FAQ


How is Switch Your Bank different from Move Your Money or Bank Transfer Day?

A:

Move Your Money and Bank Transfer Day were fantastic movements that increased the awareness of the problems with the megabanks and helped people make the decision to switch to a local lender. 

The problem is that even though there was an uptick in the number of people switching banks in 2011, the megabanks still saw an increase in assets during this time. In other words, the problem of "too big to fail" is bigger.

SwitchYourBank.org is a complementary project to Move Your Money and Bank Transfer Day. We noticed that MoveYourMoneyProject.org had closed down and that Bank Transfer Day wasn't planning to promote another movement on November 5th 2012. We feel that the public has largely turned their attention away from "too big to fail," even though the problem persists. 

We aim to inform people that there is something more troublesome at stake than increased fees from the megabanks (though the increased fees really are troublesome). The central problem is that as long as "too big to fail" remains, the possibility of future large-scale crises and bailouts remains. And future crises and bailouts cost all of us far more than $5 a month.  


What about convenience?

A:

Convenience seems to be the main reason that most people stay with the megabanks. These institutions are able to build snazzy websites, and they often have convenient ATM locations.

What many people don't realize is that several companies have already set the groundwork to fix that problem. Here are two noteworthy companies:

MoneyDesktop helps local lenders offer the same quality online experience (and often better) than the megabanks offer.

Kasasa has built a network of local lenders that lets you use any ATM you want to use. They also have integrated a great online experience.

Local lenders take convenience seriously because they know they're competing with the megabanks. In most cases, their solutions are competitive and in some cases better.


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