Community | November 10, 2010 | 29 comments

Move Your Money Out of Chase, Bank of America and Too Big to Fail Banks!

source: http://moveyourmoney.info/

Image
lookatmypix
"The mission of Move Your Money is to encourage individuals and institutions to take their money out of Too Big To Fail banks and invest in community banks and credit unions.

What began as a conversation among friends over a dinner before Christmas has rapidly turned into a national grassroots movement. So far it’s generated hundreds of stories, millions of website visits, and thousands of individual actions.

Small banks and credit unions have experienced a surge in activity as a result."

One more excerpt:
"Not only do Wall Street banks neglect communities by shipping money to overseas corporations and foreclosing on needy families, but they are also major financiers of payday lending services, which charge usurious rates and abuse struggling communities. A new report by National People’s Action and the Public Accountability Initiative shows how the big banks are enabling payday lenders and profiting from poverty. The Washington Independent reports:


'While small businesses and individuals have struggled to get affordable loans in the wake of the taxpayer bailouts, payday lenders have received new and amended credit agreements from Wall Street,” [the report] says. “Instead of wading further into the business of predatory payday lending, big banks need to stop financing these lenders and instead lend to businesses and individuals that create wealth, rather than destroy it.'


The report shows that big banks are providing billions of dollars in loans to fringe financial outfits; in turn, those fringe financial outfits are offering billions of dollars in loans to customers, often at usurious rates. Some payday lenders, for instance, offer short-term, roll-over cash advances with APRs of over 480 percent.

The report argues the voluminous Wall Street financing means the payday business will keep expanding through the recession, as cash-strapped customers seek unconventional and sometimes dangerous banking products."
More info on how to move your money and finding a community bank at: http://moveyourmoney.info/
Photo by jeffisageek: http://www.flickr.com/photos/teknokool/3729453412/


What are you waiting for? Are we still going to let them deceive us, rip us off, be on top of our economy controlling our society and our lives?
Moving your money into a community bank is one of the single, most powerful actions you can take to weaken these giants and bring back wealth into your family, neighborhood and community!

Put an end to EXPLOITATION NOW!

Join the Organic Movement:
http://current.com/groups/organicgreen/
  1. groups:
    Community,   Green,   Greatest Depression,   Organic,   2 more
  2. tags:
    Wall Street,  Abuse,  Power,  Bank of America,  14 more
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29 comments // Move Your Money Out of Chase, Bank of America and Too Big to Fail Banks!

  • Camille_Jackson
  • Camille_Jackson
  • Wetdog
  • lu7cky
  • lookatmypix
  • neocongo
    • +2
      neocongo  

    • Been doing it for decades. Since the regulation of the 80's of small banks, after the SNL crisis, they're the safest bet in town.

    • 1 year ago
  • EvilDoer
  • artemis6
  • La_Toya_Taylor
    • +3
      La_Toya_Taylor  

    • I am an ex JP Morgan chase corporate thug & I say credit union! Credit Unions! Credit Unions!!! Just keep up with how your community bank is doing..or if all else fails keep your money in a safe like my grandma does...

    • 1 year ago
  • CalgarC
  • Lolken
    • 0
      Lolken  

    • crap .. chase has an awesome iPhone app.. no small time local bank can compete with that, and when it comes to banking, for me its all about how quickly i can access information on the fly, pay bills from my phone, transfer funds, and deposit checks via pictures. i hate big business, but when it comes to banks, im sorry.. I'm sticking with the mega banks.

    • 1 year ago
  • lookatmypix
    • +2
      lookatmypix  
    • Lolken:

      You can access info on the fly, pay bills, transfer funds and many more features are being implemented at credit unions.

      People are losing their homes to fraudulent mortgages, have been buried by abusive fees, their credit scores got hurt, they can't buy themselves a life because of it and you think they give a damn about a phone application?

      Is this what it is all about?
      Cool logos and phone applications?

      If America wants to stand behind Hummers and iphones, we will always be enslaved, our dignity and rights will always get stolen, and no freedom will ever be born again.

    • 1 year ago
  • dariusvons
    • 0
      dariusvons  

    • bogus, these banks may lose your money from closing your accounts but they still own everything so they'll still get your money anyway... shop at a chain store, buy groceries, eat fast food... all this eventually pays them anyway because they own it all.

    • 1 year ago
  • CalgarC
  • lookatmypix
    • +2
      lookatmypix  
    • dariusvons:

      They will lose a lot of their profits if we move our money, it will be a big loss to them and a good comeback for your community.
      This is one of the few important, strategic steps to take to start changing an exploitative system.

    • 1 year ago
  • onemalefla
  • Nephwrack
  • CalgarC
    • 0
      CalgarC  
    • onemalefla:

      if i recall the death star exploded in episode 4 (2008) and they tried to rebuild it in episode 5 (2009) and then they took out the rebel station on the ice planet of Wallstreet

    • 1 year ago
  • NiceN
    • +6
      NiceN  

    • I really hope all these banks that make money out of nothing, get handled like the ending in Fight Club. Screw credit and money.

    • 1 year ago
  • transfire
    • +3
      transfire  

    • You mean you haven't noticed? The Fed is closing down the small banks and handing them over to the big ones. My bank went a few months ago, Riverside Bank of central Florida was handed over to TD Bank (a Canadian bank no less!).

    • 1 year ago
  • sidpomy
    • +1
      sidpomy  
    • transfire:

      Riverside lost over 100 million for two years in a row and had loads of non-performing loans on its books. It it wasn't for the Fed coming in you would have most likely lost your money. They aren't the evil ones in this. There are plenty of strong community banks that have capital ratios over 9%, and use the capital for business and personal loans. I work at one in particular, BankFIRST in central Florida. If I were you, I certainly wouldn't stay with TD, but instead look for another good community bank. I've also had good experiences with CFE in terms of obtaining credit, even in these times.

    • 1 year ago
  • FtheBULLSHT
  • insaintity
  • lookatmypix
  • CarlosIsDown
  • lookatmypix
  • lookatmypix
    • +4
      lookatmypix  

    • Comment from Kelly K:
      "Now that companies can make unlimited donations into our elections, I figured I’d better vote with my dollars, too. Bye bye, B of A. Bye bye, Chase. Hello BECU. Couldn’t be happier!"

      Comment from H in Chicago:
      "I’d already moved $50,000 of my savings to a local community bank, but kept my Citibank checking account for the ease of ATM access, online bill pay, etc.

      Well, just received a letter from them. Either I maintain $6,000+ in my account, or I get charged monthly fees. No more free overdraft protection, no more ATM fee rebates, no more free checking.

      Guess they’re feeling the pain from everyone leaving in droves, eh?

      Buh-bye, Citi."
      http://moveyourmoney.info/comments

    • 1 year ago
  • lookatmypix
    • +4
      lookatmypix  

    • One more from the same source above:

      “One month ago. Goodbye Chase, Hello Redwood Credit Union.
      It was easy and the inconvenience was minimal. If capitalism that actually benefits the folks at the bottom as much as the people at the top is to succeed, it will be through community oriented institutions and not the consolidated top down model that inevitably captures and pulls money to the upper echelon.
      Move your money. Keep it local.”
      Jay B.

    • 1 year ago
  • lookatmypix
    • +4
      lookatmypix  

    • Some of the comments from people that moved their money:

      "“My new credit union insures my money just as well as the big bank, but it also offers a ridiculously high interest rate on my checking account, refunds on ATM fees so I can use any ATM I want (even those $3 fees at the back of the convenience stores), really great customer service, and — best of all — free cookies on Fridays.
      They can afford to do all of this because, as a credit union, their top priority is me, the member. Not CEO and shareholder profits, not bloated advertising budgets. And best of all, by moving my money to a local community bank, I’ve taken money away from the poorly-managed, impersonal big bank and given it to a bank that will actually use it to help me and people in my community.
      I made a real difference, and while my tiny accounts are nothing to a company like Chase, they matter a lot to my local bank and my community. (And did I mention the free cookies?)”
      Aja"
      http://moveyourmoney.info/comments

    • 1 year ago
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