Move Your Money Local (Updated)


A month ago, in More Gang-Bang For Your Buck, we suggested the following: “Time to move your money out of the big national banks that are “too big to fail” and let them fail… and put your money into local and regional credit unions and banks that did not get caught up in the disastrous lending greed, or who practice criminal usury. Locally- and regionally-based financial institutions are more responsive to local communities. And with locally-owned businesses, do them a favor by using cash, checks, and local currencies instead of debit and credit plastic.”

Now comes a grassroots movement to do just that. See their video, action items, updates, and comments here

[Update: On that site you will find a listing of banks that have a rating of B and above. However, if a community banking institution has been hurt, through no fault of their own, by the machinations and greed of Wall Street and the national banks, they need our support to pull through this national tragedy.]
See also WATCH: Woman Documents Closing Her Account With BofA, Switching To Community Bank at HuffPost here


Thanks for this post Dave. I hope lots of people move their money to credit unions that lend locally.

Really important reminder for us all, Dave. Loved seeing the re-cap of “It’s a Wonderful Life” juxtaposed within our current circumstances. The zipcode search leads only to banks; our credit unions serve our communities well, too. Thanks!

I heartily agree that we need to take our money out of the big lending institutions and put them locally where they have earned our trust. I do not think the local currency idea is possible quite yet because of trust that is essential for such an operation to work is not warranted locally. The transparency and integrity needed is what will make this do or die, and going by what has been demonstrated so far by some of the interested parties does not bode well(we are talking about real money, right?).
How about discussion concerning these essential elements for a first step. Great ideas that need more work, trust and time, I’m quite happy to see it broached. Happy New Years to everyone.

A little worrisome.

I put our zip code in there and not one Credit Union came up. There’s a significant difference between the two, namely where the money is being invested.

I put my money in Credit Unions 20 years ago and never looked back- and was rewarded with better service and rates too. Imagine what would happen if everyone did just that. I’m no economist but I imagine it would be a tremendous shift in power downward.

Here’s an interesting story about the Redwood Credit Union. I moved up here to go to grad school at SSU, and switched my accounts from the San Diego Credit Union to the Redwood Credit Union. According to my landlords I have excellent credit- but when I asked for a credit card at RCU, THEY WOULDN’T GIVE ME ONE! WHY?????? “You don’t have a job,” they said. I’M IN GRADUATE SCHOOL! I said. I HAVE ASSETS! I’VE WORKED MY WHOLE LIFE! I HAVE A STELLAR CREDIT RATING! I was livid- when I was in Undergrad (in the 80’s) I was getting a credit card offer weekly in the mail. Now (in 2004) I can’t get a credit card at your crappy little credit union? “No”, they said, you can have a check card- it’s like a VISA but if you don’t have the money you can’t spend it. I grudgingly took it and left- and thanked them ever since as I have had no credit card debt to this day. THAT’S why I trust my money there- they understand fiscal responsibility and accountability and support their customers to do the same.

The staff know me by name when I walk in the door and they provide FREE financial managers to support me. What a concept. If you have your money in a bank do yourself a favor and get it out now. Do it for the country too. Quit crawling to Potter. Let’s invest in each other.