Happy Bank Transfer Day
Today has apparently been designated by the folks in the street as the day to move your accounts to credit unions and community banks. Since the street people claim that 99% of us have nothing, I assume that the transfer will have to come from the other one percent. Perhaps that will happen, or maybe the rest of us really have enough wealth to make a difference. I don't know.
What is hard to deny is that credit unions deserve our business. Why? They deserve our business because they charge less almost always. My credit union offers low interest loans, free checking, no charge credit card cash advances, and they act happy to see me when I walk through the door. Their ATM network is at least as large and convenient as the largest of banks, and their mortgage loans have some of the best rates and lowest closing costs in the industry. They are not unique in their services and prices, and many credit unions offer similar services and rates.
The bank transfer movement seems to have as its purpose a goal of punishing banks for what many feel is their greed. As a professed capitalist, I'm more inclined to suggest making a switch because it makes economic sense. If you have not investigated a credit union as an alternative provider of your banking services, do yourself and your wallet a favor and do it now.
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