Dennis Santiago talked about the progress of the Move Your Money campaign with Damien Hoffman at Wall Street Cheat Sheet. In addition to saying that it’s possible that every zip code with a bank has been searched using our zip code tool, he talked about how the movement is growing:
- During the
initial wave, we saw a lot of people shifting smaller checking accounts over to local banks or credit unions. Now, our surveys are showing the banks are beginning to see people with substantial amounts beginning to take action. They needed some time to prepare to move more assets, but that’s beginning to happen. There are several banks now reporting that they’re seeing five-figure, six-figure, in some cases seven-figure transfers.
This is very different in character from the earlier “I just want to open a checking account to make a political statement phase.” Now we’re seeing larger, smarter money making moves.
In addition, the movement is morphing even further in that you have state, county and municipal governments now considering whether they can take advantage of something like this. They want to shift their operating and investment accounts from national banks to local ones. This will create an acceleration effect on their local economy by causing their money to circulate locally.
That’s actually a very powerful and classic economic amplifier if a dollar shifts around inside a local neighborhood before it drifts off to the global economy. That’s just very good for local economies.
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