I’ve been asking for months now: why haven’t credit unions and small regional banks created a nationwide “Anti-Too Big To Fail Bank” advertising campaign for the sole purpose of taking market share?
Why haven’t they capitalized on this incredible marketing opportunity to draw upon the public’s resentment for fat cat bankers to lure depositors (everyday customers like you and I) to retake market share they’ve lost to the big banks due, in large part, to the big bank “friendly” legislation enacted during the Clinton Administration (Gramm-Leach-Bliley Act of 1999, Interstate Banking and Branching Efficiency Act of 1994). After all, the 20 largest financial institutions only had 35% market share in 1990, but doubled to 70% market share by 2009.
The basic premise of this Anti-Too Big To Fail Bank campaign should be simple, and disclose only the facts:
I’m sure there are banks that have promoted this concept in non-mainstream media outlets and maybe in a business centric media environment (like CNBC), but thus far, I’ve only seen one credit union willing to promote this message to individual customers/consumers.
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– Image of advertisement removed at the request of Mission SF Federal Credit Union –
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This flyer is from Mission SF Federal Credit Union based in San Francisco, and kudos to them for finally saying what the rest of America should be thinking.
Remember, your business is your vote! By continuing to do business with unethical companies, you’re effectively telling management you agree with the way they are conducting business and that they should continue along their present course.
In this case of fighting back against the Too Big to Fail Banks, all you need to do is withdraw your money and bank with a small, community bank like this one.
If you know of a bank that is advertising a similar slogan, please list them in the comments section below.
Photo by guillaumelebleu
(Image is listed as All Rights Reserved, but prior consent was obtained from user prior to posting.)