Move Your Money

Stephanie Frost decided that she had been mistreated at her big bank for too long and enough is enough — she’s switching to a small financial institution. She filmed herself going to close her account and posted the video to YouTube:

Tim Fernholz makes a case for moving your money in Newsweek’s the Gaggle blog:

Aside from the personal benefits, this move makes sense for anyone uncomfortable with the bank bailouts (which is just about everyone) as a way to meaningfully express their views on public policy in their daily life. In the ’60s, the political became personal. In the past decade, it has become financial.

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“I’m with a local bank. They always know my name. I got my student loans through them, too. Now and then, they’ll waive a fee just to thank me for being a customer. I’m proud to let them take care of my money.”

-orkid682 on youTube

“We can fight back against the big banks. In addition to organizing to hold them accountable with real reform, we can move our money to community banks who support consumer protection..”

-Heather B. on Facebook

Let us know about your community bank or credit union

Our Facebook fan page is now up. Please help build the momentum.

Something we really want to emphasize here: This is neither a progressive nor a conservative idea. It’s about transferring power away from Wall Street banks and toward more community-oriented institutions. These comments help make the case:

“Love the idea! I already bank at a community bank but I think if enough people do this it’ll send a message to Wall Street that can’t be ignored. I placed the article on Facebook. I have progressive friends as well as conservative ones. I hope all read the article and see the positive as I did.”

-Gina S.

“Whatever your political views and whether you’re a Democrat, Republican or Independent, there is one thing we probably ALL can agree on and that is we have to find a way to break the hold the BIG BANKS and Wall Street have over our financial system. While we wait for the politicians to get off their sorry butts and stand up for us, there is something we all can do right now – MOVE OUR MONEY from big banks to small community banks. This video is excellent and the website associated with it will show you a list of small banks in your immediate area.”

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Inspiring comments are pouring into our inbox. Here is a quick sample:

“Makes me want to watch the movie again. This is a great idea – let’s try to get the word out further. I’m going to check out the local bank here – had not heard of it… Thanks for the great idea and let’s keep it going to take back our country from the lobbyists and big money people.”

-Lynn

“I moved from Seattle to Los Angeles and hadn’t found a bank here! Now i have!!! THANKS!!!! You are doing a world of good!!”

-Libby

“It is what my father said all along. Get our money out of the big banks…”

-Adele A.

“I love your message. I saw it on Huffpo. Thanks for doing this. I worry that many small local banks have gone under, but the chance to shift the power is more important than the fear of small banks. [...] I am a member of First Financial Federal Credit Union in Baltimore. It gives ME money in the way of dividends, because I and other members “own” the bank”

-Jan

“i just did an email blast to family & friends directing them to your website & posted about your simple & brilliant effort on my facebook page. i like it — no outright malice toward the big guys, just a lean toward doin’ business with the neighbors who know us best. i trust you’ll have made an impact in no time.”

-Kevin B.

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!

People all over the country are choosing to move their money out of “too big to fail” banks and into smaller, community-oriented financial institutions that generally avoided the reckless investments and schemes that helped cause the financial crisis.

It’s a grassroots effort that has the potential to shift power in the financial system away from Wall Street and back to Main Street.

Check out the video, read up on what inspired the idea, connect with others through Facebook and Twitter and then use the tools and links provided to find a community bank or credit union in your area.