Many people are upset about the big Wall St. banks that have paid out multimillion dollar bonuses to their top executives, when ordinary people are being charged interest rates of 79.95% on their credit cards, or having their mortgages foreclosed, or having to pay outrageous fees on accounts that were supposed to be free. For months, ordinary people have been protesting these bonuses and practices--but now there is something you can do!
This movement is called "Move Your Money," and has gotten a lot of media coverage since a month ago. It involves paying off your credit cards with big banks, and opening credit card accounts with a local credit union or small community bank. You can also transfer your mortgage, checking account, savings account, business checking, IRA or retirement deposits, car loan, CDs and other business to a local bank or credit union. This will not only send a message to the large Wall St. banks, but also impede their ability to control local, state and federal elections by restricting their ability to finance elections. In addition, without transaction accounts and core deposits, the big banks will not have billions of dollars to rig the markets with, and no money for bonuses. You may think you alone have no effect, and you might be right, but if you move $1,000 out of Wells Fargo, and 100,000 other people across the world also move $1,000 out of Wells Fargo, that is a billion dollars! And if you have an IRA deposit there, it may well be that it will take many fewer people moving their money to impact their bottom line in a profoundly negative way.
Although it may seem like a hassle, moving your money is worth it, because at a small community bank or local credit union, you will get better service, and personal attention. You may also receive much better rates on your deposits, loans and credit cards. There's a big effort to overcoming inertia, but that 7.99% APR your credit union offers on its credit card will make it all worth it.
Now there's a simple tool to help you find a local bank or credit union. Simply go to http://moveyourmoney.info/, enter your zip code, and find a bank near you with the features, location, and hours that will suit you. Even if you can't move all your money, moving even one account, when multiplied across millions of consumers, will help send a message to the big banks that they cannot continue their unsustainable practices unchecked. Remember, not only will you be ensuring that big banks cannot rig elections, but you'll be denying those Wall St. fat cats their huge bonuses while the rest of the country is suffering, and getting a better deal for yourself, and supporting local businesses where you can actually meet the CEO, instead of faceless corporations who never have to look you in the eye and justify their business practices to you.
The Truth About Credit Unions
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