Leftish

Bank Transfer Day Migrates to the Mayor's Office - Credit Unions Online

[NOTE* from Leftish - I love Portland. Maybe I’ll move there! This is a great idea - we should all do this locally!]

Its not just consumers who are sick and tired of high fees and poor customer service, cities want to save its citizens money too. For example, Portland Oregon Mayor Sam Adams recently proposed that the city move $250,000 (which is the insured maximum) from large multi-national financial institutions to community banks and credit unions.

“I believe we should do as much business locally as is feasible, as a city and as individuals,” Adams told the Northwest Credit Union Association. “I’ve long had a ‘buy local’ passion. This isn’t to take away from national or international corporations. Responsible banking is one of the reasons I was attracted to and supported Occupy Wall Street.”

Currently $7.2 million of Portland’s money is parked in a Wells Fargo account after the bank won a public bidding process in 2009. Additionally, Portland-based Umpqua Bank holds approximately $30 million.

Adams posted the “Responsible Banking Resolution” on his website on February 3 which proposed that cities should consider moving money to local financial institutions for the greater good. An excerpt in the document states, “Investments in credit unions and community-based banks have been correlated with positive impacts on local economies and job creation, through increased proportion of loans to local businesses and focus on local customer needs.”