HuffPost: Move Your Money Movement Surges in Social Media

[Goldstein1984]

From: http://www.huffingtonpost.com/2010/01/07/move-your-money-movement_n_415326.html

In the past week, Move Your Money evolved from a New Year's Resolution into a national movement.

Press coverage spans the spectrum from mainstream outlets to advocacy blogs and progressive organization -- from Dissident Voice and Democracy Now! to the Los Angeles Times, Newsweek, CNN's Rick Sanchez and MSNBC's "The Ed Show".

Press coverage hardly captures the whole movement, however. Across social media sites like Facebook, YouTube and Twitter, a surge of grassroots organizing is showing how Americans are making the Move Your Money initiative their own.

More: http://www.huffingtonpost.com/2010/01/07/move-your-money-movement_n_415326.html

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This is the kind of message the economic and political elite will recognize.

A message that anyone can send.

Even if you don't have a lot of money in a bank, closing a bank account and moving it to small local bank, or preferably a credit union, will send a message too.

What a great headline this would be: "Banks Report Massive Withdrawals of Funds and Closure of Accounts"

[dkf]

1. Well I hope this scares the big banks into treating people better.

People should get what they expect with no surprises. That ought to be the goal of every bank.

[gateley]

3. I don't think much scares those big banks -- look at the coup they just pulled off.

I'm sure they feel they're invincible. And thus far they have been. Too big to fail, dontcha know.

[ShortnFiery]

4. I don't think they care as all they have to do is go to the Executive Branch to get it back

via our tax dollars.

Today I canceled an unused Chase Credit Card that I have not been using for over 8 years. I'm middle aged and have a Credit Union. It was like PULLING TEETH to de-activate MY OWN ACCOUNT. The man on the phone was lecturing me as to how I was trashing my credit history.

The experience was INSANE.

When he finally finished lecturing me and said the account had been closed, I replied, "Thank-you sir Goodbye and Good Riddance to Chase Bank!" :evilgrin:

[Goldstein1984]

12. I had the same problem closing out a Well Fargo card

They actually inactivated the account because I hadn't used the card in over a year, then they fought me when I tried to close out the account completely.

And they didn't seem amused when I asked them if they minded if I kept the card in my wallet to use as an ice scraper for my rear view mirrors.

[tblue37]

13. My daughter closed her BoA account over a eyar ago. They still send her mailings and new credit

cards, as though her account is still active.

[gateley]

2. I need help/advice:

I forwarded the link (moveyourmoney,info) to my friends with a simple statement and plea: This is important. Please consider it.

I spoke w/my best friend this morning and (he's a B of A customer). His reasons for not jumping on it:

1. Such a hassle
2. So many accounts are tied to it (PayPal, etc.)
3. My measly funds won't make a difference to B of A.
4. I wouldn't know where to begin to look for an alternative (although when I told him of the link on the site, he said "I know")
5. B of A ATMs are all over the place.

I said Jim, do this because it's the right thing to do even if it's an inconvenience to you. These people are hurting those who can't afford it and we can't in good conscience support them.

So my question -- I'm sure I'll be met with similar resistance (which just baffles me) -- how would you counter it?

[ShortnFiery]

5. They depend on it being inconvenient. However, when I consider how they've financially screwed over

so many good people, I'll take that time, in their memory. :shrug:

[gateley]

6. Good point -- they depend on it being inconvenient. I hope this becomes a huge

movement and kicks them in the balls.

I told Jim he has to change all his attached accounts every time he gets an updated debit card anyway -- what's the diff?

I haven't been with a bank in over a year, and when I hear the horror stories I'm so grateful I made the move.

[ima_sinnic]

7. I'd just move on

I did move my checking acct out of BofA to a credit union when I got fed up with fees, but that was about 10 or 12 years ago.

One has to be motivated to go through the hassle (but it's not even that great--just one of those annoying things that takes a few days to a week to straighten out, with checks outstanding and automatic withdrawals, etc., to tie up). PayPal is, again, simply a minor hassle--I'm trying to remember, but assume they do the little "test" thing of depositing a few cents to your new account and "verifying" you. The idea that the funds are "measly" is simply an excuse (because adding a lot of measly funds together = major funds). He "knows" about alternatives (which are not that hard to find, anyway). As far as ATMs, I'd forgotten about those. I just pay with a debit card and rarely carry cash. If I'm going yard saling or something where I'll need cash, I just get some extra when I check out at the supermarket. Many small banks now, though, do reimburse for ATM fees. Any bank card with a VISA logo should work in any ATM, shouldn't it? (not sure about that--and of course there might be fees for going to a different bank's ATM)--still, this is not that big a deal but something that one simply adapts to.

I'd say, he doesn't really want to, so let it go. :shrug:

on edit: just read where you said it was your best friend--maybe I'm advising giving up too easily. Maybe you could target a particular CU's promotion--like a free toaster, or reimbursement for use of any ATM, stuff like that. Maybe if you researched some better deals than he's getting at BofA you could get him interested?

[gateley]

10. I'll let it go with the others I sent the link to, but with Jim, I feel no qualms about

haranguing him! He's not interested in a better deal, he's just being lazy. I'll work on him and I'm fairly confident he'll finally cave if only to shut me up. We're REALLY good friends! :7

[ima_sinnic]

14. good!--I feel like I didn't give you that good advice

maybe if you researched your local banks you could find a good deal that would appeal to him (it shouldn't seem hard to find a better deal, considering the fees BofA charges)--my credit union offers reimbursement of other bank's ATM fees and even interest on checking accounts if the debit card is used a minimum of 12 times a month (I don't think ATM withdrawals count, tho)--which is very easy to do if he's paying any bills online and using it a lot for paying directly at the cash register for stuff.

You could also offer to go with him to BofA when he closes, and to the new bank when he opens, and then treat him to lunch or a beer or something to celebrate :D

[gateley]

16. Nah, I'll just brow-beat him.

He lives in LA and I live in Seattle, plus, he's got enough money that even if we lived in the same city, it wouldn't be much enticement.

I'll just shame him into it. We were raised Catholic -- it'll work. :7 :hi:

[ima_sinnic]

19. great--keep after him

:fistbump:

[percussivemadness]

8. this should say it all...

We must become the change we want to see.”

Mahatma Gandhi

[gateley]

9. ...

:thumbsup: Thanks!

[dkf]

11. ATMs are a big deal for me.

My credit union has an agreement with the biggest bank in the state so I can use those free of charge. I love my credit union

[gateley]

17. That's great -- I only have a few ATMs I can access for free, but it hasn't

been a problem. I just get extra cash when I go to the store. Or if I need a chunk, I'll make a trip to one of MY ATMs. Not that big a deal.

[dkf]

18. Via debit card? Or check?

Do merchants get dinged for the transaction fee on cash back?

[gateley]

23. Debit card (I don't even have a checkbook any more!). I don't know if they

get dinged for the cash back -- I tend to think not since it's never any problem (except for really small stores that aren't sitting on a pile of cash). The little pin pad automatically asks you if you want cash back.

[Goldstein1984]

15. I try to take the Socratic approach to this kind of thing

Ask questions like:

What do you normally do when someone is treating you unfairly?

What would you advise a family member to do if faced with a choice about doing the right thing or nothing?

Or the one-two punch:

1) Would you do it if you knew it would make a difference?
2) Can you think of way other than doing it to find out if it makes a difference?


A huge part of my professional work involves influencing people over which I have no actual authority. The best method is almost always to let them think my ideas are their own. It takes a little longer than just telling them what I think they should do, but they like coming to the conclusions themselves, and the have ownership that way.

[dkf]

20. It's the ole unfair vs Inconvenience debate.

That depends on how mad you are.

[Goldstein1984]

22. That is exactly the problem

People are mad/suffering enough.....yet.

I admit that I may be a glass-nine-tenths-empty kind of guy, but I believe things are going to get worse.

[malaise]

21. Happy New Year Corporate Thieves on Wall Street

Fuck you!