Where Do We Put Our Money NOW?

The US banking system is in the doldrums. You think WE are living in fear? The banks have made error upon error in their attempt to show record profits, attract investor’s, and expand operations. As a result, small business owners are finding it near impossible to find credit, homeowner’s are in a position of losing their homes or unable to refinance even when they have solid credit, and credit card holder’s are finding their accounts closed or reduced. All of this as a result of a banking industry trying to tighten its belt after over indulging at an “all you can eat” buffet. So, what do we do as consumer’s to find our way during this challenging time?

Small banks, community based banks, and credit unions have been less affected by the credit crisis than the larger institutions. It doesn’t mean there has been NO exposure to the lending crisis, but smaller banks have generally shied away from complex mortgage-linked investments and subprime home loans. Credit unions are similar in their philosophy of risk. However, the primary reason taking a look at your local community bank or credit union is the relationship that is developed between client and banker. The fact is, when you put your money with someone who is focused locally, that institution is far more likely to want to get to know you as an individual, a small business owner, and a community member.

As I work with my clients, it has always been a suggestion of mine to open a credit union account. There are multiple reasons for that. As a not-for-profit financial institution, credit unions are member-owned and the organization can offer higher interest rates on money market accounts, savings accounts, and CD’s. They also can offer lower rates on loans as well as advantageous ATM services. Credit Unions, because they are locally managed institutions tend to be community minded. Mine, for example, has partnered with the Arbor Day Foundation, and plants a tree for every time a new bill pay subscriber pays a bill, they will plant a tree. I love my banker. I even get personal phone calls when there has been a change in my account. WOW.

It is ALWAYS important to know who you are investing your money with. Whether it is an insurance company, a mutual fund, a stock or a bond, or a bank know where your money is going. Investigate ratings, management philosophy, and community involvement. All of it makes a difference, for you and for the world around you.

For bank ratings:

http://www.standardandpoors.com

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