Would You Move Your Money (If You Have Any)?

Submitted by Jen Jones on Wed, 03/03/2010 - 2:24pm

Would You Move Your Money (If You Have Any)?

 

Are you angry at banks that are supposedly too big to fail? But you haven’t withdrawn your money because you think your account is too small to matter?

Well, one media matriarch has some alternative advice. 

Started by Arianna Huffington, The Huffington Post is an American news website and aggregator for a host of blogs, columns, stories and moderated comments. The site, through its founder, is now taking a stand against America’s oversized financial institutions—from JP Morgan to Bank of America—and urging you to do the same.

HuffPost’s “Move Your Money” campaign urges you—the bank customer—to withdraw your money out of the big banks and into smaller community-oriented ones.  The reason is simple: a post-recessionary payback of another color. Huffington argues that following their bailout these same big banks have done nothing to help small business or to drive lending to the average American. As a result, the economy can’t thrive nor begin producing the much-needed jobs so many taxpayers—who footed the bill for said bailout—so desperately need. And she’s hoping we’re not going to take it anymore.

And she’s not alone in her gripes with the banking industry.

Robert Johnson of the progressive think tank the Roosevelt Institute helped craft the “Move Your Money” campaign. “All of us collectively do have money and when we move our money, we’re voting with a different currency, and one that businesses pay attention to,” he said to CBS News’s Jim Axelrod.

By entering your zip code into the Move Your Money website, a list of nearby small banks pops up all of which have received a rating of ‘B” or better by independent reviewers.

According to the Independent Community Bankers of America, community banks “focus attention on the needs of local families, businesses, and farmers” and “channel most of their loans to the neighborhoods where their depositors live and work, helping to keep local communities vibrant and growing.”

While many of these smaller banks provide a more personal touch to your banking experience, they too have fallen victim to this decade’s Great Recession, with hundreds closing in the past several years. As such, any movement of money should come with some research that your new, smaller bank has some staying power.

Move Your Money recommends that you stop in and see what they’re about. Talk to an employee to see what services they offer and how they treat you. For some tips and questions to ask visit Solari or see this article from the Dallas Morning News. You can also use FindABetterBank to calculate annual fees based on how you bank (note: their list of banks is incomplete).

If you truly are without any money to move—and your assets, in the bank or otherwise, are less than your debts—your gripe may be with your creditors, which, in many cases, are the same bailed-out banks targeted in the Move Your Money campaign.

Well, you too have the power to take back your money.

In fact, knowing a qualified bankruptcy attorney can help you conquer these creditors and wipe away your debts, yielding the right kinds of support, information and insights—at a low cost— for a viable and secure future.  The bankruptcy experts at the Law Offices of John T. Orcutt offer a totally FREE debt consultation and now, more than ever, it’s time to take them up on their offer. Just call toll free to +1-919-646-2654, or during the off hours, you can make your own appointment right online at www.billsbills.com. Simply click on the yellow “FREE Consultation Now” button.

 

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