MY NEW HERO
Kristen Christian
Kristen Christian was feeling more than a little fed up with the county’s big banks when a month ago today she logged on to Facebook to share an idea with friends: withdraw your money from the likes of Bank of America and JPMorgan Chase, and instead open an account with a credit union. She even chose a deadline for taking action: this Saturday, November 5…. “Together we can ensure that these banking institutions will always remember the 5th of November,” Christian, then a 27-year-old art gallery owner living in Los Angeles, wrote on Facebook. “If we shift our funds from the for-profit banking institutions in favor of not-for-profit credit unions before this date, we will send a clear message that conscious consumers won’t support companies with unethical business practices.”
One of the main targets of the Occupy Wall Street movement is the banking industry…and deservedly so. It’s neither newsworthy nor surprising that our biggest banks have demonstrated themselves to be among our biggest parasites. Today, we- all of us- have the opportunity to voice our objection, even if we have no intention of hanging out in the cold November chill with our local Occupy [insert name of town here] protesters.
Happy Bank Transfer Day! Today you have the power to send a message to the financial industry by moving your money from one of the big banks to a credit union or small community bank. Bank Transfer Day has the potential to do two things: First, by hitting the banks where it hurts, their bottom line, Americans can send a loud and clear message. Second, you can take a stand without having to stand out in the cold and rain/snow/slush, AND you can ensure that your money remains in your community.
This is not a new (or even original) idea. Last year, Arianna Huffington led a campaign urging Americans to divest their money from big banks and move it to community banks or credit unions. I had maintained an account with Washington Mutual/Chase for years (I used to work for Washington Mutual in Houston before I was laid off). After careful consideration, I moved my money to a credit union in Portland…and I’ve never looked back. The service is better, the fee structure is simpler and far less onerous, and my money stays in the Portland community instead of ending up in some fat-cat CEO’s year-end bonus check.
Bank Transfer Day will not topple the Empire, but if enough Americans make the decision to move their money, it WILL send a message to Wall Street. Whether or not that message will be received and taken seriously is another story. Even so, every journey begins with a single step, and Bank Transfer Day seems a good place to begin that journey. Despite what your bank would have you believe, transferring your money is both simple and easy to do…and it’s your right to do so. Hey, it’s your money; how about putting it someplace which actually has your best interests in mind? (If you live in Oregon, you can go here to get some ideas about where to re-park your financial empire.)
If I hadn’t already moved my money, I’d certainly be doing so now. If you bank with one of the big banks, I would strongly urge you to consider moving your money to a community bank or a credit union. You won’t regret it…and you might just be contributing to fundamental change in this country.
Hey, what have you got to lose?? And when you’re done moving your money, give some thought to trying to persuade groups, businesses, and institutions that you’re associated with to do the same thing. One mayoral candidate here in Portland is already advocating that the City of Portland transfer its money to local credit unions. Alone we won’t accomplish much. Together, we at least have a chance of making a statement loud enough to be heard.
WE DESERVE BETTER.
