The Money Chase

I've not been happy with my bank for some time. I opened my first bank account (when I was 13 or so) with First Chicago. Many years later, they were bought by Bank One. And then they were bought by Chase. Now they're huge. ATMs are absolutely everywhere. Which is theoretically kind of nice. But I end up using the same one every time. Anyway, as soon as Chase took over and the marketing exploded and they became more of a "presence", the simple act of banking seemed to get more difficult. Withdrawing money is a breeze, but they have a fairly consistent problem when it comes to depositing checks. I deposit a check and they are more likely to hold it or return it than to simply deposit it. I've resorted to making all my deposits at the teller, because that seems to work better. All those ATMs? Can't use 'em.

While I'm sure Chase is doing quite well, issuing lots of loans and credit cards and making many special offers available to people through mass mailing and email marketing and they have a lovely design aesthetic (though really not the best), I have a fundamental problem with banks who aren't good at banking.

So I've been on the lookout for a new bank.

Also.

I'm still recovering from the loss of my favorite coffee shop. It was a neighborhood institution, with couches and all kinds of people hanging out and cranky hipsters serving coffee. It had become one of my surrogate offices and I spent many days there, working on my laptop, having chance encounters and spontaneous lunches with friends. They closed about a year ago. Bought. By Bank of America.

So now there is a big shiny Bank of America branch and no humming caffeinated life on that corner. I just learned that there is another huge BOA branch opening up just 8 blocks away.

This all brings me to last night. Having drinks with some friends, talking about local economies. (Okay, we talked about baseball too, but I sort of tuned that out.) Now, I've been thinking a lot about local economies when it comes to food, but I haven't thought too much about it in terms of banking. There were some good points made about large banks supporting the wealthiest investors and dubious enterprises. Frankly, I don't remember all that was said. What stuck with me is this:

1. Small, independent community banks do exist.
2. These banks make loans to businesses and individuals in the community.

("It's a Wonderful Life" anyone?)

These two points are pretty much enough to convince me to finally close my Chase accounts. I like the idea that any money I have in the bank (ha!) stays in the community. And it's not like I'm using all those Chase ATMs anyway.

So, the hunt begins for a good, locally-owned, independent bank. With any luck, I'll find one that isn't going to be bought out anytime soon.