The Nation: Move Your Money

[marmar]

Move Your Money
Editorial

January 14, 2010


Are you angry about Wall Street's reckless excesses? Are you disappointed with President Obama's limp approach to reform? You can change this, acting individually and collectively. Withdraw your deposit and savings accounts from the large banks that brought the system to ruin and were subsequently rescued with billions in government bailouts. Put your money instead in smaller, safer banks or credit unions closer to home--the thousands of community institutions that do not harvest their profits from greed and recklessness.


"Move Your Money" is an electrifying slogan that's lighting up the Internet because it shows people how they can push back against the big dogs of banking. The concept is simple, but this is a big idea that could alter the timid direction of financial reform.

This campaign is potentially more than a feel-good gesture. If coordinated with institutional reform efforts, it could lead to a broad rebellion against the financial system, with citizens reclaiming the power to act directly when politicians are too intimidated by moneyed interests to act in the public interest. Economist Jane D'Arista put it crisply: "We are not a nation of widows and orphans. We have quite a lot of money, and people control some of it. They might ask why they don't control more of it."

The campaign was launched just before New Year's Eve by Arianna Huffington of the Huffington Post and Rob Johnson of the Roosevelt Institute. An influential bank-rating firm, Institutional Risk Analytics, donated a website window (moveyourmoney.info/find-a-bank), where citizens can find banks in their ZIP code that IRA certifies as safe and sound. ...........(more)

The complete piece is at: http://www.thenation.com/doc/20100201/editors

[gleaner]

1. It is good advice ..

We moved to a credit union from Chase and I feel much easier and better about my banking needs. Chase was a bear to deal with and kept using my money as if it were theirs to cover banking charges they didn't say they were levying, like the $7.00 charge for a savings account that had fallen below an amount they set. WAMU didn't do that and Chase did not inform us that they did, so they pulled money out of our checking account to cover the charge and then some. They called it their "right of impound." To the best of my knowledge it is not legal, but that doesn't matter to Chase. That action generated five $33 overdraft charges which they refused to reverse. I consider moving our accounts to be our right of impound and that is what I told them.

The credit union is great. They explain everything and are very conservative in how they handle our money. I heartily recommend moving to a credit union to everyone. They are insured and safe.

[JDPriestly]

2. We switched to a credit union the minute this nonsense started,

maybe even a little before. It's just so much better because the credit union is connected with an excellent university in our area, and the board of directors is elected and drawn from the university staff and faculty to some extent. Our tie to the university was simply that one of our children attended that school and then worked there afterward. Check out which of your family members belongs to and recommends a credit union and see if you are also eligible.

[gleaner]

4. In our case ....

It was my brother. He had been using the same credit union for nearly 50 years, and living in Southern California was all they required. They have many branches like a lot of credit unions so they are always accessible, you can do your banking on line which is our preference and they have many, many ATMs at our disposal, again like most credit unions.

A satisfied customer is always the best recommendation after you have checked out your logistical needs, and my brother has been very happy with them. They even generate checks for us and mail them when we want to pay a bill. We set it up on line and make it either a recurring transaction or a single transaction and it is all handled very efficiently for us. I haven't had a financial institution do that for me for years. It is very convenient. They also do wire transfers. The credit union does not charge us for doing that, but when we were with Chase they charged us $15 for receiving money to go into our accounts to pay our mortgage which they still unfortunately hold.

We are underwater so there is not much to be done for that now, but when it is possible the credit union is eager to take it for us and I am eager to give it to them.

Credit unions are for everyone. There are so many and they all have different criteria for membership. These days if you are not eligible for the one you approach, they will help you find one you can join. And of course there is the list of financial institutions at Huffpo.

[ThomCat]

5. I wish I could switch to a credit union.

But because I am out on disability, and never worked in one of the approved jobs or locations, I'm not eligible.

I found one credit union that doesn't have employment requirements, but it is invitation only. A current member has to recommend you, and I don't know any current members.

There are a bunch of small local banks in my area that scored a B or better according to the site listed in that article. So I'm moving my money to one of those.

[notesdev]

3. Absolutely!!

We DON'T need to wait for a bunch of corrupt, corporate-financed politicians in order to get reform. We can make it happen without the government. If you move your money from the thief-banks you can help to disempower them.

[Joe the Liberal]

6. Good idea. n/t

[Vidar]

7. K&R.