Wescom Credit Union has been making me nervous for at least a year. It’s a large organization based in Pasadena, California. The have had 43 branches in Southern California from Santa Maria to San Diego and inland to Temecula. They have been rated poorly, are losing millions of dollars and now will close 12 branches. They got in trouble lending to those who could not afford to repay their loans. Just like Citi Bank, Wachovia, and all the rest.
Arianna Huffington has been running a campaign to encourage people to move their savings to good quality community banks. Arianna writes “The idea is simple: If enough people who have money in one of the Big Six banks (the four we mentioned earlier, plus Goldman Sachs and Morgan Stanley) move it into smaller, more local, more traditional community banks, then collectively we, the people, will have taken a big step toward re-rigging the financial system so it becomes again the productive, stable engine for growth it’s meant to be.”
It’s hard to find the link but here it is at http://moveyourmoney.info/. Just enter you ZIP Code to find the good banks in your area.
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