians traded Manhattan for $24 worth of beads.

It worked then and - since we are returning to the roots of our past- it will work again.

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