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Move Your Money!

January 6, 2010

Financial reform activists from around the nation, including our friends at Americans for Financial Reform and the Huffington Post, are helping fuel a new campaign that encourages consumers to “Move Your Money” from the big bailed-out banks to small local banks and credit unions.  For more information about why this could be a fiscally and politically powerful move, watch the video below and click here.

Your accounts with the big Wall Street banks, especially “the big four” (JPMorgan Chase, Bank of America, Wells Fargo, and Citibank)  are unwittingly helping to fund the fight against better consumer protections. By taking your business elsewhere and investing in community banks and credit unions, you rob the big banks of your membership and your cash, two things they need in order to keep up their anti-reform fight. Make the switch today, and move your money to a more responsible lender!

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12 Comments
  1. Alexis P permalink
    January 11, 2010 11:35 am

    Even a small effect of this campaign would be very costly for the big banks, as they spend so much money attracting new customers.

    However, the web links provided only list banks by zip code. There is no way to (1) identify whether my banks are on the bailout list or not (2) identify whether my banks are on the “approved” list. I’d like to be able to enter bank names &/or routing numbers and get a “grade” for each.

    The reality is that many people no longer bank locally, they live in an electronic world – I have my savings in a FL bank and my checking in Massachusetts. I have never been to any physical branch location for any of my current financial relationships! So the concept of “bank locally” is somewhat anachronistic. The real question is who is opposing reform.

  2. Dorothy Ferrell permalink
    January 12, 2010 6:36 pm

    What a great idea! I have two banks and both are local. But if they would not, I would change IMMEDIATELY. We the people really do have power and moving your money is one way to express complete dissatifaction. Dorothy Ferrell

  3. Centaurea permalink
    January 13, 2010 1:33 pm

    Even better, put your money in a member-owned credit union!

  4. Pedro Velazquez permalink
    January 13, 2010 1:43 pm

    I just closed my checking and savings account with Bank of America and moved my money to the City of Boston Credit. I got tired of the fees and their sneaky rules that favored the bank and nailed me every chance they get. I’m mad as hell and I’m not going to take it anymore!

  5. Austin Kuder permalink
    January 13, 2010 2:23 pm

    I clicked on this to find out who “the big four” are. Please adjust your website to make it easier to find out.

  6. Sally Brzozowski permalink
    January 13, 2010 3:01 pm

    Thanks for all your comments and suggestions!

    Austin, you’re right and that should have been more clear. We wanted people to know about the project overall, but I’ve also added a list of “the big four.” For the record, that title usually refers to Citibank, JP Morgan Chase, Bank of America, and Wells Fargo.

    Thanks for reading, let’s keep the conversation going!

  7. Jim H permalink
    January 13, 2010 3:27 pm

    I changed to a local credit union about 8 years ago when my local bank was purchase by Bank of America. It was the best banking move I ever made. People should do the same with their credit cards. Dump the cards from the big banks and go with credit cards issued by a local bank or credit union. At least stop using the big bank credit cards and use only the locally issued credit cards. Just don’t use the big banks for anything.

  8. John O'Bryan permalink
    January 13, 2010 5:38 pm

    I have been banking with a credit union in Florida for about 15 years and they have been very competitive and in most cases beat the big banks hands down on every service that I have needed. When they were a little higher they made up for that in service. Lets stop the greed of the big banks!

  9. centaurea permalink
    January 24, 2010 1:04 pm

    Jim H says ‘Dump the cards from the big banks and go with credit cards issued by a local bank or credit union.’. Don’t they all come through the big banks? I’ve got a Working Assets master card, which despite its support for many good causes, is handled by Bank of America. If I really can get a non-big-bank credit card through my credit union or a local bank, would that do more good than keeping my Working Assets card?

  10. Sally Brzozowski permalink
    January 25, 2010 2:15 pm

    Those are good questions. I can answer the first one: not all credit cards come through big banks, and it is possible to get one that’s connected locally and not nationally.

    For your other question (which would do more good), I think you should ask the people over at Move Your Money, as they know the answers specific to this project. http://moveyourmoney.info/contact-us

Trackbacks

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