Opinion: The Future of Banking: Go Local

Yesterday, Bank of America did a complete reversal and has reportedly decided to forgo its plans on the infamous fee hike it was about to levy on its customers.

This decision is wise, but it may be too late. Some have argued it was this pivotal decision that helped initially spur the Occupy movements from a tweeting phenomenon into an actual physical movement.

Like the federal government, big banks and Wall Street in general are historically unpopular. As some recent polls on Congress have demonstrated, average American people are fed up with not only big government and big banks, but with anything that can be classified as "big."

This anger and frustration is good and government and companies are starting to listen. This statement is verified as truth, because Bank of America was horrified by the public reaction. Under good economic times, a sneaky move such as this would be viewed with a yawn and a quick complaint before people moved on and attended to their daily business.

Not now!

Across the country, all but the wealthiest Americans are steadily losing ground while college tuition escalates and middle-class families sit around and yell at one another about which political party is to blame. To some extent, this debate has been useful, but now "The Kraken" has been released.  

It is not only Bank of America or the federal government that has had to deal with the public wrath. Netflix (and I am a still customer, only because I have been too busy to cancel) tried the same foolish fee-raising tactic. How did that work out Netflix? Oh yeah, your customers revolted.

So what are we to do? Do we get angry and vote out the current party or Occupy cities and towns across the country? Sure, it is an applauded action. But are there other actions we as citizens can do to affect change? Especially when we're talking about the banking system as a whole?

Like many people, I could not even pretend to articulate why I actually chose a specific bank. In dealing with my savings or checking account, my history has tended to favor convenience and nearest location to my home. It has not been about an in-depth analysis of competing financial institutions. I currently have an account with the cooperative bank in Charlestown and have finally understood the merits of belonging to a community bank.

Like local government, we can (in most cases) get relatively quick access to our representatives. And likewise with a community bank we have direct access to the local bank manager. As is the case in Charlestown and other parts of Boston, people who belong to community banks usually see their local bank manager involved in community activities. They understand the culture and responsibility towards the neighborhood.

So here's a movement that middle class people on left and right can agree on:

GO LOCAL! Move your money, today.