Use access key #2 to skip to page content.

Move Your Money From Your Giant Bank to a Community Bank

Recs

23

December 29, 2009 – Comments (8) | RELATED TICKERS: GM , GS , MS

MY COMMENT: 

"Als die Nazis die Kommunisten holten, habe ich geschwiegen; ich war ja kein Kommunist.
Als sie die Sozialdemokraten einsperrten, habe ich geschwiegen; ich war ja kein Sozialdemokrat.
Als sie die Gewerkschafter holten, habe ich geschwiegen, ich war ja kein Gewerkschafter.
Als sie mich holten, gab es keinen mehr, der protestieren konnte.“

Pastor Martin Niemöller (1892–1984)

I hope Americans and Fooldom have the moral courage to boycott those institutions, which have broken the law and robbed us. 

From one George Washington blog spot:

http://www.washingtonsblog.com/2009/12/move-your-money-from-giant-banks-to.html

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 – Post Your Own

#1) On December 29, 2009 at 10:36 PM, FleaBagger (28.92) wrote:

A couple years ago I opened an online savings account at Citibank because they bribed me $100 to do it. And I'm still too lazy to go and close the account! Thanks for the inspiration and the idea.

Report this comment
#2) On December 29, 2009 at 11:25 PM, Harold71 (22.31) wrote:

First they came for the communists, and I did not speak out—because I was not a communist;
Then they came for the trade unionists, and I did not speak out—because I was not a trade unionist;
Then they came for the Jews, and I did not speak out—because I was not a Jew;
Then they came for me—and there was no one left to speak out for me.

 

Never did like the big banks, even before this.   Local credit unions do have some of my "money."

But I prefer an full boycott of the entire banking system.

Report this comment
#3) On December 30, 2009 at 10:13 AM, kdakota630 (29.76) wrote:

Excellent blog, again.

If I lived in the U.S. I'd actually have done this ages ago, assuming I was dealing with one of the larger banks in the first place.

Report this comment
#4) On December 30, 2009 at 10:46 AM, leohaas (32.18) wrote:

No need to go all hoity-toity about this. Just compare the service and rates of any Credit Union with any bank, and the Credit Union comes out winning hands down.

Bottom line: if you are eligible to join a Credit Union, join!

PS: abitare defending communists, social democrats, and trade unions. I am getting confused...

Report this comment
#5) On December 30, 2009 at 2:33 PM, dudemonkey (38.30) wrote:

JPMorgan/Chase IS my local community bank.  I live in midtown Manhattan.

Report this comment
#6) On December 30, 2009 at 2:40 PM, Xager (< 20) wrote:

I abandoned Wachovia and Bank of America and joined my local credit union. It is great! I'm getting 3% interest on my checking account and any ATM fees are reimbursed.

Report this comment
#7) On January 01, 2010 at 9:58 PM, workfor (< 20) wrote:

The same thing goes for automotives that accepted bailout money. I own a retail store, and I've been telling my customers if they ever see me leave the store and get in a GM or Chrysler vehicle, they have permission to open the door and punch me in the face. Companies can steal your money, but they can't make you buy another one of their products or services.

Report this comment
#8) On January 01, 2010 at 10:00 PM, workfor (< 20) wrote:

The same thing goes for automotives that accepted bailout money. I own a retail store, and I've been telling my customers if they ever see me leave the store and get in a GM or Chrysler vehicle, they have permission to open the door and punch me in the face. Companies can steal your money, but they can't make you buy another one of their products or services.

Report this comment

Featured Broker Partners


Advertisement