Move Your Money Monday is a personal, practical strategy for putting your money in institutions that better represent your values and invest in things in which you believe. Wells Fargo, Chase, Bank of America and other megabanks do not invest in local economies, they invest in pipelines, arms, tobacco, the exploitation and demolition of rain forests and peoples, and anything else that turns a profit. Perhaps most importantly, big banks invest in risky speculation that may turn short-term profit, but they do so at considerable risk to our economy. If you don’t believe in greed and exploitation, why would you put your money to work for advancing these ends, especially when there is an easy alternative?
Credit unions and community banks invest in local economies and small businesses.
There are practical reasons to make the switch:
- 63% of community banks and 60% of credit unions provide free checking, whereas less than a quarter (24%) of big banks offer completely free checking, and 59% offer it if you have direct deposit into the account.
- More than half of all small business loans under $1 million come from community banks, according to Independent Community Bankers of America.
- Although six out of 10 people who have never switched banks think it would be difficult to do so, a whopping 81% of people who actually switched said it wasn’t difficult at all, according to the Consumer Banking Insights Study.
So this action is easy. Just do it. And after you do it, there are two other steps to take to maximize the impact of your action.
- Google your (former) bank’s name, find the contact info for their community affairs department, and send them an email telling them that you did this and that you suggested that all your friends do the same.
- Post on Facebook that you have done this, encourage your friends to do this, and post the link to this page at the end of your post.
- Tell others what you have done and encourage them to do the same. Offer to send them this link for information on why to do it and how easy it is.
For a short article about how easy it is to switch, and six practical and personal reasons for switching to a credit union and how easy it is to do, click here. For a good article on the political and community reasons to make the switch, click here.