Diane Sawyer Talks About Move Your Money On ABC 'World News' (VIDEO)

Diane Sawyer updated ABC World News' viewers about Move Your Money on Wednesday night, noting that the campaign could lead to $5 billion in New Mexico state funds being transferred from big banks to local banks.

According to Sawyer, one local lawmaker said, "The funds would be safer in institutions that don't harvest profits from greed and recklessness."

As Arianna pointed out on the broadcast, "People are really eager to move beyond anger and frustration into action." The grassroots movement has spurred roughly 3 million people to research how they can take action on MoveYourMoney.info.

WATCH:

 

Comments

[dreamsugar]

02:41 PM on 02/11/2010

They really need to be pimping out Credit Unions as well!!

[Aroddo]

02:15 PM on 02/11/2010

5 billion is much, is it? Even for the biiiig banks, eh? ^_^

[AnswerToJob]

12:46 PM on 02/11/2010

Credit unions offer FAR better local rates without excessive fees.

DO NOT let Chase Bank open local branches in your community with tax haven money, they are predators and have 13 class action suits pending for predatory lending, interest rate and fee abuse. They arbitrarily raised (NOT related to credit rate/history or performance) because they COULD, minimum payments 150% on 1 million of their best customers because they weren't making enuf money on them. And then "forced" them to give up their low bal transfer interest rates for higher rates to get back to a 2% minimum payment. PREDATORS.

Friends don't let Friends use Chase Bank.

Much more here. Ok to post/repost.
http://www.bloggersagainstchasebank.blogspot.com/

[WellTickleMeWillie]

12:44 PM on 02/11/2010

Too big to fail is too big. Let's all make them smaller. Just say no and take your business elsewhere. Let the big banksters know you are mad as hell and are not going to take it anymore. Failure is an option for these big banks. Let's make it happen.

[jasongrundy]

01:01 PM on 02/11/2010

I agree! I moved all my money from Bank of America to a local community bank.

[kmswriter]

12:07 PM on 02/11/2010

My small currency exchange, canadian$$ to US $$ yesterday at BofA demonstrates they will steal even the smallest amount to fill their coffers...imagine - a charge to exchange canadian $$ to US currency and i am still a cust. of BofA - I am so bundled with direct dep. - will take time to move..but it is my goal to move to our local credit union.

[dbailey]

12:02 PM on 02/11/2010

Arianna's right, we want to move beyond the anger. It's so frustrating to see how the entire Govt is at a dead standstill because of the minority party in WA. It just defies all logic and we feel so helpless. PLEASE PLEASE let's get going on something else. The writer below suggests the internet directs which I've considered but they don't do anything for MY community. I want to invest in my own community bank so they they will give loans to MY community. And if they are headed for trouble, I hope my deposits will help them out. You don't run when times are tough (but don't invest more than the fdic can cover LOL.)

[sfpolitico]

11:46 AM on 02/11/2010

Sorry, Arianna, but explain to me how this movement squares with the other major story you have on page 1: Elizabeth Warren warning that community banks are particularly vulnerable to the looming crisis in commercial real estate.

[Jase84]

12:27 PM on 02/11/2010

Go to a good SOLVENT credit union, there are PLENTY of them.

[Truelee]

12:29 PM on 02/11/2010

Warren was careful to talk about community banks that are heavily loaded with commercial real estate loans. Whereas, the Move Your Money dot info lists banks that are financially healthy. Her initiative is steering people into banks that are financial sustainable and local.

In a genuine free market economy, it's the consumers that decide which way the market will go. What we have is a socialized financial services industry that continues to sell us junk financial products and are in complete denial that people want change.

Keep your own money with the commercial banks, it's your loss. I've moved my money a long time ago before the bail out.

[leonyc]

11:22 AM on 02/11/2010

As with other such boycotts, this one is extremely silly. Of course regular people want to keep money in the big banks, because big banks have large number of branches, so the regular person does not need to look for that one ATM that does not charge the ATM fee. Also, the big banks have access to more financial services and products. I have always kept the money in a big bank and always will (unless their fees and costs will be too high, and then I will certainly shop around). But to switch banks just to make a statement is ridiculous. The other thing - no one is saying that one should keep all the money in your main savings/checking account. You can have the main account at the big bank, but keep most of your savings in one of many high-yield internet accounts/banks like ING Direct, HSBC Direct, etc.

[ArkayMI]

12:34 PM on 02/11/2010

In this day and age of web banking lack of enough ATMs is not a major handicap. I do most of my payments online, my paycheck is deposited directly and I have visited my ATM twice in the last 6 months. My CU ATM is 5 miles away and bank ATM is one mile away. Also the interest from my credit union savings account is higher and fees lower. So there is every reason to move. I am moving part of my money next week.

[fed alchemy]

12:58 PM on 02/11/2010

haven't been to a ATM in 10 years

[watusi1me]

01:28 PM on 02/11/2010

The only thing silly about this move your money is the fact that more people aren't doing it. I closed my Chase account and moved to a credit union myself. I do most of my banking online so the ATMs are not an issue, and my credit union will even refund my ATM fees if I send them the receipts - now tell me the name of a big bank who will do that? I didn't switch just to make a statement, and I'm sure most of the other people aren't just making a statement. Acutally we finally woke up and realized what's going on around here - and it stinks to high heaven! Big bounses, bailouts, risky investments, high salaries, high interest rates, reordering (if you don't know what that is look it up, most big banks do it) and I could go on and on........my credit union does none of that and I am more than just an account number to them. The bottom line is everyone should be moving their money and encouraging their frinds to do so as well - and the states need to create their own banks just like ND and now New Mexico!

[jerrypl]

11:20 AM on 02/11/2010

Boy oh Boy, it sure takes some of the left-behind-media-slugs to figure it all out. Wow. Diane Sawyer finally listening to the pulse of America. This all began last October, Diane, and now, 4 months later you finally began to listen. No wonder the mainstream media sucks.

http://eye-on-washington.blogspot.com

[izekman]

11:18 AM on 02/11/2010

left B of A after 43 years. told them i like your staff, but hate the big bosses. adios!
moved it all to local community bank. much happier.
show your might, and make the change.

[finwiz]

11:18 AM on 02/11/2010

While moving money from the large banks to credit unions or community banks is very admirable, the fact is it will have little impact on the "bottom line" of most of these banks. Most of the large banks generate the bulk of their revenues from institutional/corporate banking relationships and also from their international operations and not from retail clients.

I work for one of the "large banks" and i can tell that it is not even a blip on their radar. We are more concerned with losing business to the other global banks than we are to the credit unions or community banks.

[watusi1me]

01:34 PM on 02/11/2010

Well if that is the case then I suggest everyone move their money...........it sounds like we are just little inconveniences to those banks anyway! I mean really, how awful is that to think of your customers that way. And maybe we should all cancel our credit cards and other loans with those big banks so they can't continue to make billions off our interest as well - think they would like that?

[finwiz]

02:48 PM on 02/11/2010

Cancel you credit card? Ever try to register in a hotel without one? Or rent a car?

[PrairieView]

11:04 AM on 02/11/2010

Just sold my BAC stock. Adios too-big-to-fail.

[Hodge]

10:57 AM on 02/11/2010

I have yet to see anyone supporting this effort provide a comprehensive list of "big banks" that the effort is advocating to boycott? Is there a list?

[spinns17]

11:24 AM on 02/11/2010

http://www.youtube.com/watch?v=Icqrx0OimSs

[Chicagofan1]

12:17 PM on 02/11/2010

Did not see the list of the banks on this video. Hello.

[Hodge]

10:53 AM on 02/11/2010

Does anyone know the list of "big banks" that the "move your money" effort says you should get you money out of?

[spinns17]

11:01 AM on 02/11/2010

any wall street owned banks

[Hodge]

11:03 AM on 02/11/2010

Do you mean any bank that is publicly traded?

[democles]

10:48 AM on 02/11/2010

Big banks could care less about consumer banking, they are not running scared, and they are not being hurt. All this will do strengthen their steel to abuse us. Which is all the more reason to get your money out. I did. And my companies money. Does HSBC care? No. They are making billions on trillions from China currency swaps.