Patriotic Banking
Recently I have been asking my friends where they do their banking. The majority respond with names of the Mega Banks. Then I go into my mini-teaching moment and ask them what exactly does their Mega Bank do for them and do for America. And of course, the answer is – NOTHING!
Americans have some $20 TRILLION on deposit in exceptionally low interest bearing accounts in the Mega Banks, the smaller Regional Banks and Credit Unions. Unfortunately a large portion of that $20 Trillion is on deposit in the Mega Banks. If Americans were true patriots; if Americans were determined to put their savings account to work rebuilding America; if Americans cared about future generations then they would be closing their accounts in the Mega Banks and moving them to the Regional Banks and Credit Unions. And why, you may ask, should they do that? Because the Regional Banks and Credit Unions care about America and her citizens and because Americans should be angry at the Mega Banks.
Take the examples set by Bank of America and Chase; these two Mega Banks took BILLIONS in TARP funds and bought banks in China and other Asian countries so that they could expand their global presence. That’s money from every single citizen taxpayer that was sent overseas so that these two mega banks could increase their positions overseas. And to reward the Americans who have deposited trillions of dollars into these banks they pay a pittance of a return and virtually turned their backs on American consumers. Go ahead – ask them for a car loan or to refinance your mortgage or to establish a line of credit for your business. The answer will be no and they will blame the economy but in reality it is because they are so drunk on depositors’ money like hogs at a feed trough shoring up their presence overseas.
Regional Banks didn’t take TARP money – they kept lending to their depositors with the deposits from their depositors. Credit Unions didn’t take TARP money – they, too, kept on lending. Americans should snub Mega Banks and move their accounts into Regional Banks and Credit Unions because they want to support America with our deposits. And these banks and credit unions will reward us with higher returns on our deposits and lower interest rates on our loans.
Personally I am earning 8 times more money at a credit union than I was at Chase. I closed my Chase cards too because it sickened me that the interest I was paying on those cards was going overseas. Of course Chase tried their best to keep them open – even offered to DOUBLE the credit limit. But enough is enough and I love America too much to have my money support their overseas expansion and their continued snubbing of America and her citizens.
Patriotic Banking – Good for America!
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