Christian Science Monitor: Mad About The Bailouts? Move Your Money

Christian Science Monitor:

Mad about the bank bailouts? Had enough of huge bonuses and too-big-to-fail apologies?

Take your money out. That's right. Take your checking and savings account out of that big money-center financial institution and move it to a community bank or credit union.

Read the whole story: Christian Science Monitor

Pledge to Move Your Money!

Take the pledge, join the movement, and invite your Facebook or Twitter friends to get involved.

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Read the whole story: Christian Science Monitor

Comments

[gregczar]

05:58 AM on 01/09/2010

Awesome!

[spartancaver]

07:12 PM on 01/08/2010

LOL...Where have all you people been? ... I have always had my money in a local bank. It has now joined a partnership with a hundred other localy run banks in N. Georgia to form a network where I can go to get balances, cash, make deposits that will hit my account that minute, all like the national banks do... And at my local branch, all tellers know my name, the customer service people out front know my name, and I their's...It is like banking with your next door neighbors...Been with them for over 10 years now... So Wake Up People... Move That Money and remember you are helping the George Baileys of the world...

[mootown]

09:12 AM on 01/08/2010

As a commenter said in another post about this--Glass-Steagal separated OUR money from the investment banksters, in other words put a wall between the 2 to protect us. Repeal of Glass-Steagal tore the wall down and led to another near depression. If the government won't separate us from the investment banksters again, then WE can do it ourselves by MOVING OUR MONEY. The banksters LOVE the easy fees they have rigged the system to collect. Don't give it to them. My Citicard is going away as soon as my CU card arrives. Contrary to some naysayers here, this action is one that could give a huge message or up yours to the banks.

[tokyoso]

07:47 AM on 01/08/2010

Where have you been for the past 3 years?

Nobody has any money left to move.

[linton]

05:46 AM on 01/08/2010

I agree that there is a problem with the big banks but part of the solution is personal financial responsibility. Can community banks, credit unions and other small banks cater to the needs of a majority of the population? Don't they charge overdraft fees, late fees etc?
We should learn the difference between needs and wants, keep a good track record of our accounts and not spend money we think we have in an account.
If our financial awareness and responsibilties are not raised or changed, the same attitudes, behaviour etc will be carried over to the community banks and credit unions who are also out to make some profit for their shareholders. Are we thinking that we can default on payments etc just because we are banking with community banks?

[JadedAggie]

06:13 AM on 01/08/2010

Actually yes, community banks are capable of providing the majority of consumers with the services they desire. The bigger question is the impact it would have on liquidity and credit card interest rates. Banks are already gouging people now when money is very cheap for them to obtain, but if that money was to move to community banks the interest rates on credit cards could be even more unsettling.

[Hysterian68]

02:32 PM on 01/08/2010

Credit cards may prove to be the the millstone around the neck of the large money center banks. Within a few years, most major banks won't have anything to do with them.

[neige]

06:15 AM on 01/08/2010

Don't you want the institution you allow to hold your money to be honest? I have always used credit unions. Most of the reform they are trying to pass in congress like, not paying out the biggest check first so that you have 5 checks over draft instead of 1 is already being practiced by our local credit unions. Let the big banks cater to the ones they love the most, the wealthy and all us little guys will keep our money with a decent, honest institution.

Oh and to answer your question about smaller banks being able to invest in the community. The more money they have in deposits, the more money they have to invest.

[linton]

07:04 AM on 01/08/2010

To JadedAggie and Neige, I agree with you both and I have been banking with a credit union and a too big to fail bank for almost 15 years. Times are rough and economic conditions vary for everyone. What I am saying is that, we have to understand the rules of the game of banking. I believe there are a few people out there who have learned to play the game very well. They have never had to pay interest on credit cards, late fees, overdraft fees etc by knowing what their limits are and not going over. They have taken advantage of cash back opportunities to make some free money off the CC people.
Our economy is a credit driven one, people do not understand credit, do not bother to know their balances, read fine prints etc and yet we try to convince ourselves that we are not part of the problem.
Employers and Small Business Owners are different when it comes to credit availability for them and I believe they need to be treated better as far as rates are concerned.

[Skaperen]

08:41 AM on 01/10/2010

While the big banks do love the wealthy, those accounts don't represent the source of the big fees the banks are getting so much of their income from. It's the small accounts that are paying into the pot the most. The big accounts get everything free. It's Robin Hood in reverse. That alone should be cause enough for everyone with a small account to move. And the small accounts are the ones that will be easiest to move because they don't have so many things connected. Then the big banks may even have to start charging some fees to the big accounts to make up for the lost income.

[sheine]

04:57 AM on 01/08/2010

Here is another suggestion. If you don't want to close your big bank account, you can still open a community bank account and use its debit card for shopping. This cuts off a major stream of revenue from the big bank.

[hottingers]

02:56 AM on 01/08/2010

Christian Science. Talk about an oxymoron.

[gtt]

08:47 AM on 01/08/2010

Say what you will, but the Christian Science Monitor is one of the best international newspapers in the world. They still have foreign correspondents unlike other large papers that now rely upon Reuters or other networks. Excellent, well written and researched articles. Try it out on line. You are likely to be surprised.

[cyoohoos]

10:55 AM on 01/08/2010

I stopped reading the Christian Science Monitor online when it printed (as fact) that Olive Garden was supportive of advertising on Glenn Beck which the entire story turned out to be an unsubstantiated rumor.

[Hysterian68]

02:35 PM on 01/08/2010

I agree.