If the 99% or even the 90% of us that are being trampled into the poor house by the wealthiest 1 – 10% in this nation would simply move our money out of these evil and voracious institutions, it will get their attention like nothing else.
This is a protest movement that has potentially great power. And, to tell the truth, great benefit to the those who do it for their economic status.
Join this movement, that is a a strong corollary to the Occupy Wall Street movement.
Here are a couple of the major sites supporting this, and at the end, a quote from an excellent personal blog on the topic that says it all.
The Move Your Money project is a campaign that aims to empower individuals and institutions to divest from the nation’s largest Wall Street banks and move to local financial institutions.
It has been almost three years since the Wall Street banks, through gross corruption and greed, caused the greatest economic crisis since the Great Depression that caused millions to lose their homes, jobs and livelihoods. And while the Wall Street banks have quickly returned to making record-breaking profits and bonuses, helped in large part to the $700 billion bailout by the American taxpayer, little has changed to prevent the types of abuses that created this mess.
That is where the Move Your Money project comes into play. We give individuals and institutions the tools and resources they need to divest from ‘Too Big To Fail’ banks and invest in community banks and credit unions. No longer will we stand idle as banks take extraordinary risk with our financial system for their short term profits; rather we will vote with our dollars and no longer contribute financially to the abusive practices of Wall Street. If Congress is unable to enact meaningful financial reform that will prevent another financial disaster, then we must take action into our own hands and hit the banks where it hurts them the most: their bottom line.
So join us in our campaign for grassroots financial change. Use our checklist and bank finding tools to find a local financial institution near you. But don’t stop there: educate yourself on the intricate details surrounding the issue, join our community by contributing to the discussion on our forums, attend and help plan local events, and most important of all, encourage your friends and family to join the fight as well.
In about 18 days, more than 50,000 people plan to send a message to banks: Goodbye.
In an event titled “Bank Transfer Day” thousands are signing up to leave large banks in favor of credit unions on or before Saturday, November 5, over what some call unethical practices.
“If you don’t believe in a company’s practices or feel that a company’s practices are unethical, then, very simply, you should not have money with that company,” the 27-year-old creator of the event, Kristen Christian, told KTLA Live.
“I was tired of paying outrageous fees to banks for a severe lack of services. I was tired of having my money access determined by a corporation and the final straw because I was tired of banks targeting the impoverished and working class,” she said.
In addition to the 51,000 and counting rsvps for “Bank Transfer Day,” a cause page for the event has amassed more than 15,000 likes, and the group’s twitter page now exceeds 600 followers.
The group’s mission, according to the public Facebook invite: ”Together we can ensure that these banking institutions will ALWAYS remember the 5th of November!! If the 99% removes our funds from the major banking institutions to non-profit credit unions on or by this date, we will send a clear message to the 1% that conscious consumers won’t support companies with unethical business practices.”
The following is the last few paragraphs from a blog, the owner of which recounts his experience as he goes to Bank of America to move his money out to a local credit union.
Frankly, all Americans should be doing this. As soon as possible.
When she did, I then asked for a cashiers check in that amount. That’s when things got wonky. She froze, stumbled over her words and asked why I needed that amount (It was not a small sum). This gave me an opportunity to explain that although I personally would not be affected by their new fees I know plenty of friends and family that would feel the pain. In solidarity with them, I wished to close the account and move on. She unwittingly suggested that if I just use my debit card once a month then there would be no fee. That was good for a belly laugh from me, then I again requested the balance to be issued to me in the form of a cashier’s check. She then told me that there would be a $10 fee for this service. Another laugh. I guess it didn’t sink in when I told her that I was fee adverse. There was an easy work-around anyway – I requested the cash. That finished my time with this associate banker as the amount I was requesting was “well past” her daily limit for withdrawals. I asked if there would be an issue with securing the cash and she said “I honestly don’t know if we have that here” and walked out to get the branch manager.
The manager was pleasant enough and very direct. After introducing herself she flat out asked “What can we do to change your mind?” “We don’t want to see you go” she emphasized. This opened a door for me to further explain my decision to leave the bank and why I was doing it. Amazingly, it did not fall on deaf ears. She indicated that understood where I was coming from and actually showed genuine surprise at some of the facts I provided her about the less than consumer friendly policies and machinations of her employer. She did make some feeble counter-arguments and repeatedly asked me if I would change my mind (with a hint of desperation!). I stood firm and by the end of our conversation she asked if I would be willing to put it all in writing so she could send it up the chain.
She shared that management is nervous, they are seeing money leaking out of the bank and realize that they have made mistakes. She even hinted that there has been high-level discussion on reversing the new fess since there has been so much consumer push-back. They are also aware of the growing momentum behind the November 5th move your money movement.
Why do I share all of this with you? For one, I wanted to let people know that it IS still possible to withdraw large sums of cash from BoA and close your accounts – just be ready for them to beg. Two, that management is aware that people are angry (how could they not be!) and have put an ear to the ground.