"Move Your Money" - Just Do It

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utecity's picture
utecity
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"Move Your Money" - Just Do It

A grassroots effort that needs to go viral.

http://moveyourmoney.info/

Mr. Fri's picture
Mr. Fri
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Re: moveyourmoney JUST DO IT!!

Thanks for sharing.  It's a very good production that explanes what happened back then and what is happening right now.  Yes, it makes sence to move my money.  However, the biggest fear I have is how do I know that a small community bank is safe? Unlike George Baily's boyhood friends, I haven't grown up in a small town where I get to know the charactor of my banker.  If I stay with the mega banks, the government will keep supporting them so my money should be safe. If the government were to let some of the big banks fail, I think we'd see a lot of people moving their money to the smaller banks.

rhare's picture
rhare
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Re: moveyourmoney JUST DO IT!!

The tool attached to the video only shows banks, I would recommend Credit Unions instead....  CU's are not-for-profit and exist to serve their members not stock holders.  Here is a link on the CU difference:

http://www.cuna.org/gov_affairs/legislative/cu_difference.html

Once you find one you like, you can check out it's performance/safety here.

Wendy S. Delmater's picture
Wendy S. Delmater
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Re: moveyourmoney JUST DO IT!!

When I moved to SC in June I looked up local banks on bankrate.com - I highly recommend it. There were a few 5-star banks in the agricultural, rural communities in the middle of nowhere, but they were impossible to get to. Therefore the state's only 4-star bank was the one I chose. (My husband was shocked that is bank was only a 2-star, btw.) Before I moved all of my money was all in a megabank in NY; now it is in a privately run local bank that never got involved in the whole sub-prime mess. Because they are private, they did not have to take TARP money, either.

I think bankrate.com also rates credit unions. I'd checka CU with them before moving my money blindly into one. Some credit unions are better than others.

Damnthematrix's picture
Damnthematrix
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Re: moveyourmoney JUST DO IT!!

I totally agree with rhara re Credit Unions.....  we've just closed down our last bank accounts and now deal with Maleny Credit Union (QLD, AUS) who also happen to be "green", offering lower interest rates on "green" housing loans and "green" cars (no such thing IMHO).....

But if you actually own cash, then the best place to move it to is to spend it.....  as Davos expressed in a great post on  I just can't believe that our economy will collapse that bad

Mike

rhare's picture
rhare
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Re: moveyourmoney JUST DO IT!!

Another interesting article showing why you might want to move your money:

Chase and Citibank drop out of some FDIC coverage.

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John99
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Re: moveyourmoney JUST DO IT!!

Good article, rhare!

I like the part...

"What does dropping the Transaction Account Guarantee protection mean to you? Actually, you should be pretty scared. Taking a protection away from your hard earned funds is not a good thing. Nor is it a good sign of the health of these banks. Dropping out of the program means that the banks don’t have to be quite as strict with their banking procedures."

Moveyourmoney - a great movement and part of my New Year's resolution is to try and keep waking the sheeple to this reality.

agitating prop's picture
agitating prop
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Re: moveyourmoney JUST DO IT!!
safewrite wrote:

When I moved to SC in June I looked up local banks on bankrate.com - I highly recommend it. There were a few 5-star banks in the agricultural, rural communities in the middle of nowhere, but they were impossible to get to. Therefore the state's only 4-star bank was the one I chose. (My husband was shocked that is bank was only a 2-star, btw.) Before I moved all of my money was all in a megabank in NY; now it is in a privately run local bank that never got involved in the whole sub-prime mess. Because they are private, they did not have to take TARP money, either.

I think bankrate.com also rates credit unions. I'd checka CU with them before moving my money blindly into one. Some credit unions are better than others.

That's a very wise thing you did. It surprises me how many people don't do basic research when it comes to their hard earned cash. Are you hedged against a sharp devaluation of the dollar, though?  If so, how?  Hope you don't mind me asking.Smile

Headless's picture
Headless
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Re: moveyourmoney JUST DO IT!!

Did it. Credit union.

Is this going to effectively be a run on the big banks? Sure seems like it.  

What could the unintended consequences be?

anarkst's picture
anarkst
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Re: moveyourmoney JUST DO IT!!

It's interesting to observe human behavior.  You can certainly make arguments for leaving money in large money-center banks, taking it out and placing it in smaller banks or CU's, or cashing out altogether.  But I think it is naive to believe that the vast majority of people will do anything at all. As an example, consider health.  

Over the past forty years, medical science has been able to clearly show that entertaining a lifestyle that includes moderate exercise and proper nutrition will drastically decrease one's susceptibility to a host of chronic disease, e.g., hypertention, diabetes, heart disease, depression, etc. Considering that our country not only faces an epidemic of adult chronic disease, but horrifically, childhood chronic disease (mostly due to obesity issues), it seems unlikely that most people are capable of doing much of anything that would be considered in their best interest.

This stark reality aside, perhaps the majority are correct in this case, as the deposits of the major money-center banks are secured by over ten thousand nuclear weapons.  These bankers just stole trillions from the American people.  If you don't think these sub-humans would do whatever is necessary to protect their billions, you just haven't caught on yet.     

nickbert's picture
nickbert
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Re: moveyourmoney JUST DO IT!!

Safewrite has it right, not all CU's are equal.  I've been a member of my CU since I was about 1 year old, and it was only this past year I found out it has a troubled asset ratio of around 24%.  Yikes... not the worst, but too high for my comfort.  By all means use the bankrate website and check out prospective CU's beforehand.

- Nickbert

hucklejohn's picture
hucklejohn
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Re: moveyourmoney JUST DO IT!!

This is very helpful.  Often people think, "What can one person do?"  Now suppose, states, municipalities, pension funds, corporations, other organizations, etc. also took their money out of the Wall Street banks?

EndGamePlayer's picture
EndGamePlayer
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Posts: 546
Re: moveyourmoney JUST DO IT!!

That would create a disaster - think of all the too big to fail banks that - Would FAIL!! The sheeple would be running the system. So, how would you think something like that could happen?

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