hey guys-- if you're like me and you keep cash for liquidity reasons, you're probably dissatisfied with the paltry return on your savings. My friend who is a bank teller told me that most commercial banks have strict requirements (ie aren't supposed to) on touching funds in checking accounts (probably because they are most often accessed). As of now, I am giving the bankers the biggest virtual kick in the nuts I can, by transferring all of my cash from my savings directly into my checking. I suggest everyone does the same-- think about the effect it would have on those suckers' liquidity!
An Easy Way to Extend your Middle Finger to the Bankers
I suppose it's a start.
Why not move your account to a credit union. Put your credit card in a drawer and only use it for things like rental car or airline tickets. Quit shopping Wal Mart and big box and start shopping local Mom and Pop, second hand, or best, not at all.
Pic of the year right here.
I have multiple bank accounts to spread my risk around a bit, but I did just close my Wells Fargo account and move it to a local credit union.
Many credit unions are now part of a national network where you can use other credit unions as a "local branch" where you can make deposits and withdrawals. I would highly recommend finding one of these credit unions and signing up if you can.
However, I still have a Chase account for convenience, and it has been checking only. So thanks, I can at least feel a little bit better about having that account open for now. :-)
We are moving family funds to smaller banks with less exposure to "toxic waste' and very often smaller banks have better ratings. The "too big to fail' banks have lousy ratings anyway. At the Weiss website, after registering for free, you can sort banks by state or by rating.
Weiss also rates credit unions and insurers.