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Move Your Money Campaign Grows to Divest From Big Banks and Support Local Banks, Credit Unions
Democracy Now! / Video Report
Published: Tuesday 1 November 2011
Dubbing this Saturday, Nov. 5 as “Bank Transfer Day,” activists are urging people to move their money out of the banks deemed “too big to fail” in to local community banks and credit unions.
As participants in the Occupy Wall Street movement continue protesting the record profits made by banks bailed out by taxpayer money, a group of grassroots activists are hitting America’s largest banks — including JP Morgan Chase, Bank of America and Wells Fargo — where it hurts most: The wallet. Dubbing this Saturday, Nov. 5 as “Bank Transfer Day,” activists are urging people to move their money out of the banks deemed “too big to fail” in to local community banks and credit unions. Bank Transfer Day draws on an idea popularized by filmmaker Eugene Jarecki, economist Rob Johnson and columnist Arianna Huffington, among others. In 2010, they created the short film called, “Move Your Money,” which became a viral sensation. We speak with filmmaker Eugene Jarecki.
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ABOUT Amy Goodman
Amy Goodman is the host of "Democracy Now!," a daily international TV/radio news hour airing on more than 900 stations in North America. She is the author of "Breaking the Sound Barrier," recently released in paperback and now a New York Times best-seller.
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19 comments on "Move Your Money Campaign Grows to Divest From Big Banks and Support Local Banks, Credit Unions"
Shashank Xoops is an excellent oopitn too. It not only comes with WP it has many other blogging modules as well. good choice. BTW, Thanks for stopping here.cyberst0rm and Zia Thank you
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November 02, 2011 6:13pm
Does anyone have any thoughts on Bank of Montreal? Should I divest?
November 02, 2011 2:11pm
Sometimes some of them forget WHOSE money it is.
Also - Well said, Judy Clue!
November 02, 2011 5:20am
There is more that we can do that will hit them in the pocket book. Take all those adverstisement for various credit cards and remove your address from the pieces and mail them back to them. They have to pay to get them back. If a million Americans did this the cost would hit them in their pocket books NOW..
November 02, 2011 5:18am
We moved our money out of 2 credit unions because they each put $50k into a PAC that attacked an elected official who was running for re-election and the pieces they put out were total lies. Not only did we move the money we told them why and since I have a massive email list I told 7000 other people.
November 01, 2011 7:06pm
This is brilliant! All my money is in Tompkins County Trust in Ithaca NY, and has been for years. It is a great bank. I wish I had something to move out of a megabank. That would give me joy!
November 01, 2011 7:06pm
This is brilliant! All my money is in Tompkins County Trust in Ithaca NY, and has been for years. It is a great bank. I wish I had something to move out of a megabank. That would give me joy!
I have never used a national bank, always local. And every time I think about switching and start doing research I don't like what I find so I never switch.
November 01, 2011 4:29pm
Our money (personal and business) is at www.providentnj.com (The Provident Bank), an excellent local, New Jersey bank. It pays interest on checking, plus offers no-fee accounts, among many benefits. Excellent service, too!
November 01, 2011 4:11pm
my local C U pays better % + free coffee
November 01, 2011 4:01pm
I'm with you John.. and I'm spreading the word. This is an idea that can really make a difference.
November 01, 2011 3:43pm
Am moving my money out of Wells Fargo to a local community bank on Wednesday. Free checking, same services I had with WF but it's a local Dallas bank. I will have to drive a little further when I need to go to the bank but it's worth it not to continue supporting the mega banks!
November 01, 2011 3:17pm
Let NO ONE be forced to go into a bank, for that is an act of WAR to be FORCED in a democracy!!
November 01, 2011 2:18pm
When we closed 3 accounts with Wells Fargo, the clerk asked why we were closing the accounts. We responded that we were not willing to pay the new monthly fees for having the accounts. The clerk advised us that since we were concerned, that the bank would waive those fees. We asked her to please close the accounts anyhow. My curiosity is this: What about customers who don't share a concern about those fees, will they not have them waived? Very strange business practices to me! I LOVE THE CREDIT UNION!!
November 01, 2011 1:03pm
In the process of moving my money out of Chase to a local credit union. I will no be charged for on line banking or not having direct deposit. Also I am reimbursed ATM fees for using ATM's not belong to the credit union. Oh, I should also mention 1.25% interest on checking accounts up to j$10,000. Verity Credit Union in Seattle.
November 01, 2011 12:15pm
Moved the last of my big bank money out of Chase a few weeks ago. It's all in an awesome credit union now (Patelco for you CA residents). Better service, better products, and more ATM access than with B0fA. What more do you need?
November 01, 2011 11:41am
I'm moving my money out of Wells Fargo - this is an easy way for us to show support for financial systems that are community oriented.