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Seems like a good idea to me.
To help reinvigorate the local banking sector, economist Robert Johnson, columnist Arianna Huffington and filmmaker Eugene Jarecki recently hatched a new proposal that allows anyone with a bank account to channel their anger over the Wall Street bailout.
Watch this video by Jarecki, then go to www.moveyourmoney.info to learn more about how easy it is to move your money away from the banking giants and what a difference that switch could make.
The idea behind “Move Your Money” is simple, as Huffington and Johnson explained in a recent post: 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.
But…but…what’s good for Wall St. is good for Main Street.
[/Village]
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Scahill will be on democracynow to discuss the presence of Blackwater employees in the Khost bombing.
And now Obama has lost the Lost vote.
Perhaps the hatch is a metaphor for what his first term might have been.
So Huffington gets thousands of emails, but how much in the way of deposits has actually been transferred?
excellant, I am on this
now, I believe we can try to get jane to organize a public meeting of minds with this from the tea bag association
I SAY GO FOR IT!!!
We dumped BOA for a local bank but it doesn’t show up in their database!
obama might be the only “democratic” president for generations who had majority in both houses he could twist arms to get things done
he did NOTHING!!!
man, what a frigging loser
What doesn’t show up in whose database?
He makes decent speeches.
As a frequent traveler, I’m afraid I use my BOA ATM card way too much.
I don’t see how I can help with this one.
Interesting concept. Would be important to screen the bank to which one wants to move their money, since there have been many struggling smaller banks. At one point in late 2008 it was estimated there were 3000 insolvent banks; 140 were taken over last year by the FDIC because of insolvency.
I haven’t checked, but I wonder if MoveYourMoney.com suggests checking credit unions? I know several of them here are liquid, lend to local people and aren’t in sophisticated hedge products, and they have better services.
The only caveat I might have with MoveYourMoney.info is that this effectively is a kind of bank run.
eCAHNomics — you have some chops on this, what could happen with big movements of money out of banks?
The first chance I can get to my credit union, I’m anxious to ask if they’ve seen an uptick in new membership.
eCAHN – Thanks for the notice….I often forget their first showing comes on here at 8 am…and, if I don’t watch that one, i sometimes don’t catch one of the other times.
The bank we chose, “Move Your Money” has a database of
I hear ya, my local bank’s ATM has a 5 southern state network but when we were on the Outer Banks it was useless.
Yes, but it is a run in the right direction.
Mornin’, BT, pups
I’ve banked at credit unions for close to 40 years, after dumping BOA in 71.
Convinced 2 coworkers to pull their dust out of Wachovia (Wells Fargo) and put it in the InterVest bank down the street. InterVest was the only community bank on the list for our area.
The money isn’t moved out of banks. It is moved from one bank to another. The first set, the too-big-to-fail ones, are apparently contracting lending, while the community banks, reportedly are increasing it. So the shift (barring unintended consequences) should be progrowth.
However, if the move is big enough, more important consequences could be political.
I do most of my banking with a small statewide bank which offers a VISA debit and credit cards. I’ve been able to use my card across the country and even overseas.
If you’re still concerned, you only have to have an account with a bank which has a relationship with one of the bigger interbank networks.
Like NYCE — you might recall their ads a while back. (“That’s NYCE!”)
So you are worried that a B rating is too low, even though deposits of $250,000 or less are insured?
Well, seeing that I really don’t know what the ratings represent, I’m not all that worried.
The ratings are relevant to bond holders of the banks, not to depositors.
Having said that, if a bank goes under, I’m not sure what kind of a hassle it is to get your deposits out.
My wife’s family, including us, got killed on the Wachovia collapse. We were glad her dad didn’t live to see what happened to what he wanted to leave his kids.
Great! Thanks for that.
Yes, but there wasn’t a data base up on it when I looked earlier this morning. People should consider the length of time the CU has been in business and do research rather than making a decision willy-nilly…….which seems to be the way an awful lot of Americans are acting these days. :-(
Blackwater got off for the same reason that North got off. Someone gave the perp immunity right after the crime so they couldn’t be prosecuted. In the case of Blackwater at Nisor Square, it was the State Dept. that gave the immunity even though a military investigation was launched immediately and Blackwater guys were allegedly guilty under the Bremer rules.
Well those consumer deposits won’t add up to much compared to the institutional funds and the govt bailouts in their many forms. But solid public relations for Arianna. It’s time Huffpo and the news media began focusing more on the 50 million who are hungry in America today. More than all the righteous punditry, that might get the admin’s attention.
Somewhat worse than expected Dec jobs report. Rate remained at 10.0%. Payroll job losses were 85,000, and weekly hours (a leading indicator of the labor market) were unchanged.
The only question my coworkers asked me was, “What happens if they go under?” I said, “You got over $250K to move?” Laughter.
eCAHN: If FDIC gets another bank to take over the bank it’s business as usual. If not I’m not sure how FDIC handles it. Every failure I’ve read about ended up being bought up by another bank.
I’ve had the same experience . A small local bank with a little visa symbol on the card .Works overseas as well as the US .
Assuming no special complications (e.g. brokered deposits, deposits in excess of FDIC insurance limits) the process has been quite straightforward with bank failures so far. Typically, bank failures happen on Friday and depositors have access to their money from a new bank the following Monday.
Thanks SD & Bilbo.
With no interruption on the use of checks or debit cards over the weekend.
Unemployment figures were just released. Still mired at 10%. 89,000 more workers were “laid-off.”
Should have known you’d be on top of this. Let the spinning at the WH begin.
Here’s an overview of what happens from the depositor’s perspective when an FDIC insured bank fails.
What I appreciate about Arianna’s approach here is that it amounts to an attempt at a popular movement and doesn’t depend on our so called “leaders” for assistance .We need more strategies for dealing outside the beltway with the problems we’re facing .
“Weather related” is the spin.
If the “analysts” say that the numbers were less than anticipated the pundits are all “the job situation is getting better.” If they’re above the “analyst’s” prediction, little or no comment.
Funny how the root of analyst is “anal.” *g*
I’ve always marvelled at the fact that when someone loses their job it’s a sad occasion . Personally I would see it as liberating .
Time is more important than money unless you really love what your employed at .
The move your money zip code search tool is only a fraction of the research needed to find a truly local bank!
My zip search turned up a bank chain that covers the east coast and has told me personally they have taken hundreds of millions in tarp!
The local credit union that I was hoping to see listed was not.
Nice if you can pay your bills without a paying job.
Right. The search I did was far too broad based. However, most people probably know which banks are local I’d hope, and you could visit the branch as ask the relevant qs about deposit insurance, credit card services, etc.
There are two approaches to that , lowering your bills is as good as making more money . Consumerism is a shackle ,a plush and comfortable prison .It’s why poverty is indispensable to most religious orders , with fewer wants you have more time for the spiritual life .
Yes, I had the same impression of the tool. For me at least, there were no credit union listings at all. We recently moved money into a CD at a strong (and NCUA insured) local credit union at a relatively favorable rate (2.75%). This institution is not mentioned for my zip code although its central office is less than 2 miles from me.
And as the Dhammapada points out the greater one’s wants the greater ones unhappiness .
Very admirable if you can. Not the way that most could take, myself included. And I’m gradually decreasing my consumerism, and yes, it is liberating, but hard as hell to do. (For some things. If I never had to buy another garment, that would be fine, and I only buy when something wears out. Books OTOH, still addicted.)
And as long as we’re on the subject, here’s a “bank deal” blog that I follow closely:
Over recent years I’ve found this blog very useful in identifying banks offering good deals and in surfacing potential problems with specific banks and in the banking industry in general.
New post up top…
He who dies with the most toys wins versus “Stop storing up treasures for yourselves on earth, where moths and rust destroy and where thieves break in and steal. Matthew 6:19
From The Dalai Lama’s Little Book of Wisdom
Seems like I’m always behind the trendy curve. People coming around saying we should cut back on gas consumption ( well at least back in the old days of 2008 ) and now some of the bright lights tell me to bank locally. I’m all for the idea what with a 2002 Prius and having nearly always done business with a credit union but I don’t seem to have the fun of surfing when the waves come up. Nice to see the push but the folks with some foresight don’t get to be in the “I’ve learned my lesson” ads.
Now if people can start forming strategies that help themselves and others avoid being lifelong debt slaves I’ll see a trend I really like.
Second hand stuff first hand experiences .Consume experience !
For the love of money is a root of all sorts of evil, and some by longing for it have wandered away from the faith and pierced themselves with many griefs.
Timothy 6:10
Off to swim in the great capitalist cesspool.
US KIA Irak: 4,373
US KIA Afghanistan: 953
Iraki and Afghan casualties: estimates vary to over 1.5M
US MBS 2010: 868 By midnight tonight more people will have died from the lack of health care this year alone than US KIAs in Afghanistan in the past 8 years
Be good to yourselves, and all other living things.
Namaste
It was a short month, there were not enough weekends, there were too many weekends, there were too many holidays, the holidays were in the middle of the week, my mother-in-law came to visit.
There is always some explanation that attempts to ignore the possibility that too much debt can lead to contracted spending. The days of maxing some credit cards and getting a HELOC to make up the difference are not coming back.
Shu jo mu hen sei gan do
My local bank pays the other bank ATM charge.
The 4 Vows
Make sure your bank or credit union is still in FDIC and while doing that check their rating my little bank is rated A-
Bankrate .comm
We never pay ATM charges and never have. A long time ago we came up with this wild idea. Keep a couple hundred dollars out of each paycheck and put it in a few safe places in the house. Repeat as necessary. Reduce one of the cash caches when there is a need to purchase something. Refill as necessary. Keep a chunk of the money in a savings account for emergencies.
For serious stuff, use the one credit card and pay it completely off when the bill comes.
Cash can be a solution to ATM charges in many cases, if a person can keep their mitts off it for a few months.
I know the above probably sounds a bit condescending but a lot of people’s money mistakes are in letting a financial institution innovate their way into controlling their customer’s personal finances.
Catchy tune .
Be careful and stingy with your faith and free and generous with your property.Abdullah ibn Mohammed Isfandiyar el Damghani declared in Damghan a saying of Yahya ibn Mu’ahd as Razi: “The believer may me cheated out of his property but never out of his religion .And while the religion of the hypocrite can easily be taken away from him, it is impossible to take away any of his property .”
The book of Sufi Chivalry
For those in NH I recommend St. Mary’s Bank. Reportedly the oldest credit union in the nation that started out catering to French Canadians who came to work in the mills in Manchester.
It also started out doing business in the French language. Quelle horror!
-G
Yes, I dumped out of BofA and haven’t bought on credit in a long time.
That’s a good look for her.
I had been prposing this idea for a while and it is just the sort of popular action we should engage in. This type of collective popular action represents the defunding of institutions which rely on our funds for their predatory operation and which we can put an end to. It should definitely be carried out with a view to scaling back the operation of these too big to fail entities.
It will also give a warning to businesses that people are not helpless to fight back and that concerted popular action is possible. This same approach can be carried out to defund comapnies that insert themselves into political campaigns against the public’s interests, like Pharma and insurers. The point being that people can adopt strategies to assure their well being.
Facilitating the recall of elected officials for wrong doing or acting in contrary to the wishes of the voters is another measure which ought to be passed for the next election cycle. Elected officials should not presume that they are free to pursue their own agenda once they are voted into office, the threat of removal must be credible and constant.
As it turns out, this has been excellent advise for me and my wife. We bought a new car in Feb 2009 through Chase Auto Finance. At the time I was NOT happy that the dealer found them to be “low,” but took it anyway.
I just got off the phone with my credit union and they will re-finance the note at a cheaper rate!! My monthly payment is going down because I reacted “socially” to this post!!
Yes, Jane, I’ll make a contribution to your next yell out!
and that’s all that most people actually pay attention to
Going to our community banks or credit unions is exactly what the American people should do. If you’re dealing with bank of America, chase bank, Citibank or Wells Fargo close your accounts, shred your credit cards and go with your community banks, this is one thing that we can do to the big boys who are jacking up your interest rates and then using that money to pay you back with.
Moved everything to a community bank with a VISA debit card 18 months ago. Fuck BOFA
When we came back to America this past spring after several years living abroad, we dumped CitiBank and moved all our banking to Bank of Albuquerque. Including our business account.
I’m in the process of moving from Chase to a credit union, but don’t find the new institution on bankrate.com. Mmmmm.
It’s taking a couple months to complete the process because of all the links I have to my accounts, but I feel it’s worth the effort.
Big scam happening now with gold, beware.
I’ve always been a supporter of local business as I own one and always looked for business and personal loans from my Credit Union. Even before the collapse of 2008, my wife and I went down together to B of A and pulled out most of her money to put into local bank(s) and to invest some in socially conscious funds. But the coming collapse and what the FDIC did EVERY Friday of last year did not give us much comfort or faith in putting our money in small banks that were being closed one after the other all over the country (A record last year). I have a friend who works at a local bank so I went to see her and:
1- they do not even have a safety deposit box for our valuables.
2- They looked like they were on the “verge” of going down with so many bad commercial and farm loans. I believe that if the FDIC had more manpower they would have closed 2 or even 4 times as many banks last year. Don’t get me wrong; I believe too big to fail is WRONG and shameful and these small banks ARE PAYING THE CONSEQUENCE OF BAD GOVERNMENT and PUBLIC POLICY FOR THE LAST 20-30 YEARS. But this is OUR and our kids money in the bank and we want to protect it. I follow the economy daily and have read absolutely NOTHING about how quickly or easily the FDIC compensated the hard-working people who saved and invested in the hundreds of banks that were closed (unitl it happens to you it’s easy to say you’re covered up to 250K, which should have ended in Dec). I also know that they are VERY low on the FDIC deposit reserve and are trying different shananagans to raise money for it. So in short, the bastards and the system has us and we kept a lot of money at B of A lest we risk losing it. I managed to withdraw the bulk though and to invest it in my business in the form of inventory and other assets to protect it from collapse or from the depreciation of the US dollar (USD index was 85 last year and now it is 76. Do the math). My wife and I are very hard working professionals and we only look at money as means to educate our kids and we contribute big sums to progressive causes every week almost. We would not want to lose it because of Messrs. Geithner, Summers or whomever. I am for nationalizing the banks and will gladly want my money working for the common good. But I don’t want it lost or “hanging somewhere” until the FDIC can raise money to compensate its loss. Thank you!
Is BOA the only ATM card in the world?
I can use my Debit card from my local credit union to withdraw cash at any ATM from either my checking or savings accounts, and the account I have allows me to do that with a refundable fee if used at a non-credit union ATM. The debit card is a VISA so is accepted anywhere VISA is.
There is a bias from banks against credit unions because most (if not all, by law) credit unions are non-profits and have community based boards of directors.
Great comments above re. thinking about money vs. wealth.
Have used a credit union almost exclusively for the past 12 years- we’ve never regretted it. We can use any ATM in the nationwide CU ATM network with no charges.
No real travel issues- we have to do a little homework up front to find CUs in new travel destinations, but it doesn’t take much effort.
Have had very good luck with both personal and small business needs (not all CUs focus on small business, so shop around.)
One additional comment- if you get a mortgage through a CU, you can frequently request that the mortgage be held on the CU books as part of the mortgage contract. This prevents re-sale or securitization of your mortgage. One more way to refuse to participate in the great capitalist cesspool. ;-)
It always kills me that right-wingers invoke ‘going Galt’ when they do similar things (and give them credit- they have been ahead of the curve in removing their money from ‘TARP’d’ banks.) Sorry kids, us lefties were simplifying our lives and ‘going Thoreau’ generations before you dreamt up the stupid ‘Galt’ meme. (I just wish we lefties had gotten that message out there more effectively…)