Steadfast FinancesHow's That Too Big To Fail Bank Working For You?

How’s That Too Big To Fail Bank Working For You?

Filed in Advertising , Banking , Humor 1 comments

I’ve asked repeatedly during and after the financial crisis why small regional banks and community credit unions haven’t adapted their marketing campaigns in an effort to take market share away from the Too Big To Fail banks by tapping into America’s national animosity against them. Turns out, a few of the smart ones are doing just that.

As Texas First Bank so cleverly asks passersby:

How’s that Big Bank Working for You?

Apparently, they’re not. According to Texas First Bank’s Twitter feed:

We have seen great success with our campaign. In July, 44% of our new customers came from a mega bank.

Aside from bailout related animosity towards major financial institutions, the interest rates on cash holdings at large financial institutions are simply too low to retain existing customers. According to, the national average of checking, savings, and money market account interest rates are far below 1% APY.

Which begs the question: why would anyone settle for sub 1% interest rates when banks like Texas First Bank offer 3.25% in their high yield rewards checking accounts? All that one has to do is setup a new account, transfer your cash, do some internet banking and swipe a debit card a few times a month. Bing, bam, boom, you’re making more than a 5 year CD without locking up your cash for 5 years.

(Note: if you prefer a bank closer to you, checkout They have a large list of banks offering high yield rewards checking accounts in their database paying similar interest rates.)

So if you’re letting your money stagnate in one of these sub-par, low interest accounts, you’re effectively losing money by getting a rate of return below that of America’s least favorite silent tax — inflation — and passively saying you agree with the banking bailouts by allowing your money to reside within the Too Big To Fail institutions.

Your business is your vote, after all.

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Photo: Image belongs to Texas First Bank. Permission to re-post was asked and granted via their Twitter feed.

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Posted by CJ   @   13 August 2010 1 comments
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Aug 14, 2010
4:06 am
#1 Guzzo :

Yeah, you’re right. Seems like many smaller banks and credit unions are letting the opportunities slip through their fingers.

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