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and next tonight what's behind a campaign to move money out of big banks and into smaller ones NewsHour economics correspondent Paul Solman has that story it's part of his ongoing reporting on making sense of financial news an online video gun wildly viral with more than half a million hits in its first two months a mash-up of It's a Wonderful Life George Bailey and his small Bank versus venal villainous big banker Henry Potter the online video also cuts in clips from the current evening news so what you're saying is those fourteen are too big to fail I don't think senator I want to use those words but this video brainchild of among others money manager turned political activist Rob Johnson doesn't just sit there it wants us to do something move your money move your actual money that is out of the too-big-to-fail behemoths and into smaller community institutions that I hope it sets a warning to the big banks that their sociopathic behavior is not acceptable any longer well it can be argued sociopathic is over the top but with their hidden fees toxic securities off-balance sheet vehicles and bursting bonuses to boot the big banks have surely earned some public skepticism meanwhile the Obama administration has proposals to pare the big banks down to size such as tax the bigger ones more require more capital and less risk ban risky trading for banks that receive federal support but moving your money is more direct and all you have to do says Johnson is start at move your money dot info you can watch the movie and then you can put in your zip code and it gives you a list of a and B rated small banks where you can put your money safely Johnson says the list of banks is being searched 45,000 times a day and that the move your money movement is gaining political momentum all over the country in Los Angeles the City Council is holding hearings on withdrawing all City funds from too big to fail banks New Mexico the similar bill would move billions of State dollars into small banks and credit unions and we're gonna hopefully send a message that we support the community banks in the credit union system and one candidate for governor of Oregon has made moving the state's money a centerpiece of his campaign big banks have proven they cannot be trusted to act in the public's interest but what's it actually like to move your money to a local bank on the website I found one very close to home it was friendly enough and neighborly though I don't really know Scott Wilson yeah down the block for me that's right yes and do you do most of your banking I like this Bank I've been with this Bank for over 30 years you're also a customer of this Bank obviously yes I am and you like it Jimmy Stewart was getting a run for his money which reminded us of the economists who had first sent me the move your money video Larry Kotlikoff his new book however is called Jimmy Stewart is dead and personal experience suggests why the large banks will gobble up the small banks my own experience is I started an account a long time ago with Bay Bank for mergers later small Bay Bank is Bank of America and when I went in to refinance my house a few months ago I saw clerk who knew nothing about me nothing about my family had just arrived into that job from some other state and that's what we're dealing with here we're not dealing with Jimmy Stewart he's dead village bank CEO Ken Brennan though is trying to impersonate him without the stammer of course I'm getting a library card for the new community library the local library closed by budget cuts its reopening made possible by the support of local businesses including village bank we're very grateful for that support then did you use this library when you're a kid I did I use this as a child yes I grew up here and this was my branch library so are you indulging a kind of CEOs prerogative year oh maybe you could call it that yes but most of our employees work and live here in the community so their families can take part and use this as well it was getting a little sweet for a jaded journalist but fortunately I move in various circles so I asked a really big banker why shouldn't I move my money if you think you can get other products and services that are superior to a large bank then go for it Robert Kelley CEO a Bank of New York Mellon who suggests thinking back just 25 years we had 20,000 banks in this country now we have 8,000 banks and my guess is 10 years from now we'll have five thousand banks or four thousand banks it's good to have lots of competition but the reality also is is that bigger banks offer generally better products and services at generally really competitive prices and the longer-term trend will be fewer smaller banks in the nation for that reason and as Nobel laureate economist Paul Krugman reminded us recently small is not necessarily beautiful it's possible of a banking crisis even without too big to fail you can you know it was a lot of small banks that collapsed the financial system in the 1930s indeed a hundred and forty banks failed in the past year with another 702 just added to the FDIC's problem list more over says Robert Kelley we also have a gigantic economy which you can't run with a lot of really small banks can heat big successful sophisticated profitable banks but the village bank is a six hundred million dollar business as CEO Brennan big enough to offer almost anything I'd need size does matter but you don't need to be a large institution in order to be successful as a financial institution today how often to use your ATM EU a local ATM user do you travel a lot yeah I use my ATM a lot and I travel a lot no problem says the village banks Claire Messina yes but how about new technology at my big bank I can deposit a cheque and it takes a picture of the check and then gives me the deposit slip with the picture so I feel as if I've had my deposit verified well we don't have as advanced technology as that that is a great feature however the extra feature that I'd like that we have that the bigger banks don't have is that we're going to call you if your your deposit is incorrect so you know you mean if I make a mistake you're gonna call me mm-hmm because we're a tight-knit group this is what we do for our customers after all it's a community bank ninety percent of the deposits that we take in we lend back out into the community in form of home mortgages consumer loans and small business loans to local businesses operating within our communities we asked the CEO to show us a couple I used to play golf here as a kid throwing up well start on it come on the ground and the buckles you should go on the outs Larry Smith lives across the street from me rents canoes and kayaks a mile away in the summer cross-country skis and snow shoes this time of year let's up your right foot and put it down you lift up your left foot put it down Larry's been a village bank borrower for nearly thirty years to keep the snow in shape for example I just bought a new grooming machine here for a seventy thousand which I did a line of credit quick advance that worked not very nicely his success is our success so I think we have a great partnership and have had for a number of years last stop a nearby group home for developmentally disabled adults hi how are you Ken Brennan nice to see you this is one of a dozen or so such projects financed by the village bands who could see you again the banks advantage coming up with quick cash for a down payment says non-profit developer josephine McNeil nobody's going to hold the property while we wait six eight months to get the money together again the bank says it's because it knows its borrowers like Nancy Slamon who runs the group homes how many years have you been working with the village man 30 years 30 years 30 years 16 our clients people who live in this house and in our other homes do their banking with staff at the village bank do you back at the village bank also yeah and you guys do as well for over 40 years this is beginning to seem like a complete put up job no I mean really this is like ridiculous you know nobody's gonna believe this watching this on camera what you don't believe no I believe it but literally everywhere we go isn't it I mean of these ringers what have you done here no no no ringers these are just our customers and so that's the case for moving your money to a community bank the case against that it's a futile if feel-good effort to turn back the clock we'll see