Move Your Money?

This seems like an interesting concept. Big banks helped create the financial crisis and politicians say they are simply “too big to fail”. This idea is that if enough people move their money out of big banks into local community banks then perhaps the banks won’t be “too big to fail” anymore. Now, I’m not sure my family would actually do this, since there are advantages in belonging to a nationwide bank, but it’s worth at least thinking of.

Apparently there’s more information at including a way to enter your zip code and find good rated community banks. They don’t yet include Credit Unions because the source of their data (a database by Institutional Risk Analytics) doesn’t include information on Credit Unions. Credit Unions are scored by the National Credit Union Administration. However, from what what I understand, they’re trying to get that information added to their webapp by early 2010.

Posted via web from Clubjuggler