My Bank: How Do I Find a Great Local Bank?

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The Solari Report – 04 June 2009

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In 2004, when I wrote “Where Would Jesus Bank,” I started getting a steady flow of questions about how to switch from a large bank to a local bank or credit union. As the questions grew, we published a page on our website (see Bank Intimate) with information about how to find a local bank or credit union.

I learned how few people understood the risks of depositing funds and financial data with large banking institutions. The opportunity for a strong relationship and better customer service in the better local institutions was overlooked. Many depositors did not appreciate the power we have in a highly leveraged banking system to impact our economy by shifting our deposits to the local and regional institutions that support the new and small businesses that are the engines of economic growth and employment.

Well, the change has come. Recent events underscore for all of us the value of banking with sound, grounded institutions. That means there are growing numbers of people who want to learn about how to make a successful switch.

This Thursday evening, June 4, on the next Solari Report, I will cover current developments in Money and Markets. We are expanding this section of the report. There is a lot happening and this is a great way for me to keep you posted.

Next, during Take Action, a conversation about how to find the local bank that is best for you. I will be speaking with officers of National Bank of Malvern, the community bank in Pennsylvania where I and my companies, Solari, Inc and Solari Investment Advisory Services, LLC, bank.

We will discuss:

  • the latest events in banking and what it means for community banks;
  • what steps you can take to find the right local bank or credit union for you;
  • how to develop a successful relationship with your local banker;
  • how you stay up-to-date on your bank’s financial condition; and
  • the role of community banks in your local economy.

In Let’s Go To the Movies I will review James Scurlock’s first-rate documentary Maxed Out, including how Elizabeth Warren’s research aligns with my experience in Washington and research since and why I do recommend personal responsibility/debt reduction advice from Dave Ramsey and never recommend Suze Orman.

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