Banks and Credit in 1948

Believe it or not, this 10-minute gem from 1948 helped me understand why Washington keeps harping about “thawing out the credit industry.”

I think one lesson we can draw from this film is the importance of getting to know our bankers. My mother-in-law has been banking at the same few banks for well over 40 years. If she has a question, she knows who to ask and they are more than happy to help her.

When I started using the envelope method for my money management, I basically stopped using the ATM, stopped paying my bills online, started writing checks for my bills, and started going INSIDE the bank to withdraw money. It takes planning (and sometimes we do have to hit the ATM), but it is greatly satisfying to have the senior staff at my local branch know me and address me by name. Like my mother-in-law, if I have a question, I can ask one of the several managers–who have told me to NEVER call the bank’s 800-number because I’ll be charged to get the same information they are willing to give to me–and I get an answer right away from someone who knows me and isn’t in a hurry to complete X-number of calls within an hour. And, here’s another benefit, because they know me, they’ve been able to tailor a banking package that ensures that we get a range of services for absolutely free. And this is from one of the largest banks in the country! Because I bank in old fashioned ways, I get treated with old-fashioned customer service from a giant bank that feels like a small town bank. Just something to think about…

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