Local credit unions gain new customers, major banks lose some local customers

LAFAYETTE, Ind. (WLFI) - Thousands throughout the nation have decided to close out bank accounts with their large banks by November 5. Several in Lafayette joined in the movement, closing out accounts with Chase, Bank of America, and other major banking corporations.

Matthew Jones and his wife both closed out their accounts Saturday, in the hopes their money would be better off in a local institution.

"We don't know what they do with our money while it's in the account. And we think it could be serving the local community better if it was in a local bank.," said Jones.

The second leg of the transfer includes opening accounts at local credit unions, an action Whitney Grooms said she's taking because she hopes to keep her dollars flowing into the local economy.

"The reason it's called a Credit Union is because each person holds a share in that bank. They are actually a part of that bank, that is their money. And it's everybody in the community's money," said Grooms.

Jones and Grooms are both putting their money where their mouths are. By putting their funds, and trust, in a local bank, Jones said the protesters will also be investing in the Greater Lafayette Community.

"Local banks have a much closer interest in what they do with their money. They invest, or they lend it to local people. They have a direct interest in the quality of loans they're making, and so they have much better quality control over what they're doing with the money," said Jones.

"I think the most important thing is for the money to go towards the people, and the citizens of your city, and your state," said Grooms.

NewsChannel 18 did contact some of the major banks. The message was the same for many; their banking institutions remain a great place for customers to manage their personal finances.