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January 14, 2010

The importance of customer relationships

The USA Move Your Money campaign urges depositors to "move their money out of bigger banks and into smaller, community-oriented financial institutions that generally avoided the reckless investments and schemes that helped cause the financial crisis."

USA Credit unions are specifically mentioned as worthy recipients of deposits.

The campaign describes US banks' relationship with their customers as an "abusive, dysfunctional relationship": see this video by Bill Maher.

The US satirical current affairs program Colbert Report is now shown weeknights on ABC2.

There is a video of Stephen Colbert's interview earlier this week with Eugene Jarecki from the Move Your Money campaign here.

Of course the USA banking and credit union system is different from Australia's and Australia's banks did not need bailing out.

And Australian banks have actually increased their share of the market post-GFC.

But it is interesting that the campaign focusses on customer relationships.

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Posted 14th January 2010 by David Jacobson in Credit unions