How do you feel about corporate America right now?   How about the large banks?  Wells Fargo and Bank of America are two that I have personal experience with.  If they were small businesses, running their business in the manner they are now, I don’t think they would be in business very long.  The only reason they can have a complete disregard for the average person in America and operate in the manner they do is that they are “too large to fail”.

The government has directed billions of dollars in taxpayer money to these companies.  Taxpayer money, that is money you and I and all the other average Joe Americans have kicked in to help these companies weather the financial storm.  What have these companies done for average Americans?

Well, let’s look at Obama’s loan modification program, making home affordable.  According to’s August 31 article, Bank of America has offered only 4% of qualified homeowners a modification.  Wells Fargo has offered 6% of qualified homeowners a modification.  So who is benefiting from these large institutions who are too large to fail? Certainly not the average American.

So what are we to do about this?  It seems there is nothing the “little guy” can do when dealing with these huge institutions, but there is.

Banks rely on the little people to make their money.  They rely on your deposits.  They take that deposit money and lend it out at a higher rate and/or invest it to make a profit.  What happens if they have no deposits?  It is awful tough to make loans if you have no money to lend.

If the average American is fed up with the lies and corruption going on in big business and government, all we need to do is cooperate in such a way that big business has to take notice.

Did you know that local businesses are much better for the local community than national businesses are?  The numbers vary depending on the resources you check, but it seems that for every dollar spent with a national chain store, only 15 cents stays with the local economy.  For every dollar spent with a local business, 45 cents stays with the local economy.

What I propose is we work together to support our local communities.  Instead of banking at a large, national bank, open an account with a local regional bank or credit union.  Close your accounts with the large banks, the Bank of America’s and the Wells Fargo’s of the world.  Give your business to the local community banks and credit unions.  Not only will it keep more money in your local community, but it will also send a message to the large banks that are too large to fail.

We, the average American, helped to bail out these large institutions.  Wall Street is back to business as usual, a ton of money was made in the past year, and large bonuses are expected.  Bank of America decided to pay back the funds we lent them so they could have the freedom to pay their new executive as much as they wanted. 

Does this sit well with you? 

If not, share this article with everyone you know.  Close your accounts with the large banks, and bank locally.  I bank with a credit union, and I love it.  The service is essentially the same, but by supporting your local banks and credit unions you will be helping to save and create local jobs.  In addition, if the local banks have more deposits, they can lend more money.  If local banks lend more money locally, it will also help the local economy.

Don’t let these large institutions bully us around anymore, all it takes is every one of us to say “enough is enough”.  Moving your account to a local bank or credit union will take maybe an hour tops, but the benefit to our local economies can be tremendous.  Let’s work together to get our point across.

Please bookmark, share and email this to everyone you know.  It will take all of us doing our little part, but if we all work together, we can accomplish what these large institutions and our bloated government cannot.

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One thought on “What Us “Little Guys” Can Do About These “Too Large to Fail” Banks

  1. I’ve been reading along for a while now. I just wanted to drop you a comment to say keep up the good work.

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