Move Your Money From Your Giant Bank to a Community Bank → Washingtons Blog
Move Your Money From Your Giant Bank to a Community Bank - Washingtons Blog

Tuesday, December 29, 2009

Move Your Money From Your Giant Bank to a Community Bank


On November 18th, I suggested that everyone:

Move your money from one of the companies that are treating the American Citizen like we work for them and who are holding the economy hostage to a company which has not been bailed out by us, and is not taking our deposits and using them to speculate in casino style gambling

Now Huffington Post - one of the world's most popular news services - has taken up the call.

Today, HuffPost urged people to move their money to community banks, and announced::

An agreement with top financial analysts Chris Whalen and Dennis Santiago, who gave us access to their IRA (Institutional Risk Analytics) database. Using this tool, everyone will be able to plug in their zip code and quickly get a list of the small, solvent Main Street banks operating in their community.

The idea is simple: If enough people who have money in one of the big four banks move it into smaller, more local, more traditional community banks, then collectively we, the people, will have taken a big step toward re-rigging the financial system so it becomes again the productive, stable engine for growth it's meant to be. It's neither Left nor Right -- it's populism at its best. Consider it a withdrawal tax on the big banks for the negative service they provide by consistently ignoring the public interest. It's time for Americans to move their money out of these reckless behemoths. And you don't have to worry, there is zero risk: deposit insurance is just as good at small banks -- and unlike the big banks they don't provide the toxic dividend of derivatives trading in a heads-they-win, tails-we-lose fashion.

Think of the message it will send to Wall Street -- and to the White House. That we have had enough of the high-flying, no-limits-casino banking culture that continues to dominate Wall Street and Capitol Hill. That we won't wait on Washington to act, because we know that Washington has, in fact, been a part of the problem from the start. We simply can't count on Congress to fix things. We have to do it ourselves -- and the big banks are the core of the problem. We need to return to the stable, reliable, people-oriented approach of America's community banks.

So watch Eugene's amazing video, then go to www.moveyourmoney.info to learn more about how easy it is to move your money. And pass the idea on to your friends (help make this video -- and this idea -- go viral!).

JP Morgan/Chase, Citi, Wells Fargo, and Bank of America may be "too big to fail" -- but they are not too big to feel the impact of hundreds of thousands of people taking action to change a broken financial and political system. Let them gamble with their own money, not yours. Let's turn big banks into smaller banks. We'll all be better off -- and safer -- as a result.

Make it your New Year's resolution to move your money. We can't think of a better way to start 2010.


Find a community bank near you by typing in your zip code at MoveYourMoney.info. Find a credit union near you here.

Note 1: Martin Weiss periodically releases lists of the weakest and strongest banks, although I cannot vouch for the accuracy of his ratings.

Note 2: I have also previously called for people to protest in Washington on January 9th. But it will be too cold, so I will defer to others to organize protests at the appropriate time(s).

8 comments:

  1. A tricky situation though - if everyone pulled their money out of those banks, they'd "have" to get another bailout. They call them to big to fail for a reason.

    ReplyDelete
  2. Site only searches for banks; what about credit unions, eh?

    ReplyDelete
  3. This is off topic, but have you by any chance sent every Senator a fax outlining why you think they should vote against Ben Bernanke's renomination? Your questions from earlier this month were some of the best I have read on the web (I was tempted to copy and paste, but it will lose it's value to the extent they start getting the same thing from mulitple sources). By the way, I do not trust the Bloomberg piece that projected it was a done deal. Orin Hatch's office specifically told me that he is against Bernanke (he was quoted as supportive by Bloomberg).

    ReplyDelete
  4. This is a great idea. Its potential is huge. If this really turns into a movement against Wall St, then it could very well pressure the Obama administration to act aggressively for real reform.

    ReplyDelete
  5. Great idea and I support it 100% but I worry the effectiveness of it. I don't know if we are organized enough yet to pull off such a massive feat. It also might be more effective to target 1 of the too big to fails and use their competitive nature against them. And as we saw from the financial crisis, the banks are all interconnected anyways. The threat to one bank might be easier to mobilize and put enough fear in the establishment to do something about it. It's worth it to push this as hard as we can now but in the end, we still need organization.

    ReplyDelete
  6. yeah phuck banks.

    credit unions only.

    ReplyDelete
  7. Wow! Thank you! I always wanted to write in my site something like that. Can I take part of your post to my blog? Please come visit my site Jacksonville Business Services And Classifieds when you got time.

    ReplyDelete
  8. As a senior citizen, I depend frequently on interest to supplement my Social Security; however, that is no longer possible because of the greedy low interest rate offered by banks so they can pay themselves million dollar bonuses.

    A second concern is that concept too big to fail was bought by the government, leading to the billions of bailout dollars to big banks as well as billions to other too big to fail members of corporate America. Since that concept is at the root of economic disaster, why are the too big to fail guys being broken apart? What happened to Anti-trust laws? Healthcare industry right now is too big to touch!

    ReplyDelete

→ Thank you for contributing to the conversation by commenting. We try to read all of the comments (but don't always have the time).

→ If you write a long comment, please use paragraph breaks. Otherwise, no one will read it. Many people still won't read it, so shorter is usually better (but it's your choice).

→ The following types of comments will be deleted if we happen to see them:

-- Comments that criticize any class of people as a whole, especially when based on an attribute they don't have control over

-- Comments that explicitly call for violence

→ Because we do not read all of the comments, I am not responsible for any unlawful or distasteful comments.