Get Your Money Out of Banks!

In the past, I've written about the importance of budgeting and being frugal.  Not only does it help you and your family, it works towards depriving the oligarchs their lifeblood -- money.  Today,  Occupy Wallstreet and other activists are promoting another wise way to protect your money and work toward an equitable future for everyone.  Today is Move Your Money Day!

Partially spurred on by the, now dead, move by Bank of America and other banks to charge their customers a monthly fee to use their debit cards (in addition to all the other ridiculous fees they charge), Move Your Money Day was thought up as a way to have people register their disgust with the banks and keep their money local.  As many people know, banks like Bank of America and Wells Fargo took bailout money from the Government after they helped create the financial crisis from which we are currently suffering.  These "too big to fail" banks then proceeded to generate outrageous profits and give enormous bonuses to their 1% officers -- all on the backs of the 99%.

Now, there is nothing wrong, on the face of it, in making profits or giving bonuses.  However, these banks were only able to do so because they took the people's money.  Had they not taken the cash, they would have, if not failed outright, crumbled partially functional bankettes as they would have had to possibly divest to survive.  Sure, they paid the money back BUT they have yet to be held accountable for the damage they have wrought upon the economy of the United States, Europe, and the World!  Seeing how the Government is proving to be spineless when it come to making Wallstreet pay for its crimes and more than happy to give these banks a free pass, it is now up to the people.

How do we get at them?  Through their religion -- the free market.  That's right!  You have a choice and you can take your money out of these "too big to fail" felons and put it into a local banking establishment.  First, you'll be registering your discontent with Bank of America, Wells Fargo, Chase, and their ilk.  Second, you will be helping support your local economy because local banks and credit unions use local money to make local loans.  Third, you will be helping support a much more equitable banking industry over that of the industrial, heartless TARP-fueled banks of the world.

The Union Legion strongly endorses the use of local credit unions.  Your narrator has exclusively used one for many years.  Often, there are requirements which have to be met before you can join but those requirements may only be that you live in a certain area.  In a credit union, you are not a "customer" per se.  You are an owner.  When you join, you deposit a share.  This share is then kept with the bank and you can not withdraw it unless you are leaving the credit union.  Worried about accessing your share?  Don't be.  The share is a low sum -- around $20 or $25.  Once you are a member, you can enjoy many, if not all, of the products commercial banks offer -- but they will be called something different.  For example, CDs are not called CDs -- they are called share certificates at my credit union.  My "checking" account is called a share draft account.  Regardless of their names, these accounts function exactly the same as traditional accounts.  Plus, I have free checking, a free debit card, and I earn interest on both my draft and savings accounts.  Many credit unions also share an ATM network and, wouldn't you know it, they don't charge ATM access fees!

Even if you feel a credit union isn't the right answer for you, there are still local, traditional banks.  Again, these banks keep your money local but, most importantly, they aren't responsible for the economic mess everyone is slogging through.  As technology has improved these small banks have proven they too can provide the services of the big monster banks.

Don't get worried about moving your money.  It is a fairly simple process.  Take this point of advise though -- do your research first and know the features of your prospective new bank.  Then, open your new, local account first and link up your bill payments and direct deposits before you move your money.  Otherwise, you may run into some automated headaches later in the month when your rent isn't automatically paid.  Once your new account is set up, close out your account with the "too big to fail" bank.  I would even go so far as to encourage you to politely tell them why.  When finished, you will be saving more of your hard earned cash, keeping your money local to do local work, taking control over your money away from the "too big to fail" banks, and doing your part to let the wealthiest 1% know there will be an accounting for their actions.