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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. (Reggie Middleton also rates the strength of banks, but I am not sure if he has analyzed the strength of smaller banks.)
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).
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This topic just came up again during the past week with a pal who's a customer at one of the Big 4. I've been trying for a year to get him to close and move to my credit union, that I've used for the past several years. Maybe printing the article for him will help him decide. His excuse was "there's no FDIC at a credit union." The one I use has FDIC Insured signs sitting right in front of the teller windows.
facebook site for Move your Money
http://www.facebook.com/home.php#/group.php?gid=227048997405&ref=search&...
I've asked people I consider knowledgable about finance and banking to help identify safe community banks or "Unions". I agree 100% with this initiative, but realize there are risks associated, as the FDIC is insolvent (even with a magic printing press).
Please consider joining, if only to swell the numbers and make a statement that way.
Thanks
There is a bit of irony, though, in the guy above moving his money to Royal Bank of Canada. Canada's largest bank is hardly, er, "community". No, Canadian banks haven't exactly been as evil as their American counterparts, but they possess all the same potential (and cause the death of a thousand cuts on retail banking fees).
I'm not even USian but have been hoping such a 'meme' would go 'viral'. Here's the opportunity. I would suggest doing whatever you can to help this spread --
this is how wars are fought in the information age, after all.
Rick64,
I switched to a credit union last month. Love it. It's the Grow Financial in Tampa. You won't miss anything, except for the fees and the high interest rates the banks charge
Bored? Lonely? Hungry? Forget your local community bank, come to Phnom Penh and enjoy western style banking with a bit of asian exotic fun.
http://www.anzroyal.com/en/About-Us/Careers/Who-We-Are/
After you've made your deposit there are plenty of places to transact withdrawals:
http://shanghaibarcambodia.com/home.html
welcome to Phnom Penh!
And by the way, that deposit you made at the ANZ, or any bank in the US of A can be easily accessed at numerous ATM's in Phnom Penh. The girls at Shanghia will show you how.
The really good news is that you have now become a' Walking ATM' machine and the girls will love you.
Bored with the Shanghai Bar? Or not drunk enough - try Sharky's:
http://www.sharkysofcambodia.com/images/staff.jpg
http://www.sharkysofcambodia.com/Photogallery/thestaff/dsc00199.jpg
Of course, your deposits with ANZ are not FDIC insured, but after a couple of nights in PP(trust me) you won't care.
Just watchout for little boys in little gurls clothing.
xxx
I am in the process of doing this. Does anybody have any feedback on a Credit Union vs. a Bank. Is there any real difference.
A bank is run for the profit of it's shareholders and upper management. A Credit Union is a non-profit run for the benefit of it's owner-members. By joining a credit union, you become an owner.
Thing is, that website only gives banks with a rating of B or higher.
With 250k deposit insurance, it doesn't matter what the grade is. Pick any local bank, just keep it below 250k.
WTF??
People should have been keeping their money in the smaller banks for years now.
Better late than never, I guess....
Finally something lefties and righties can understand (hopefully).
and Libertarians too :-)
...But what about the poor Statists?!
Oh, yeah.
...Fuck those assholes!
WHY is this video not posted to YOUTUBE?? I searched under "Move your Money" and it wasnt there!!
Can someone post it PLEEEEEEEEEEEEZZZZZZZZEE???
This has to go hog ass wild viral!!!!
Do it for your nation!
This is going out to my entire email broadcast database tonite with this message
Join the New Nationwide Revolt Against
Move Your Money: A New Year's Resolution, Huffington PostThe Big Banks That Are Looting Our Country,
Paying Themselves $Billions in Bonuses, and
Doing Nothing To Help Our Local Economy
http://moveyourmoney.info/ (be sure to watch the 4-minute video)
Please, pass this along to everyone you can, then
immediately move all of your money out of JP Morgan/Chase, Citi, Wells Fargo, and Bank of America
to a healthy helpful community bank which you can find at http://moveyourmoney.info/
It's time to take our country back from the big banks and stop them from impoverishing our children and grandchildren.
Happy New Year!!
I have a question for some of the brilliant minds on this board. I know it's slightly off topic, I hope you will indulge me.
I was reading a commentary on KITCO today in which the author states that a single global currency could be created "in less than an hour". Policital friction notwithstanding, what exactly would take place were that to happen?
Any new currency would necessarily be converted at some ratio, I assume. How would that ratio be calculated? Would the economy start to recover immediately once the new money was in play? Would the holders of debt take huge haircuts based on the rate of conversion? What would be the disposition of U.S. sovereign debt?
I can't wrap my mind around what the consequences of such a step by the powers that be. The only thing I do understand is that the fractional reserve debt bubble would start all over again without some serious fundamental reform.
Absolutely Fucking Brilliant---
LETS TAKE BACK OUR COUNTRY and OUR FUTURE!
GOD BLESS YOU ARIANNA!!
While none of the mainstream media is looking out for the interests of the taxpayer, your site and Zero Hedge are leading the way with a shining light!!
Thank you, and you have our absolute support!
I moved my accounts out of Wells Fargo and Bank of America 2 months ago, and DAMNNNNNNNNNNN, it feels FINE!!
Watch the video everyone and post it far and WIDE!!-
This is your chance to FUCK the FED and the Banking Criminals as hard as they have been fucking YOU---Dont fuck it up!!!
THANK YOU ARIANNA for finally screaming from the rooftops what we have been long-advising!!
It is the most common sense thing Americans can do collectively to SHYTTT CAN the financial criminals that are gang raping us daily!!!!
Our government has clearly shown they are not interested in protecting the taxpayer. We must act collectively to put the oligarchs OUT OF BUSINESSSSSSSS!!
BRAVO TO YOU !!!
HuffPo has it as their headline and they are pushing it hard.
I promise you that this has the immediate attention of the big banks.
Note to Ben: have 33 Liberty prop kids by more common equity asap in wfc, bac, jpm, usb, rf, sti, bbt, pnc, fitb, hban, key, you got the picture.
I'm right now in the process of closing my account with Wachovia, and opening a new account with RBC, the Canadian bank that operates inside the US.
I plan to open an account with RBC in Canada as well, through which I can buy gold directly.
Yes, that is a major advantage with Canadian banks. If you go up there, and have the money and give them advance warning, they will sell you gold bars over the counter. how awesome is that?
What about moving money to local credit unions instead of local banks?
I put in my Maui zip and got a list of community banks in Puerto Rico. It is true both are islands and both have nice weather, but Maui has much better surf.
this is an awesome movement. I just completed my analysis of local community banks by using IBanknet.com.
thanks for sharing!!
I started the Facebook group
Awesome...joined it!
Less than 10 comments on zero hedge? COME ON PEOPLE!
Regarding the Weiss ratings, I believe that they are also available at www.thestreet.com -- their ratings are under "Portfolio & Tools", then "Banks & Thrifts Ratings". The few banks I looked at in my area had different rankings on moveyourmoney.info vs. thestreet.com.
You can also retrieve the financials on banks at the FDIC's website for more of an indepth review.
Fantastic idea!
DavidC
George,
This is the post that made me register with Zero Hedge. I switched from Comerica to a local bank when the Clearing House Association came out with their EOTWAWKI threat. I found out Comerica was a member of this bankster/huckster organization. I couldn't support that. So I switched a few months ago. It's the most awful feeling when your perceived strengths are made into your worst weaknesses.
I fully support what you are doing. +1 google. Thanks for getting the word out.
thomas j.
"Now Huffington Post - one of the world's most popular news services - has taken up the call."'
Dude, the HuffPO is ***not*** a "news service". IT is a DNC /Liberal Blog with many inaccurate "articles".
Although I agree with this artilce, please do not paint the organizations as a "news service".
BAC deep sixed 5 years ago---thanks for the links
Find TARP recipeints at:
http://www.financialstability.gov/latest/reportsanddocs.html
Get FDIC bank condition reports at:
http://www2.fdic.gov/idasp/main.asp
Just Do It!
I could not support this idea more.
When the TBTF lobbying group Clearing House Association came out in support of the delay on releasing the bailout details after Bloomberg won the FOIA suit I decided that all of these banks would not holding or profiting off one cent of my assets.
We are the "stable deposit base" that keep all of them in business.
Let's change that.
I had money with A.G. Edwards before they were bought by Wachovia before they were absorbed by Wells Fargo. It's long past time I gave WF the boot. Getting your money out of big banks is something everyone can do. Don't do business with them and don't buy their stock.
I have done that already. Since the past seven months, I deposit what is needed in BofA to cover mortgage and other minor monthly payments. After that, they do not get a penny out of me.
Same with Citi. Very minor credit card usage. I pay cash every where I go.
Damn...next to the existence of zero hedge, i think this is the most important piece of online activism to happen and just TWO comments? Come on people, this word needs to spread around and people need to be motivated!
I moved it out of a failing southern fried bank months ago earlier this year. No more FDIC bull for us.
I believe an organized bank run on this scale will deflate the big boys and give the smaller banks a second chance.
However.... one thought.
Before you run among the sheeple hollaring "Bank Run" make sure you tell them to make thier new accounts "Custodial" which means the bank cannot make loans or do much with this money.
I was over at HP for a slightly different perspective on reality when I came across this and I almost blew fluid out my nose. Damn giant headline with their "New Years" resolution. One can only hope some of the sheep follow through on this one.
The oil bust of the 80's made the Texas and Louisiana banks some of safest in the nation. The housing bust here in lafayette didn't happen. We have 7.6 U3, and a slight drop in housing prices. When I typed in 70503 the banks that came up I completely trust. I know for a fact from personal experience that they don't do sub-prime. All loans fully documented, 24% DTI, 20% down, 100% collateral.
We learned some tough lessons with the oil embargo of the 80's. We had some big free-wheeling banks back then and they are all gone. It's my personal opinion that prudent lending practices saved us from the worst of the housing bust. Acorn and the TBTF's are behind most of the lawn signs.
Thanks!
I think this deserves to be on the front page at ZH.
Don't forget about your credit card accounts. These TBTF banks dominate credit card lending. Whether you pay the balance each month or revolve, the banks are earning based on your transaction activity (via inter-change fees taken from the merchant) or interest charges (that you pay directly).
Agreed. I did this long ago. I would encourage everyone to do it, for the good of the country.
Keep it below 250K, if you have a high class problem like that, but support your local banks who will in turn lend to the local community.