Move Your Money Action Day

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Comment by Heather K on April 15, 2011 at 1:02pm

See New Discussion for “Move Your Money: Make Whatcom County A Resilient Local Economy”  http://transitionwhatcom.ning.com/forum/topics/move-your-money-make... 

Thanks David for creating the discussion page!

Thanks Caitlin & Transition Whatcom Finance Group for the work you've done in creating this Event!

Comment by Heather K on April 15, 2011 at 12:32pm

Great Work on creating this event!  I've 'moved my money' long ago, and it makes good community sense to bank where you know the owners & community. 

Even though I'm a big fan of my local credit union, I was surprised at this years members annual meeting, and what was Not spoken about...ie where our money has been invested, and whether they had invested in any complex  mortgage packages.  The whole meeting was tightly controlled with an agenda and long speaker presentation.

 

Will the Move Your Money day include any information on moving our money to alternatives to USD currency?  I keep meeting folks who are using metal for their currency. 

 With just about no interest being paid on savings,  what is the benefit to 'loaning' our savings when the economy is struggling and so many families are defaulting on mortages.

Comment by Caitlin Quigley on April 15, 2011 at 11:40am

It depends.  Local banks and credit unions aren't inherently good, you still have to evaluate them and ask questions about where investments are held, whether they sell mortgages, etc.  Credit unions are nonprofit cooperatives owned and controlled by their members, so it's up to what the members decide. Generally CUs are formed to provide loans to members and aren't making big speculative investments.

Comment by Kate Clark on April 15, 2011 at 11:35am

I am going to put on my Devil's Advocate hat here...don't credit unions invest their clients' money in the same financial instruments as the larger banks?

Comment by Caitlin Quigley on April 5, 2011 at 5:17pm

Hi Laura,

You can post it on the Personal Finance Workgroup page under Local Investing...you should be able to upload attachments there.  Thanks for the info!

Comment by Laura R. on April 5, 2011 at 5:11pm

hi folks, I created a document with all 6 up coming community capital type events in Whatcom County, including this one. I am not sure how to post it here, but you can let me know if you are interested.