Bill Maher Explains Why You Should Move Your Money (VIDEO)

On the eve of the Financial Crisis Inquiry Commission's first day of hearings, where the CEOs of four of America's largest banks are scheduled to testify about the banks' roles in the financial meltdown, Bill Maher explains why you should move your money out of a "too big to fail" bank and put it into a local community bank or credit union.

According to Maher: "This is not a conservative idea or a liberal idea. It's not left or right. It's populism at its best."

WATCH:

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Comments

[Frank Thomas]

06:47 AM on 03/10/2010

Your plea for Americans to move money out of Wall Street's too-big-to-fail, global BIG BANKS to community SMALL BANKS is a perfect way of pursuing a grass-roots free-market principle AND serving ordinary human beings far better .... of daring to engage a ``different state-of-mind´´ that BIG in capitalism is NOT always GOOD.

Our hyperdriven profit, unregulated, out-of-touch, bonus-crazy financial instututions will learn what "Doing God's Work" (Goldman Sach's CEO's remark ) really means for Americans .... who are now PAYING for "God's Work" of mammoth bank failures and bailouts by the ugly price of home foreclosures, loan unavailability, mafia credit-card interest rates, massive joblessness, and lost savings.

In an insecure age of globalized capitalism, Financial institutions continue their non-transparent, risky, uncontrolled deal making, where Joe Doe´s capital is put at risk on an unimaginable scale. The Banks of America effectively contribute to and magnify the quality-of-life stress and insecurity so many Americans have become habituated to .... in a Non-Human Centered culture where traditional values of broadly shared prosperity and fair playing field are Trashed!

Your WAKE-UP call for a grass-roots rebellion to narrow self-interests of Big Banks is correct! "BANK SMALL and BANK LOCAL " .... to tame the bank monoliths who' ve Financialized America into an exploitive money game .... where the wealthy and multinationals get priority service while Mainstream Americans get the financing scraps and fallouts from system failures.
Sincerely,
Frank Thomas
The Netherlands

[jdante]

11:21 AM on 01/15/2010

As a former employee for JPMChase I can honestly tell you the moral relativism trickles down. I have never worked in a more toxic, petty environment in my life. I had an account with them prior to starting my job and after about two weeks there, I closed it. Every complaint call from a former WAMU or current Chase customer were mostly valid. I continue to bank with my credit union and have been for over 8 years though I have tried out other banks during that time I realized you will never get better banking and customer service in your life than at a credit union.

[noralou]

10:36 AM on 01/15/2010

I live on the Olympic Peninsula in Washington State where we are lucky enough to have a small local concern named First Federal Savings & Loan. They have nine locations. I moved to them when I got tired of the couple of dollars here and a couple of dollars there that US Bank was charging as fees.
My brother isn't so lucky and and had an account with Washington Mutual which, of course, was swallowed up by Chase. A while ago, my brother sent me a check for $100.00. Back when it was Washington Mutual the local branch would cash it if I had proper ID (which I do). When I went to cash this $100.00 check they said there would be a $7.00 fee since I didn't have an account there. No matter that they could check my brother's balance and my ID and cash it in total safety. I took the check back, went to First Federal where they cashed it even though I had about $10.00 in my account. The bank looked at my record and saw that I was not a check bouncer and just handed over the money. That is great, local customer service.
I hope that enough people and small businesses move their money out of the big banks that it causes them to have pain in their pocketbooks, which is, of course, the only place they register any feelings whatsoever.

[AGO2]

05:43 PM on 01/14/2010

I have moved from Wells Fargo to my University Credit Union for many reasons. Primarily because of the lies they told me during my recent mortgage process (Wells Fargo Mortgage Dallas) after doing business with them for over 10 years. But I agree that the biggest message Americans can send to these banks is to stop using credit. STOP LIVING ON CREDIT! Yes, credit cards are sometimes essential, but mostly no. STOP buying things for which you can't afford to pay cash and don't really need. STOP this attitude of "I'm entitled no matter what!" I heard a recent speech by a former FDIC Chairman where he said that the average American is also responsible for our current financial mess for living above their means. I'm convinced that most Americans can't even truly afford the cars their driving (should be 20% of your total net income - even with 2 cars). There's a formulation for everything in your household budget and we would all be better off sticking to it.

[drymartini2]

03:31 PM on 01/14/2010

i moved my money. to Chase.

right now Chase is offering 25000 Miles if you open a chase checking account. Go to contintenal.com and look up one pass offers.

if you make 5 debit card transaction in first 2 months, you get those miles. there is a 25$ yearly fee though. The miles pay for it themselves. thats good for a round trip ticket anywhere in the us.

Move to chase !!

[mtracy9]

06:41 AM on 01/15/2010

Nah. They're another "too big to fail bank" that we'll probably have to rescue in a decade or two, in order to keep the economy from collapsing.

[poca wtf]

01:39 AM on 02/10/2010

When you use a debit or credit card with miles or rewards, do you know who pays for your benefit? The merchants. Fees are double to triple when these cards are used. Visa and the banks aren't giving you anything.

[WTxIndependent]

12:25 PM on 01/14/2010

The idea in the difference between a "Big bank" versus a "small/local bank" isn't as great as some make it out to be.

Frankly, technology has leveled the playing field. I bank at a local credit union. WIth online banking, online bill pay, and the ability to transfer funds from one account to another via internet or phone, I don't have to be local to access my local bank.

If I travel, I, as most folks do, carry a little cash and use credit cards to pay for most things (though I try to limit purchases so I can pay off the balance at the end of the month for the most part). Using ATMs out of town isn't a big deal if I'm charged $2-$5 in fees because I won't be using that ATM but maybe once or twice; not enough times to make those fees add up to something ridiculous anyway.

My local bank is as local as an internet connection or phone call, no matter where I am.

[bryanzth]

12:07 PM on 01/24/2010

Hi,

I moved in 2003 from a community bank to a larger bank, and from thence to a too-big-to-fail bad boy bank because of the online banking and related features. The little bank did not have it and it annoyed me. One thing they did have was an excellent personal banker, who I speak with regularly regarding my parents' accounts still there.

I have found that the two banks where I could use a debit card had horrible service, big turnovers of staff, and had a rather desultory bedside manner with me (except for one person, who left about 2 years ago in response to the same bad morale I witnessed).

My soon-to-be-new Community Bank, Liberty Bank for Savings (I don't work there, nor do am I family of anyone who does -- my folks' money is there) has great service, and I miss that very much. My debit card with the big bank has caused me some trouble and I am finding that it is more trouble than it is worth.

So, yes, there might have been a technology downside for a while, but I got the wrong advice and look what I missed!

BZ.

[my whitehouse]

11:31 AM on 01/14/2010

There is no economic recovery with 10% unemployment and lack of affordable education & healthcare.
hat tip to http://iamned-website.blogspot.com

[desertman]

01:20 PM on 01/14/2010

Old news expect for the 10% part. It's more like 19%.

[mtracy9]

06:42 AM on 01/15/2010

At least according to Faux News.

[REALLYmiffed]

09:56 AM on 01/14/2010

This is larger than "move your money". I'm talking bank/investment house subsidies from your gov. The big money move s/b 401K/IRA/ROTH. I checked into moving to local bank to use Treasuries Direct-it's not possible! Bank says they aren't allowed to be trustee for a Treasuries Direct retirement acct. (are you following me here? They can for CD's and savings accts.) and TIPS aren't offered at all thru Treasuries Direct-Our gov couldn't be more manipulative with you toward investment houses/banks at your expense. Currently at a mutual fund to invest in these you are at huge risk of principle losses. Par value is equal to 1 purchasing yourself and nearly 3 for TIPS in mutual funds. I'm pushing "old" and need capital preservation. This is immoral and perverse manipulation!!!

[the people]

06:30 AM on 01/14/2010

Hey A bank of americanoff add on the same page as you telling us to take or money out of
the same banks. cool

[desertman]

12:58 PM on 01/14/2010

Guess it pays the bills.

[ranthny]

04:08 AM on 01/14/2010

When will congress get around to actually going after the several guys that made this all happen.

http://ml-implode.com/

Or is it easier to pick on the big guys that had to absorb all the crap these other firms made so that the country would not fall into a deep depression?

[desertman]

01:36 PM on 01/14/2010

Congress will do whatever it takes to make itself look good. That means not taking the blame for any of it. It does mean coming in and "saving the day" and taking credit for it.

[Siebenstein]

03:24 AM on 01/14/2010

I think we need to take action against certain elements in this society, who do nothing but contribute gunk, misinformation and l00nacy.

I have written the following letter to the HP and hope you will support it:

Dear HP

As a regular poster and reader of your newspaper, I would like to ask you for a favor:

Can you please set up a similar action campaign that you so rightfully did with "Move Your Money" for the cause of eliminating Rush Limbaugh's radio show?

How about having an online petition to sign for every HP reader who wants to boycott RL's sponsors/ contributors?

I have heard this person's remarks today once again, and I believe that it is time to take more serious action. This is a racist, an inhumane individual, who uses hate speech and misleads the American public on a regular basis. This is an element , dangerous to our president, our freedom, and to our humanity.

I am calling on you to support my effort and help me in taking on this matter.

I would highly appreciate your recognition and hope you will start this important campaign for us to join in the interest of the American public.

Sincerely,

xxxxx

[mlm4420]

10:39 AM on 01/14/2010

Go for it and good luck!

[desertman]

12:59 PM on 01/14/2010

Since we allow free speech and he has a lot of fans that's a long shot.

[Siebenstein]

04:23 PM on 01/14/2010

This type of "free speech" is bull. It isn't free speech, its infammatory, its h@te speech, and it should be regulated by a society that calls itself democratic, according to democratic standards, not no standards at all.

Other Western Civilized Nations (which is a st-u-p-i-d term in itself) do not have NO standards and have free speech too.

If I go around stating I want to k-i-l-l the president because I heard RL say a number of things about him I agree with, how would you call that? Free speech or inflammatory h@te speech?

I think the "free" stops where it is insulting and dangerous to a mayority of people !

[cmbg78]

01:55 AM on 01/14/2010

So I went to moveyourmoney.info and punched in my zip code. At least 30% of the results returned Fifth Third Bank. Fifth Third, a bank that was conducting a scratch-off ticket cash giveaway while asking for TARP funds is listed as a suggested community bank. Fifth Third - a bank that to my knowledge has not paid back TARP money - is listed. Awesome.

[mtracy9]

06:43 AM on 01/15/2010

Keep searching. You'll figure it out.

[cmbg78]

08:10 AM on 01/15/2010

What? Reading comprehension, you'll figure it out.

[JP D]

12:27 AM on 01/14/2010

Another thing not mentioned, if "We the People" remove our money, then next time the Big Boys
on Wall Street take a dump, we will not have money in those banks, so when the politicians
come, like Hank Paulson, with a 3 page letter asking for $700 Billion, we dont give a rat's arse
if they drop. Let Capitilism do what it does!!!!!!!!!
JP D

[converdb]

12:41 AM on 01/15/2010

Don't tell me you think they bail'em out because there were people funds in there, you can't be serious...
Too big to fail is really that, and it's true, the whole damned economy go through these guys one way or another. They're the warranty for most of financial operations, stock market, credits, swaps within big companies, pensions, mortgages. If they fail, everybody fails, as flat as that.

[milkman]

11:25 PM on 01/13/2010

Bill I luv ya but you're wrong on this one..

[Fogy]

11:37 PM on 01/13/2010

Moving your money is a great idea, do it. But it’s a band-aid. The real problem is the system, not which bank you keep your money at.

Chances are you don’t know the information in the following documentaries. If you don’t know how our money supply has been hijacked by elite banking families, how can you hope to solve the problem of artificially-created depressions and bank bailouts?

To solve the problem you have to understand the problem. To understand the way the system is gamed, you MUST watch the documentaries at

http://www.themoneymasters.com !

An economy runs on the availability of money in the form of loans to businesses. Control the supply of money means you control the economy. The private families who own the banks that comprise the Federal Reserve CORPORATION control the economy.

It doesn’t matter if money is gold, silver, paper or sea shells. He who controls the SUPPLY of money controls the economy.

We MUST FORCE Congress to end their subservience to the PRIVATELY OWNED “Federal” Reserve, take BACK their constitutional duty to regulate our currency DEBT FREE and eliminate the inflationary, wealth-stealing disaster known as Fractional Reserve Banking.

The solution for monetary reform is:

http://www.themoneymasters.com/monetary-reform-act/

Have you ever wondered why banks often have the biggest buildings in downtown centers? They are the Money Masters. They manipulate money for a living, and they’ve been cheating us blind, not just recently, but for centuries.

[MSaxe]

12:22 AM on 01/14/2010

If you are bleeding, a band-aid will help.

[aflyinyoursoup]

02:49 AM on 01/14/2010

Uuuuuh, Can you at least offer a morsel of substantiation?

[desertman]

01:11 PM on 01/14/2010

Since the TBTF bankx are largely commercial and not consumer based I'm not sure what this would accomplish.

[McKinley1901]

11:16 PM on 01/13/2010

Bill Maher won't even get a vaccination and you want to listen to him about your money?

[johnmorgan]

11:49 PM on 01/13/2010

Yes

[kobio]

01:53 AM on 01/14/2010

I won't get vaccinated and I moved my money!

[desertman]

01:20 PM on 01/14/2010

Why not get vaccinated?