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View Diary: Credit unions score 40,000 new accounts on Bank Transfer Day (109 comments)

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  •  I began my switch today... (5+ / 0-)

    In the past 18 months we lost the two oldest banks on the north shore of Mass. Beverly National (est. 1802) had always been our bank. My folks had some retirement accounts at other banks too, but this bank was where their checking account was and now where a trust from Dad's family resides.
    In Feb. 2010 another local bank, DanversBank (est 1855) merged with Beverly National. I wasn't pleased but I thought, OK, it's still a local bank.
    Well, no more.
    The greed of the CEO (and some others who stood to profit) sold out to People's Bank, a chain from Connecticut. All those who made the decisions profited very handsomely. With the first merger they made several million each. And now with this merger they made several more million each. The CEO is persona non grata at his country club, the Myopia, very old, swank (polo and such dear boy). No one will even talk to him. That's OK, he's got his money to keep him warm.
    Today I went to another long standing local bank and talked with the manager. He was very nice and seemed to grasp the situation and has set me up for another meeting tomorrow where I will open four new accounts - personal checking and savings for me, a business account for me and another checking account for mom so her SS check and trust distributions can go there. And I am also moving the trust. People's is going to be decidedly unhappy. With the trust and the recent windfall we came into (sold a family heirloom at auction) we will be moving almost $500,000 to their bank. Of course, the trust is not a liquid asset we can tap into (it's only there for mom), so my finances are still pretty thin.
    Anyway, I mentioned to the manager "move your money day" and asked him if he knew about it. He did. A smile came across his face. "We did very well." I gave him some stats about how many people across the country changed accounts and how much credit unions got. He was astounded - I'm not sure how much he knows about the movement other than what he's seen on TV.
    I told him that it is now being called "Move Your Money Mondays' and suggested they do a marketing campaign to grab more customers unsatisfied with the screwing of Beverly National and DanversBank customers. They could do it without even mentioning the other banks. Just put together some info and take out an ad in the local papers and welcome folks to move their money there. He liked the idea.
    But even so, It's nice to think we can do something to stick it to those who stuck it to us, as well as a good portion of the north shore area.
    Take that People's!

    A conservative is a man with two perfectly good legs who, however, has never learned how to walk forward. Franklin D. Roosevelt

    by MA Liberal on Wed Nov 09, 2011 at 04:02:35 PM PST

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