Retaliate against too big to fail banks by moving your money

December 29, 2009 | By | 1 Reply More

What can we do about the reckless and corrupt practices of big banks?  Arianna Huffington and Rob Johnson suggest that you move your money:

The idea is simple: If enough people who have money in one of the big four banks move it into smaller, more local, more traditional community banks, then collectively we, the people, will have taken a big step toward re-rigging the financial system so it becomes again the productive, stable engine for growth it’s meant to be. It’s neither Left nor Right — it’s populism at its best. Consider it a withdrawal tax on the big banks for the negative service they provide by consistently ignoring the public interest. It’s time for Americans to move their money out of these reckless behemoths. And you don’t have to worry, there is zero risk: deposit insurance is just as good at small banks — and unlike the big banks they don’t provide the toxic dividend of derivatives trading in a heads-they-win, tails-we-lose fashion. Think of the message it will send to Wall Street — and to the White House. That we have had enough of the high-flying, no-limits-casino banking culture that continues to dominate Wall Street and Capitol Hill.

The four too-big-to-fail banks are JP Morgan/Chase, Citi, Wells Fargo, and Bank of America.  If you have money in these banks, consider moving it to a local bank, where it has more of a chance of helping local businesses.   For a video explaining this simple plan further, and for the names of your local banks based on zip code, go here.

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Category: Economy

About the Author ()

Erich Vieth is an attorney focusing on consumer law litigation and appellate practice. He is also a working musician and a writer, having founded Dangerous Intersection in 2006. Erich lives in the Shaw Neighborhood of St. Louis, Missouri, where he lives half-time with his two extraordinary daughters.

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  1. NIklaus Pfirsig says:

    Additionally I would suggest moving your money to either a credit union or a small private corporation bank, and if possible, move your debt there as well by refinancing and debt consolidation.

    For many years I've been a member of credit union. In the past two years, when the publicly traded "Too big to fail" corporate banks are sucking down the world economy with major losses, government bailouts, and multi-million compensation packages for the con-men who are screwing us all over, my credit union actually made too much money and refunded it back to the members.

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