Monday, March 1, 2010

Move Your Money!! Hurry!

Mega-bonuses. Subprime lending rates. TARP funds. Off-shore bank accounts. Fraud charges. AAACK. Somebody make it stop!!

I don’t know about you, but I’m really disgusted by what Big Banking did to our economy. I’m sorry, what they CONTINUE to do. I long for the day when we had people like George Bailey in charge. (“It’s a Wonderful Life,” in case my reference sailed past you.)

So I was delighted when I heard about this new movement to take control of our economy away from Those Who Are Ruled By Greed. It’s designed to stop these horrendously bad banking practices by using the power of our dollars. I learned about it this morning on the CBS morning program.

You can check it out for yourself at

The site is designed so that you can locate a small bank or credit union in your community that will offer lower interest rates on credit, sound loans, higher interest on savings, and personalized service, everything you can’t get from the Big Banks. In other words, your very own George Bailey.

I love the idea, personally, of taking back control. I also love the idea of working together to do something we could not do individually. I don’t have a lot of money in my savings account. But thousands of people grouped together do. Tens of thousands have even more. WE’VE GOT THE POWER, BABY!

Isn’t that exciting?

I’ve used two local banks for decades and am very satisfied. Do you have your money in a community bank? Would you switch? Or do you feel safer with a Big Bank?

Kate, rattling the piggy bank


Shel said...

We use a regional which I mean it's based in the nearest larger town and has branches all over this area. It recently was bought by another regional bank - which means new checks, debit cards, etc. I used a school employee's credit union in Texas, and loved it. But they didn't offer debit cards, which is a necessity of life for me, LOL.

Lorna Barrett said...

Kate, I saw the same report yesterday and it sure made me glad that my money is in two different credit unions.

I hope this movement takes off because corporate greed disgusts me. The fact these greedy CEOs make millions doing a lousy job. and then the rank and file gets laid off, is even more revolting!

I'm sure many of our readers missed that news report, so thank you for spreading the word.

Katie said...

the link is wrong, its

I have my money in a community bank, mainly because when we moved here I needed to start an account as soon as possible. the job I'm starting in a few weeks has its own credit union and I'm planning to move my accounts there when I'm able to.

Sheila Connolly said...

My husband uses a local bank that holds our mortgage (all very George Bailey, eh?) and they offered him free checking. I'm peeved that they wouldn't do the same for me--my name's on the mortgage too!

What galls me is that the bank I do use charges me quite a bit month to month to sit on my money and process about five checks a month. I need to find free checking that doesn't require either a big loan or a whopping balance--does such a thing exist?

Anonymous said...

My credit union doesn't charge me a fee unless I overdraw. I have no minimum balance, and have four checking accounts.

Sheila, you need to find a credit union.

Mason Canyon said...

I definitely don't feel safer with a Big Bank. Most of our small locally owned banks have been taken over by the Big Banks. I too long for George Bailey days.

Elizabeth said...

Credit Unions are definitely the way to go. We've been with a CU for over thirty years with no problems. Home loans, car loans, school loans, no problem. They've never been bought by another bank, changes name, checks, etc.
I can't say enough about them.

Jeanne C. said...

WOW! I have been so fed up lately... fees, fees, fees!! I JUST said to my husband on Friday, "what happened to George Bailey?" These banks are something else, and last week the head honcho at (I think it was) Chase complained that he only got 9MILLION in bonuses last year! UNBELIEVABLE!

Jessica said...

only 9 million? We should be so lucky LOL. I too use a regional bank... I really like them and would have to have a really good reason to leave them!

Dru said...

I use the credit union and get better interest rates than the banks in my neighborhood.

I had a local bank until it merged with one of the Big Banks which I thought would be good for when I travel and needed quick cash. That was until I saw all the fees if I didn't maintain a certain balance and had limits on the number of ATM withdrawals.

signlady217 said...

We have a pretty good (so far) bank and a military credit union. No monthly fees at either one, overdraft protection, ATM fees only if you have to use a different bank to access, free checking, no mimimum balances. Yeah for us.

Helen Kiker said...

When we moved here about 15 years ago we started all our banking needs at a local bank - and still have it there - however, that bank was taken over by one of the large banks. I still have the same teller and personal advisor but the bank decisions are made from afar (perhaps even overseas).

Kate Collins said...

Everyone spread the word about the Move Your Money! movement. Maybe we'll even see small banks start up again. And hooray for the credit unions! I hate the thought of being a prisoner of those fat cats who run the BIG BANKS. I don't want my money, any part of it, paying their exorbitant bonuses. No way no how.

corporatebully said...

RBC Bank President Gordon Nixon - Salary $11.73 Million


I'm a commercial fisherman fighting the Royal Bank of Canada (RBC Bank) over a $100,000 loan mistake. I lost my home, fishing vessel and equipment. Help me fight this corporate bully by closing your RBC Bank account.

There was no monthly interest payment date or amount of interest payable per month on my loan agreement. Date of first installment payment (Principal + interest) is approximately 1 year from the signing of my contract.
Demand loan agreements signed by other fishermen around the same time disclosed monthly interest payment dates and interest amounts payable per month.The lending policy for fishermen did change at RBC from one payment (principal + interest) per year for fishing loans to principal paid yearly with interest paid monthly. This lending practice was in place when I approached RBC.
Only problem is the loans officer was a replacement who wasn't familiar with these type of loans. She never informed me verbally or in writing about this new criteria.

Phone or e-mail:
RBC President, Gordon Nixon, Toronto (416)974-6415
RBC Vice President, Sales, Anne Lockie, Toronto (416)974-6821
RBC President, Atlantic Provinces, Greg Grice (902)421-8112 mail
RBC Manager, Cape Breton/Eastern Nova Scotia, Jerry Rankin (902)567-8600
RBC Vice President, Atlantic Provinces, Brian Conway (902)491-4302 mail
RBC Vice President, Halifax Region, Tammy Holland (902)421-8112 mail
RBC Senior Manager, Media & Public Relations, Beja Rodeck (416)974-5506 mail
RBC Ombudsman, Wendy Knight, Toronto, Ontario 1-800-769-2542 mail
Ombudsman for Banking Services & Investments, JoAnne Olafson, Toronto, 1-888-451-4519 mail

"Fighting the Royal Bank of Canada (RBC Bank) one customer at a time"

Maggie Sefton said...

Yes, I have my money in a credit union that's located in Northern Colorado and Denver. I've used credit unions for years because our family lived in college towns and they were a big part of the community. Plus, better loan rates.

Sarah said...

Thanks for the info - I'll have to look into local banks where I live!


Sheery said...

We use the credit union through my husbands work. We used to use Citibank and jumped at the chance to change. We've been with the credit union for seven years now and it is SO MUCH better than the big bank.

Jan said...

We use the credit union through my (old) job, except for my husband's business account. They won't accommodate that at the credit union without him getting incorporated. So for that, we have a bank that keeps getting swallowed up every so often.

We do read everything that comes from every financial institution with which we deal, and make changes as needed.