Transition Whatcom

"Move Your Money" is taking hold in reaction to "Too Big to Fail Banks"

The movement to bring your dollars home so your local banking institutions can re-invest in local initiiatves is taking off. Check this link to read more about it and find local banks in your area (by zip code) that are rated A or B for soundness. http://www.moveyourmoney.info

The initiative encourages account holders to withdraw their money from big, mismanaged banks and move your funds funds to smaller, better-managed community banks--institutions that are still lending. Not institutions getting rich off your tax dollars handed out as obscene bonuses to CEO's or invested in the global securities market.

In this article, Arianna Huffington explains how community banks are more likely to lend to small businesses which will actually help create much needed jobs and pay for local infrastructure with their taxes. For every dollar you give to a Big Box Bank (interest on loans or your funds on deposit) the state where that bank has it's headquarters gets the benefit. Since many banks are headquarted in states with very lenient tax laws for corporations, like Delaware for example, they are supporting the tax base in the state where they file their corporate taxes. For every dollar invested in a local business, that dollar continues to circulate, pay for roads, schools, create jobs and return multiplied value to the regional economy.

http://www.huffingtonpost.com/huff-tv/move-your-money-arianna-a_b_4...

Huffington Post would love to post your comments and stories on their site. "Move Your Money" is not a money making venture. It was started by a couple of friends over dinner discussing ways to limit the abusive political power of the biggest banks, a problem that has roots in American history going back to the 19th Century.

Here's a Time article celebrating Move Your Money: http://curiouscapitalist.blogs.time.com/2010/01/06/three-cheers-for...

Please share this link with your friends and family: http://www.moveyourmoney.info

DISCLAIMER: As a local broker/banker I represent a wide range of banks, both regional and national. The choice of mortgage source should be based on your financial goals, the best product, price and your personal preferences. Like any investment -it's your choice!

Views: 17

Reply to This

Replies to This Discussion

I will just add the advice to also look at the credit union aspect of local banking. As we have all undoubtedly read, we have some local community banks that also played in the same real estate bubble waters as those "too big to fail" banks. The FDIC cautions issued to one of our own community banks certainly suggests that a blind switch to just any local community bank may offer the same result as sticking with one of the too bigs. I gave up on my regional commercial bank over a decade ago and have been very happy with my credit union which has been very upfront about only lending within the local community and has never been involved in the financial shenanigans of the bubble making wall street wonders.
Agreed Rob! Blind faith is not helpful. The best reference you will find on every Bank in the United States including Savings and Loans and Credit Unions is at Bankrate.com. They publish ratings for 'soundness' and financial statements. Very interesting to note which ones have lower ratings and dig a little deeper to see why. It does appear many have 'non perfoming loans' on their books, construction loans, commercial loans and other investments of local money (including their own bank building costs) that aren't returning well.

Type in your CU, S&L or Bank name for ratings and financial statements: http://tinyurl.com/cknhqy
We switched to a local credit union last year and have been delighted with our move. I used to think that credit unions were substantially different than banks and had fewer products. Not true! Ours has IRA's, HSA's, credit cards, and self-service safe deposit boxes (no waiting for a teller). Don't wait. Switch now.
Judith, Great point. The products you really want are available closer to home. There is more news today on Huffington Post about the effect of 'Move Your Money' campaign...many people are getting the point and frankly the Big Banks sound scared. We are taking away their toys!

http://www.huffingtonpost.com/huff-tv/arianna-move-your-money-t_b_4...

One woman moved her deceased mother's modest estate money from Citibank in utter frustration after they blocked the account, bouncing checks and charging fines. They made it so difficult!

http://www.huffingtonpost.com/2010/01/11/california-woman-moves-he_...
POST SCRIPT: NOT ALL LOCAL BANKS ARE SOUND!

The failure of Horizon Bank on Friday, January 8th was not a surprise. Horizon was issued a 'cease and desist' order (to stop lending) last March and had been given extended time to bring their balance sheet into line but their exposure in construction and developents gone bust prevented any investors coming forward to help them recover in time. Fortunately, the FDIC moved in and turned them over to WA Federal Savings, a regional Savings & Loan based in Washington, so that bodes well for folks wanting to keep their money working locally. Worth checking back to see how the absorption of Horizon's accounts affect Washington Federal's soundness in the coming year.

Read the the FDIC press release on the takeover of Horizon Bank, the first bank failure of 2010.

http://blogs.bellinghamherald.com/business/whatcom-county-business/...
More about Horizon by Dave Gallagher/Herald editor: http://www.bellinghamherald.com/602/story/1236076.html
Bill Mahr sends a powerful message to millions on Huffington Post:

See how easy it is to Break up with your Bank @huffpost: (VIDEO) http://bit.ly/7iSCF

Reply to Discussion

RSS

© 2019   Created by David MacLeod.   Powered by

Badges  |  Report an Issue  |  Terms of Service