Foster City, CA (PRWEB) September 8, 2009
According to a new poll released by MoneyRates.com -- a leading source of information on CD rates, money market accounts, savings accounts, checking accounts and other investment topics since 1999 -- the financial crisis has left consumers feeling that bigger is definitely not better when it comes to banks. By a margin of four-to-one, poll respondents indicated that they felt more confident with local community banks and credit unions than with large national and international banks.
"Fairly or unfairly, the big brand-name banks drew the bulk of the publicity during the banking crisis," said Richard Barrington, spokesperson and financial analyst for MoneyRates.com. "As a result, the public's preference for more local institutions should not come as a surprise. It's not that the big banks really are riskier, but some of them are the ones that dominated the negative headlines."
A MoneyRates.com poll conducted on a variety of personal finance sites included 1,381 responses to the question: "Given the banking crisis, which of the following types of banking institutions do you have MOST confidence in?"
- 966 respondents indicated they had the most confidence in local community banks and credit unions.
- 238 respondents indicated that had the most confidence in large national and international banks.
- The remaining 177 responses were somewhere in the middle, indicating the most confidence in smaller independent banks.
MoneyRates.com has seen an increase in traffic in recent months, and Barrington believes this may be a function of consumers casting a wider net in searching for banking products.
"Back when everyone believed bigger was better, there were a handful of household names consumers might consider when choosing a bank," said Barrington. "Now, besides the stronger large institutions which have survived the crisis, people are also considering some less prominent institutions."
Barrington sees the Internet as instrumental in widening people's options.
"The great thing is, with Internet resources like MoneyRates, these smaller community banks no longer have to be limited to a small local footprint. Consumers now have the power to find the best offers, whatever the size of the bank and wherever they may be located."
MoneyRates.com is a banking information site focused on deposit products. It regularly surveys over 200 bank products to provide up-to-date quotes on interest rates for savings accounts, money market accounts, certificates of deposits, checking accounts, and mortgages. In addition to interest rate information, MoneyRates.com also posts consumer-oriented articles on topics such as savings advice and the interest rate outlook.