The Move Your Money campaign is gaining traction. Move Your Money, a campaign created by the Huffington Post, Roosevelt Institute, and Institutional Risk Analysis (IRA), helps you transfer your hard-won stash from bailed-out bankster institutions to local and community banks. The website, MoveYourMoney.info, explains:
Thousands of people have pledged to move their money away from the casino-style Too Big To Fail banks and give their money to community banks and credit unions. This site was set up as a modest home for the effort. A seed. But the idea will only have an impact if others keep it going from here.
How? For starters, you could move your money to a small bank. To do so, click on the button that says Find A Bank Or Credit Union. But there are dozens of other possibilities: You can get your friends or organizations to do the same. You can use your online social networks to help broadcast the idea. You can look into where your town government keeps its money and, if it uses a big bank, you could try to get it to use a smaller bank. Start your own website (to improve upon or replace this one), dive into the research about smaller banks, and help give rise to a bigger, broader effort.
There is no official organization here. It’s a volunteer project. If you have ideas about how this idea can grow, send us a note and we’ll display the best ideas in the Comments section of the site.
Move Your Money even lists instructions on how to close your old account. These are actually helpful–it is hard to get enough personal momentum to shut down an account you’ve been using for years.
I can attest to the power of going local when it comes to banks. About six months ago, I opened an account with my local credit union, because they had the best HSA (health savings account) deal in town. The credit union, called Elevations, has blown away my expectations of what a bank can and should do. They nice and helpful when I need something (sorry, Chase, but your people scowl a lot). Their fees are lower. They offer financial services on-site, as well as classes on financial planning and investing. As far as I can see, they currently have some of the best mortgage rates in town.
Importantly, the bank also cares about the well-being of the community. By patronizing it, I feel like I’m doing something to benefit the community I live in, not anonymous Wall Street financiers or bailout recipients.
If you have the time and drive, I encourage you to join Move Your Money.