A recent study conducted by SoonerPoll, finds that despite recent nationwide economic downturn 87.8 percent of Oklahoma respondents said they agree with the statement, “My money is safe in an Oklahoma bank.”
The poll found that only 6.3 percent of respondents do not think their money is safe in an Oklahoma bank. Of those that agree their money is safe, 71.5 percent strongly agree while only 28.5 percent somewhat agree.
“As has been the case for some time now, Oklahomans understand that having their money in an Oklahoma bank means it’s safe,” Roger Beverage, Oklahoma Bankers Association President, said. “It’s very reassuring to us that Oklahomans ‘get it’ when it comes to knowing that having their money deposited in an Oklahoma bank means it’s safe and they don’t have to worry about it.”
SoonerPoll.com, Oklahoma’s public opinion pollster, was commissioned for this poll by the Oklahoma Bankers Association. SoonerPoll.com conducted the scientific study using live interviewers by telephone of 508 likely voters from Jan. 24 – Feb. 3. The study has a margin of error of ± 4.35 percent.
Results concerning safety of money in Oklahoma banks fluctuate very little when broken down by party, age, income, or education.
“It is important to note that this understanding cuts across a number of demographic categories, including age, income and level of education,” Beverage said. ‘We need to make sure all Oklahoma consumers understand both the continuing strength of our banks and the differences between here and Wall Street.”
The study also asked respondents to agree or disagree with the following statement: “Oklahoma banks are much different from the “Wall Street firms” that are often referred to as “banks” by the media.”
Results show that 60.9 percent of respondents do see a difference between Oklahoma banks and “Wall Street Firms.” Only 12.8 percent of respondents disagreed with the statement, leaving 26.4 percent undecided.
“1 in 4 respondents remain unsure,” Beverage noted. “This is a number we have to improve upon.”
When results concerning the difference between Oklahoma banks and “Wall Street firms” are broken down by party very little variation is evident, but political label did affect results. Of those who consider themselves conservatives, 60.7 percent agree there is a difference, compared to just 51.6 percent of liberals.
Beverage is quick to point out that there is a difference between the “Wall Street firms” OBA-member banks.
Traditionally, Oklahoma banks take in money through consumers’ account deposits, which are insured through the FDIC, and then loan it back to the community in the form of auto, home, or business loans. By comparison, Wall Street firms focus primarily on facilitating the sale of stocks and bonds and operate as advisers and agents for companies that want to raise capital.
“We still have a lot of work to do in terms of helping Oklahomans better understand the differences between Oklahoma’s traditional community banks and Wall Street firms,” Beverage said. “When Oklahomans understand that difference they realize that OBA-member banks are the solution to the nation’s problems, not the cause of them.”