OpinionsEditorials

Don’t let local banks tank

The economic woes of our country seep into the most curious of trends. Like many Americans, we understand that the protection of our finances protects the American Dream.

Keeping this precaution in mind, it’s easy to see how many citizens might want to avoid the idea of community banks. But the taboo of small, inconvenient and unknown local banks and credit unions will soon disappear with the rising trend of many Americans moving their savings out of large “Too Big to Fail” banks and into smaller community banks.

Recently Arianna Huffington of The Huffington Post began a campaign promoting the idea of switching over from large banks like Bank of America and Wells Fargo to small local community banks. The campaign was made to promote healthy business towards small companies and to take power away from larger banks.

According to a recent National Public Radio story, the number of people shifting their money to smaller community banks is a trending topic on popular sites, however the number of people who are actually doing it is unknown.

For most people, one of the most appealing things about large banks is not only the security behind a major corporation, but also the conveniences that they offer that many small banks cannot.

For example, many community banks and credit unions like the First City Credit Union in Claremont or the One West Bank near the University of La Verne do not offer ATMs at every corner.

During his State of the Union Address President Obama stated that he wants to pull about $30 billion of the money that Wall Street has repaid and give it to local banks and small business so that they can “stay afloat.” It seems that small banks have all the support they need to take on the major banks.

With the financial crisis forcing major banks to pull more money from the government, they are losing trust in the American people. Small local banks may not hold the same conveniences that major banks can offer, but the idea that they represent impacts the power the major banks hold.

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Unsigned editorials represent the opinion of the Campus Times Editorial Board.

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