October 16, 2011 7:04 AM

Time to put your money where your beliefs are

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.

A year of so ago, Arianna Huffington led a campaign to convince Americans to move their money from big banks to smaller nonprofit credit unions. The idea was that if enough Americans moved their money, more of it would stay in their community and less of it would go to the big banks. Eventually, the theory went, the big banks would feel it in their bottom line. Thousands did move their money; whether or not it’s had the desired bottom line impact remains an open question. There’s still hope that the big banks might eventually recognize that they can’t contnue treating customers so dimissively without consequence.

I moved my money to a credit union here in Portland, and I’ve been very happy with the results. It turns out that there’s something quite satisfying knowing that my money is staying in the community, instead of being funneled toward a CEO’s bonus package.

This time around, there’s a Facebook campaign to make November 5th Bank Transfer Day. There may not be many ways that we as individuals can make ourselves heard, but if enough Americans move their money to community banks and credit unions, the message sent would be unmistakable.

I’d like to ask you to consider moving your money. There’s strength in numbers, and the big banks will have a tougher time profiting from their never-ending parade of fees if significant numbers of customers move their money. Think about it; it’s time to let the big banks know that we’re mad as Hell and we’re not going to take it any more. Research your options. Find a credit union that meets your needs. Make a difference. You won’t regret it.

You can find a list of credit unions in your area here. If you’re in Canada, you can go here, and in the UK here.

“Too big to fail” doesn’t have to mean “too big to disregard customers.”

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This page contains a single entry by Jack Cluth published on October 16, 2011 7:04 AM.

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