Hello! This is the page where updates & more information related to the “Move Your Money” project will surface. The original article kicking off the project is HERE. More updates will be posted as they arise!
Move Your Money Project Kickoff
Posted December 28th 2009 at 1:44 pm by admin
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Got my money in a small community bank. They sponsor the local rodeo, little league, cycling events and care about the local people. What about the Bank America? (Wall Street)
What a great idea! I don’t think there is a single thing Americans can do right now that will help our local communities more. This is one of the largest stones in the foundation of local economies. Punishing big banks for their failure to lend out taxpayer money provided for that purpose while paying obscene bonuses is a real feel-good, but the real prize is the nourishment this will give to local communities. I am going to feature it prominently on my little political site.
It’s funny that I should run into this story about “moving your money” today. I was just thinking the other day, that if we all took our money out of all the banks, the banks wouldn’t have any money to work with, right? But then I realized that if we took all our money out, where would we put it? Oh yes, sure…some of you would say they would “cash in” and keep all their money with them. That’s okay if you only have a few dollars. But what if you had thousands and thousands of dollars to move out of the big banks? The answer……? Of course, “move your money” to your local banks and credit unions! But wait a minute….Any local bank, any local credit union? No, it would be a bank or credit union that would be willing to pay us a “fair” interest rate on the money we put with them. What’s fair? Certainly NOT the insulting interest rates that are being offerred NOW through ALL the banks and credit unions. How about if we create a “website” (like the Lending Club and Prosper and others)that would make the local banks and credit unions “bid” the highest rate they would offer us, to move our money to them??? That would be very fair and honest, and a “win/win situation. I do think it’s time, to have FULL CONTROL of our money, by having the banks come to us for a change (through the “bidding” Website), and by being able to earn a better interest rate.
This is something that I have been considering for a while now, and seeing your ‘Move Your Money’ project tells me that maybe now is time to stop thinking and just do it. I have a community bank that I’ve been with for years, but also use one of the ‘big’ ones. Thanks for the push to take action and end my association with red, white and blue.
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Thank you,
Frank