Arianna made the case for Move Your Money on the radio show Marketplace Money on Friday.
Move Your Money is a project that encourages account holders at Wall Street's bailed out banks to withdraw their money and deposit it into community banks and credit unions.
Arianna explained that the goal isn't to hurt banks, but to make them accountable by eliminating the limitless government support that they've used to generate record profits and bonuses.
When Marketplace's Tess Vigeland asked if Move Your Money could make a dent in banks' bottom lines, Arianna explained why banks will take notice:
"Well, it actually makes a big difference, because the core deposits that the banks rely on, are very important to the bottom line. Just to give you an idea: This year alone, banks are expected to make $38 billion -- the big banks -- on overdraft fees." (Read the whole transcript here.)
Craig Newmark: Move Your Money
Americans can do their part to shift power from Wall Street to Main Street by moving their money from the Big banks into a local, community bank that is more likely to treat them like people.
Caren Benjamin: Move Your Money First: Then Move Your Senator
Let your senators know that you understand the banks are to blame for this mess but that they themselves have to fix it. Tell them you are watching, you are waiting and that you will be voting.
Despite their claims, my son's bank does not protect its customers by informing them at the ATM that they are about to overdraw their accounts. So, let me add my voice to Arianna's call to move your money.
Three cheers for Move Your Money - The Curious Capitalist - TIME.com
We have to be willing to do this because we have to fight back against racketeering and usury.
Off track I am but it gets to the greater problem that we as a nation face.
What do you do now? I thought credit unions are safe.
What should you do?
What is the NCUA credit union association doing to head off problems? I read the letter here on huffpost from credit union president that they are safe.
Please if whoever is doing the move your money can post what should you do if it has low rating.
Rather like shooting yourself with a 38 instead of a 45.
Whats a good credit card company if someone wanted to get away from Bank of America or JP Morgan?
These are all legally inforceable expenses that you do not have to accrue.
The vast likelihood is that a community bank or credit union of larger membership DOES belong. So no worry, keep your accounts, each one, under 100k.
So now, what's the problem? YOU. You are spreading fear.
Be nice, don't splash. Flush. Share your toys.
BZ.
Done deal.
BZ.
BTW, if everyone pulled their money out of BofA and put it in "Joe's Bank", Joes would become the next BofA. That is, this is all kind of stupid...
Have you noticed the growing confidence, competence and performance of Ms. Arianna Huffington? Have you taken notice of the increasingly quality, enlightening and knowledgeable articles of Huffington Post reporters and essayists? I have. And I predict the mental and physical health of those same members is improving as the Huffington Post is apparently being administered by mostly modern leadership repertoires from the top down and the bottom up. This is a positive development in a depressing field of American leaders. I am impressed and hopeful.
There's more to this than meets the eye.
Why not a column letting the people know that The Fed is not a government agency. is autonomous, cannot be audited, sets the interest rates. regulates the banking system, prints money, and loans money to banks, and to the United States Government.
The U.S. Government has a 20% interest in The Fed, the names of the other shareholders are secret.
...Yup, that's how Chase originally hooked us--a $100 bonus for opening up a checking account or something like that. However, my local bank has better free checking and offers a better interest rate on savings. Another local bank offers $100 for opening a checking account now, too.