Just my Thoughts · Politics

Move Your Money

I admit to following Arianna Huffington on Twitter.  I started following her after hearing her speak at Ithaca College this past November.  Yet, I somehow missed the kickoff for Move Your Money.  I would hear television plugs for Ms. Huffington coming up on various shows, and saw her tweets about different interviews, but I seemed to ignore them.  I don’t know why.

Now I am truly enthralled.  Move Your Money, for those of you like who are living under a rock this year, is a grassroots movement that encourages individuals to move their money from banks considered “too big to fail.”

During the recent financial crisis, these community-based banks generally avoid the reckless behavior the bigger banks engaged in.  As much as I hate the term, with enough support, this type of movement “has the potential to shift power in the financial system away from Wall Street and to Main Street.”  And, in some cases, it seems to be working.

WTEN in Albany, New York is reporting last week that the web campaign is benefitting local bank Trustco.

While I have not moved my money, my account is the one that a big bank would like.  I pay some fees but not a lot – or I would if I were not smart.  I do not have a huge balance.  I do have a relationship with my credit union, though, and love its community involvement and its fees, or lack thereof.

For many reasons, ones that are near and dear to my heart, I suggest everyone take a look at the Move Your Money campaign.  Think in terms of a moral imperative.  We have a moral obligation to help those who are less fortunate.  While we can control this in our individual lives, we need to put our money where it will also do the most to help those in our communities that are not as fortunate as we.

One supporter of the movement has gone so far as to say moving your money will help save the environment.  Big banks invest without a social conscience.  Community banks invest with the best interest of the community in mind.

I have included some links below, as well as within this entry, for you to visit and read about the movement.  My money is already held locally.  What about yours?

Move Your Money:  A New Year’s Resolution

Claim Your Change

Huffington Post’s Search Results on Move Your Money

One thought on “Move Your Money

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