Move Your Money Update
I’ve been dying to update you on the Move Your Money campaign….the national movement that encourages consumers to leave those “too big to fail” banks and take their business to credit unions and community banks. This idea has caught on like wild fire and I’m reading about the most amazing examples of people who are fed up. I love this stuff:
* New Mexico’s House of Representatives voted unanimously last week to move the state’s nearly $5 billion from Bank of America and Wells Fargo to community banks in the state. The state Senate is expected to pass a similar measure soon
* The Oregon legislature is considering a similar move. Could that start an avalanche of legislatures on the “move”? The 50 states reportedly have a total of $230 billion in the big banks
* New York Mayor Michael Bloomberg announced that the City is going to move $25 million to neighborhood credit unions. That doesn’t sound like much, but it’s a start. After all, NYC is where so many of the big Wall Street firms are located
* John Tuttle put stickers on 60 ATM machines in the Seattle area last week. His web site, http://www.CreditCardRevolt.com calls for a cap on credit cards and some other reforms. He says it’s time Americans stood up to the big bankers
* An organization encouraging young people to move their money to credit unions (http://www.YoungFreehq.com ) wants folks to make music videos for their contest. The words have to be to the song ““Lookin’ Like A Fool With Your Money In A Bank”. The winner get a new ipad
* Social media has been a huge booster of the Move Your Money campaign. Groups have sprouted on Facebook, Twitter and there are videos on YouTube. Have you moved your money?
I’d be interested in your thoughts and movements on this topic. Until next time, here’s to good planning!
I love it
How many of us small people are doing the same thing?
Great news.
HOORAY for the Little Guy! Remember the cartoon superHERO UNDERDOG? Credit Unions may make a comeback. ‘Bout time!
It is about time! I really love the move of New Mexico.
Yes, the little guys collectively can make a difference too! Move your money to the smaller Banks and local credit unions where they actually appreciate your money and pay higher interest!