Move Your Money: Project Urges People to Transfer Money Out of Largest Banks to local community ones

[marmar]

Published on Monday, January 4, 2010 by Democracy Now!

Move Your Money: Project Urges People to Transfer Money Out of Nation’s Largest Banks Into Local Community Banks

Economist Robert Johnson, columnist Arianna Huffington and filmmaker Eugene Jarecki, among others, have come up with a new proposal that would allow ordinary people in this country to channel their anger over the Wall Street bailout while also helping invigorate community banking. We speak with Rob Johnson about Move Your Money.

Watch: http://www.commondreams.org/video/2010/01/04-0

[SpiralHawk]

1. 'Move money' meme maintaining major moJo

popping up every which way on the Intertubes...

Move money meme may measure meaningfully...

[glinda]

2. Not easy to do if you have retirement funds that get taxed.

[katkat]

3. glinda - no

I think you are misunderstanding how retirement accounts work. With certain restrictions, you can often move retirement accounts to another institution with no tax penalties. Of course, check on your own particular situation first to be sure. And CDs moved before maturity would get a penalty for that.

[truedelphi]

9. Agree with you there. And gee, wonder if it was all carefully

Planned that way?

Why is it the only way to be keeping control of your money is to have it in portfolios managed by others?

However I have heard from other DU'ers that you can put your 401 K funds into US Treasury items - I am not sure of the protocols needed to do this, and I know that few companies let you know you can do it, but apparently you can.

[mimitabby]

4. i love my credit union

[damntexdem]

5. Mine's in the local teacher's credit union.

For all the good it does, it's what we do.

[chaska]

6. Amen! Already did. If you're with BOA you are a fool.

[jtrockville]

7. I was a fool with BoA until last spring. Am very happy since I ditched them.

I now use a local bank and a credit union.

[fascisthunter]

8. I Have Mine in a Small Progressive Bank

I have been very satisfied with their service....

PS - and I won't use ATMs unless they are trust bank atms. No way is Bank of America or any other large bank getting my money due to fees. I still remember when you had to go to a bank with your ID to take out money, so I am in no rush to withdraw from an ATM... I'd rather wait.

[Lugnut]

10. I use the local credit union.

I ditched BOA several years ago and never looked back.