So, what would happen if we really DID take our money out of the banks?

[FirstLight]

I have seen the idea a few times repeated here and elsewhere, and am seriously considering it...and could this become a real MOVEMENT..?

Since my "assets" would fit in a coffee can, why am I making myslf a slave to the fees? Besides, if the Big Banks just use our money to fund their own escapades, why NOT just take it all back? In seing More money going to the banks and more given to their execs while the rest of us pay exorbitant amounts in fees & percentages - It just gets to a point where enough HAS TO BE enough!

So I am wondering if there really IS a feasibility to US, collectively, pulling our money OUT of these places and forcing them to balance their books (which probably can't be done in reality)
and, (for all you economists out there)
What would really happen if we cut up the debit/credit cards and moved to a strictly CASH (and local bartering) economy?

Perhaps we could create our OWN recovery?

just musing out loud this morning...open to more info and ideas...

[AndyA]

1. Just do it, you don't need to think about it.

Join a local credit union. That puts money into your local economy, where it will help you and your neighbors the most.

If you don't want to do business with a credit union, or there isn't one convenient to you, find a smaller local bank and check to make sure it's healthy, then do business with them. Again, the money stays in your local area for the most part, where it does you the most good.

If people really would do this, local businesses would find it easier to borrow, as their local institutions would have more cash to lend. And the "too big to fail" banks would have to completely rethink their business plans. Suddenly, they don't have as many customers to screw over with fees and high credit card interest rates.

The big banks would be brought to their knees very quickly if they began seeing floods of customers leaving. They would suddenly have to start actually putting customers first instead of just advertising that they do.

It would be a good thing, and it would get the message across. Quickly.

[FirstLight]

2. BTW - love your sig lines...

This is the angle of what I'm thinking of this morning... WE need to CREATE our own CHANGE

[noamnety]

8. I am with you until the last few lines.

I see the move to community credit unions as a good thing overall, not as a means to getting the large corporate banks to provide more customer service so we move our money back to them.

It's like monsanto - it sucks that they are trying to sue farmers for having their own crops cross contaminated through no fault of their own. A temporary thing is to stop that abuse. But the long term goal isn't to have monsanto fix that policy and carry on as usual - the long term goal should be to kill off GM/patented foods as an industry.

[NightWatcher]

you lucky sob, flaunting your coffee can of assets. I've got nickles in an Altoid tin

but yes, screw the banks, er I mean.... Make it so they cant screw each of us every month anymore.

So many of the things that we thought we need, we simply don't.

Maybe we will learn in this recession to become hard and more independent as our relatives did who lived through the last Republican Great Depression of the 30's

[FirstLight]

5. lol! coffee can is only "full" at the beginning of the month!

Honestly, it may as well be monopoly money for all the good it does me!

As 'convenient" as paypal, debit cards, etc ARE - we are paying in freedom every time we use them, those fees suck the life out of us slowly and make us slaves to the use of them...I'm over it

[ananda]

3. Yeah, I agree. Join a CU.

Mine is great.

[FirstLight]

4. HOW do we generate this on a mass scale?

I want these "too big to fail" bastards to really FAIL....so we can take our money and lives BACK.

Will enough people really get a clue and say NO MORE ?! How to generate a MOVEMENT for this type of (local) economy-building?

[laughingliberal]

11. I think there are entities out there that are spreading the word

Huff-Po, obviously, but some MSM print media and, even, national and local broadcast media have given some coverage to the movement. On a personal level tell the people you know in your community about it. After you move your money, tell people and tell them why you are happier at the CU or ABC community bank. Everyone that puts the money in a local concern is helping to free up money that will be used in that community. And, when enough do it, it will begin to starve the beast. I see people here ridicule this. The same old suppression efforts-designed to make you think it's useless and your little protest will have no effect. Do it, anyway. You have to look at the fact that one woman put a video on YouTube after BofA raised her credit card interest and said she would make not one more payment if they didn't lower it. Wouldn't have thought that would have meant anything to them, eh? They contacted her within a week. They want you to think they don't care so you just give up and maintain the status quo. Don't believe it. Movements build one person, one community at a time.

[gateley]

13. You do it, tell a friend, a friend does it, tells two friends...

I don't even have a coffee can, but I put my money in a CU just because I refused to even give one more cent in fees to the big guys, OR pay one more overdraft charge. If millions of us do this, it'll make a BIG difference and frankly I don't care what happens to them. The CU is taking care of me, the banks didn't, so their future is no concern of mine.

Do it! :hi:

[madmom]

6. My personal opinion is if there where enough people who did this that it would

put a hurt on them, they would find a way to stop it. Remember what happened when there was a "run on the banks" during the depression.

Just to clarify, I am 100% in favor of moving the money, have been a credit union member for over 30 years.

[nightrain]

7. knr. I think withdrawing funds is one of the surest way to feel much

better inside about each of our financial status. Knowing that I am being more conscious about who gets the privilege of receiving my energy (time, money, effort, other resources) just feels so much better, more congruent.

I don't think it's about the size of our resources, but what we do with them.

And then of course, knowing that we're not contributing to irresponsible unconscious unethical behavior of _______ (BOA, Chase, Wells Fargo, AmEx, Citi, BC/BS, United Health, Cigna, etc) and actively working to reduce those corporations financial resources also feel good.

[FirstLight]

9. Yep, it is like my desire to NOT work for these people either

I'd rather keep freelancing and get my own groove going...however small that may be. I had a horrible experience over Christmas with a 'non-client' who refused to pay me $45...and I told the client who referred her that I would not work with her or anyone like her again. She said I am limiting my clients because most people do busines like that...

Well not with ME they don't!
And part of the beauty of being a freelancer & consultant is that I can CHOOSE who I actually work with!!

...and I think that this is going to evolve into all aspects of my life...if you are greedy or based in conflict, i am DONE dealing with you...be it a bank, business, client, friend or lover...
just. done.

[Cleita]

10. I switched from WAMU when Chase took over and joined a credit union

in the area. I get the same service and better. Also, they give me a dividend every month on my checking as well as savings. It's only 11 cents usually because I don't have much in the way of assets either, however, it's better than having a service charge tacked on for every transaction. The money is also backed in case of failure like the banks are by the FDIC so your money is safe. The credit unions do invest back in the community unlike the banks and especially the foreign banks that funnel the money out of state and out of the country. The only way to get these guys out of the way is to make them unprofitable and you do that by not using their services then eventually, I hope, they will go away and we can go back to regulating them again.

[dixiegrrrrl]

12. Couple of things to bear in mind.

The big 5 banks make their money not just from checking accounts, but also from mortgages,
and huge amounts of money from packaging and selling investment crap to huge pension funds,
other large investment groups.
And of course credit cards.
So if I as a customer wanted to boycott them, I would have to close the credit card, the bank accounts.
Changing the mortgage may cost more than I could afford.
However, surely if a few million people did not bank with them, it would make a dent.
remember that the banks claimed to be broke which is why they got the government to give them OUR money,
then they turned around and spent the money on acquisitions, huge bonuses, and to invest with.
I am seriously wondering just how broke they were in the first place.
So, worth a shot from the citizen point of view, if enough do it.
More importantly, they are exceedingly nervous that people will stop paying the mortgages.

[FarCenter]

14. Banks get deposits from people with lots of money, and make loans to people without

Since you are on DU, you are probably not in the "people with lots of money" category.

So the impact of DUers withdrawing checking account and savings account balances would be negligible.

Retail bank deposits in checking and savings are not a large part of total bank liabilities (deposits are carried on the liability side of the balance sheet). And the bulk of the retail deposits come from a small percentage of the retail customers.

[ret5hd]

17. for every entry on the debit side of the ledger there is an entry on the credit side.

[closeupready]

15. I fully support this initiative; my only concern is that at some point, bandaids will be applied to

the faultlines in the way that the Big Banks offer 'services' to consumers, and they will they be able to defuse the anger, forestalling reform even further.

But like I said to someone else last week, don't let the fact that your own right action has no measurable impact keep you from signing on to this movement. :hi:

[onethatcares]

16. on top of that, stop buying the crap,

take a deep breath everytime you feel like whipping out the 5 bucks or whatever to buy a neat piece of crap from China that will just gather dust. I'm not even gonna poke at the credit card monster, that one should be understood.

Credit Unions do offer their own cards, mine has an 8%er that I have for emergencies, not Buc tickets or starbucks coffee.

Keep saving your assets in those coffee cans, when it's full, put in in savings at your local CU.

[FirstLight]

18. +100

ya, I am definately working on being more 'sustainable' this year as far as what we NEED.

[happy_liberal]

21. I hear ya

but with kids you do have to buy stuff, but that is why I try to buy used. Not only are they cheaper, many older things are made better.

I like to buy stuff on ebay and amazon marketplace because you are helping other Americans(if you look for US sellers)clean out their closets and garages, reusing and reducing the demand on resources.

[ectoendomezo]

19. The Power Of The Purse..our Last Best Hope!

Well...

Despite what Michael Moore believes about 'Capitalism'..I have to say in my opinion..its a double edge sword with definite benefits for..'We The People'.

Sure..Capitalism absolutely creates an inequality of 'Wealth and Influence'..no question..one need only stand still for 5 minutes and they're all over you..every slick and tired method for grabbing yer sheckles..will..in fact..crawl into every crack and crevice...and orifice as the case may be...

However..the Mortal Fatal Flaw..as you point out..is that "WE"..actually are..for the 'System' to operate..'Required' to provide the actual "Cash"..the grist for 'Moloch' comes out mit der pockets of the Citizen..from our 'Support' of Corporate America..AND Taxation..its ALL...'Our' Money.

I have long been Amazed...by this odd...'Hatred' of the concept of 'Tax Protest' by my fellow 'Progressives'. Why is this amazingly powerful tool..so readily despised? Maybe its 'Guilt'...the Guilty Knowledge that in fact..every Liberal..every Progressive..(Not I any longer..5th Amendment concerns aside..)is in FACT...a "Collaberator"..a "Co-Producer"..a "Financial Backer" of..Torture...War...Bailouts...No-Bid Contracts..

Every minute..of every hour..of every day..that some 'Private Contractor..Specializing in Enhanced Interrogation' is 'Employed' to ply their 'Trade' by OUR Government...Every Blackwater Thug-Runt...every Fusion Center! Well..YOU pay for it! I mean this is an undeniable fact...if you are now paying ALL your income tax..with no caveat or Protest..YOU are In fact..a 'Sponsor Of Torture'..AND..in the most vital and critical form..the 'Financing'..

Every Bullet...Every bomb..Every Predator Drone and every member of the Wedding Party that is subsequently Blown T'Bits..is On The Head Of Every Tax Payer...Period!

Okay..the 'Point'..YES! Absolutely we MUST..utilize the POWER of the PURSE! Now! Before it goes further.

Think about it! What do you think would 'Happen' if ..even 10 Million citizens said.."Nope! We are NOT going to Finance this Global Robbery Homicide Any Longer!..We're not going to Finance a revolving door so well greased that we can literally..no longer distinguish where 'Government' ends and 'Corporate' Begins...We demand a return to a Constitutional Progressive Policy Foundation! We demand that our 'Representatives'...actually..represent the Majority Opinion..We want NO members of the Boards of bailed Out BAnks making 'Economic Policy' for the Nation..we want what Obama promised us he would DO..we want..CHANGE! Or we won't PAY!" Can you imagine that?

Sadly..its only possible IF We The People..Can remain level headed enough to realize we are being Divided And Conquered regarding ANY form of 'Money Power'..IF we could Do that..we could create such radical Change..and So Fast..it would be actually quite anxiety producing!

Look..the 'Tea Baggers' are absolutely..Sub Normal..sure..no question...but they were created as a foil for us 'Liberals' and 'progressives'..the Astroturphers..responding as instructed..INSTANTLY..to some very Liberal 'names' actually squeaking out a few initial indications for 'Tax Protest'..Ralph Nader in Particular..as a rebuttal to the 'Bailouts' and War With Iran..specifically..and SHAZAM! The Tea Baggers...created..brilliantly I might add..to Davide and Deride ANY attempt to Unify the American Tax Payers...Liberals counted upon to act like Conservatives..more concerned with Derision..and it is fun...of the lunatic Right wing Tea Baggers...than they would be with actually PAYING the Salaries of every single Cubical Dweller down at the local 'Fusion Center' or every Guantanamo Guard...or every single Dollar of 'Plan Colombia'..or...or...or...

So..we are now..no longer a real 'threat' when it comes to "The Money"..what is becoming 'GOVCORP'..every day a little more...has no worries that "We The People" will..EVER..'Use..OUR Money' as they do....for Power! Frankly..as Mr. Moore overlooked..and many others as well..the only reason we don't have some form of martial law..is its just TOO Expensive..I mention this..as an Example of the Power Of OUR 'Pockets'..and what they 'Know'..we WILL pay for..or Won't pay for! But alas..these are Men who tend to be..So arrogant..that they resemble those that always seem to 'Attack Russia in The Winter'..so involved in their own power...they lose track of the REALITY! We must..impose 'Financial Realism' upon our Government and those abusing it for their own benefit..they'll try it! Believe me!

Anyway..What is it that our own Government 'Does' when they wish to 'Protest' the actions of another Nation?

They 'Impose Economic Sanctions'!

So? WE...MUST...'Impose' our OWN 'Economic Sanctions'

Upon our 'Representatives' in Government..Upon the Corporations that are RUINING our Nations legal Foundation..and Upon the Injustice of the Wealthy..who are only so...because we 'Support' them..

Look..your right..we should remove our money..I HAVE..from ANY..of the BIG Banks..period..I mean hey! There has been not even a Mention..of the fact..that they never even said.."Thank You!" I mean can you imagine the Hubris of that? I am no Harvard Business Grad..and even I know that you need to 'Appreciate' your..'Clients'..that to me..the UTTER..as in...'Complete' and Total..absence of even a Word of Gratitude..was the real 'Statement' of Corporate America's 'Respect' for the American People. What? they couldn't afford a News Paper Ad Campaign..to THANK us for allowing them to KEEP their Jobs? Really? okay..sure..whatever..

So..Take you money OUT Mit Der Bank..AND...come April 15th..you might wanna consider the options..and what level of..'Sacrifice' your willing to make..potentially..to actually..fer reals..'End The War'..End Torture..End Private Contracting..End KBR War Profiteering..End Bailouts...End the Revolving Door..a moratorium on Gov. to Corp. and Corp. to Gov. Employment is a good place to start..say..3 year moratorium..anyway..

The Power Of The Purse...is actually..our Greatest Weapon for 'Change'..

Constitutional Progressives Unite! "First and Foremost the Constitution and Acceptance of Cultural Diversity!"

[roamer65]

20. I am already slowly removing my money.

...and divesting the US dollar.