3: Ever notice how TV commercials for big banks go really hard on the shmaltz?

13: Loving families, cute babies, sweet old retired people, micropigs on leashes.

18: It's almost as if they're trying to distract us from something…

22: Oh, you mean like how in 2016 Wells Fargo admitted to creating 3.5 million fake accounts

29: for customers to collect extra fees, and charged over 570,000 people for auto insurance they

35: didn't need, resulting in over 20,000 customers going into defaults?

41: And then there's the now infamous practices of Citibank, Lehman Bros, AIG and other Wall

45: Street giants of bundling toxic “junk” assets and repackaging them as AAA super-safe

51: investments, which led to a near collapse of the international money system that ordinary

56: people are still hurting from.

57: And most Americans feel that big banks are rewarded rather than punished for risky and

62: predatory behavior.

63: Bank of America received tens of billions in bail-out funds in 2009, only to turn around

69: the very next year and pay $35 billion in executive bonuses!

74: Not surprisingly, our trust in these institutions is low.

77: A recent gallup poll showed that only 27% of Americans have confidence in banks.

82: But this is not a new phenomenon.14th-century poet Dante placed money-lenders in the 7th

88: circle of hell, below violent murderers and blasphemers!.

91: So, being suspicious of big banks is nothing new, but what can you do?

95: You've got to stash your cash somewhere, and who can get through life without ever

100: taking out a loan or using a credit card?

102: Thankfully, you do have options.

105: Alternatives to big banks have been around for a long time, and if you haven't looked

107: into them yet, it might be time.

118: One good alternative is a local community bank.

121: Their fees and charges can be lower than national chains, and you can be pretty sure they won't

125: use your money for risky bets or Wall Street gambles.

128: Community banks also tend to make investments in the immediate region, helping to develop

133: projects and businesses that create jobs and improve spaces in your hometown.

138: There are over 52,000 community bank locations nationwide and you can find ones in your area

144: by checking out the ICBA's website.

146: Then there are banks that have no physical location whatsoever: Online-based banks like

150: SIMPLE and CHIME usually have lower fees partly due to having no brick-and-mortar expenses.

155: They also tend to have no account minimums, don't charge overdraft fees, and ATMs are

160: fee-free at over 30,000 locations.

163: Both local banks and online-based banks still typically offer FDIC protection on up to $250,000

169: worth of deposits per person and account type.

173: So for most people, they are just as secure as the big national chains.

177: You could also choose to ditch banks all together, and open up an account at a credit union.

183: Credit unions allow you to make deposits and withdrawals, take out loans and credit cards,

188: and enjoy most other services you might expect from a bank.

190: But unlike banks, credit unions are all non-profit entities.

195: Any profits made by the credit union are returned to you in the form of reduced fees, higher

200: savings rates, and better loan terms.

202: This is because credit unions technically don't have “customers”--they have “members”.

207: Everyone who keeps their money at a credit union is seen as a part owner of the institution.

213: And they usually all share a common bond - perhaps they all live in a particular geographic location,

219: work in the same industry, or are all alumni of the same university.

223: One member's deposits end up becoming an auto or business loan for another member.

228: Teamwork!

229: Credit unions offer FDIC-like protection through the NCUSIF, and most credit unions are part

234: of a national shared-branch network which allows you to bank at thousands of other credit

239: unions just like they were your own.

241: So depending on your credit union, you could have access to even more ATMs and branches

246: than with a big national bank.

248: Maybe this all sounds great to you, and you're ready to say sayonara to your big bank, but

253: there are a few drawbacks to consider before making the switch.

257: Because of their size and scope, big banks are better at international banking and lending.

262: Making a withdrawal from abroad or getting a loan in another country can be a tall order

266: for many local banks and credit unions.

268: So if you do a lot of travelling or have a cross-border business, sticking with a big

272: bank can make your life easier.

274: Also, smaller banks and credit unions usually can't compete with the big banks' digital

279: offerings.

280: So if things like banking apps, budgeting software and online accounting tools are important

284: to you, be sure to inquire about the technological support they offer.

289: Even though these advantages come from big banks' huge size, in their ads they often

293: go out of their way to portray themselves as homey, familiar, even rustic.

298: It's as if they're saying that little local organizations are more trustworthy.

302: So, if you find these commercials persuasive, maybe you should check out the smaller organizations

308: in your neighborhood.

310: And that's our two cents!