Small local banks are like any other local small business. They'll have higher standards of customer service and are more likely to invest locally. Thanks for bringing them up as another good alternative.
There's no reason anyone needs to stick with the monster monopoly banks. There are literally no advantages to them since small banks and credit unions are FDIC insured too. If anything, they're more dangerous.
Even if I got very wealthy I might be more inclined to just spread it around to more small institutions than try to deal with BoA or any of those evil giants. Corruption is too easy in that context. It's a private company so it hasn't even got the letter of the law against corruption, it's about profit anyway so anything that increases the bottom line is right in line with its founding principles and in a lot of ways it looks like they're being raided by overpaid predatory CEOs.
One thing I noticed about a lot of these things - large companies that overpay for a big name CEO wind up losing massive profits that could go to shareholders to paying for those bonuses, golden parachutes, benefits and salaries. It's like there's a special breed of con man that goes after big companies and shills them.
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winterfish
Good point
Date: 2012-02-22 09:11 pm (UTC)There's no reason anyone needs to stick with the monster monopoly banks. There are literally no advantages to them since small banks and credit unions are FDIC insured too. If anything, they're more dangerous.
Even if I got very wealthy I might be more inclined to just spread it around to more small institutions than try to deal with BoA or any of those evil giants. Corruption is too easy in that context. It's a private company so it hasn't even got the letter of the law against corruption, it's about profit anyway so anything that increases the bottom line is right in line with its founding principles and in a lot of ways it looks like they're being raided by overpaid predatory CEOs.
One thing I noticed about a lot of these things - large companies that overpay for a big name CEO wind up losing massive profits that could go to shareholders to paying for those bonuses, golden parachutes, benefits and salaries. It's like there's a special breed of con man that goes after big companies and shills them.