Money is Power
The Move Your Money Project is almost two years old, but with the rapid rise of Occupy Wall Street and questions about what individuals can do to make change, analysts here at False Profit, LLC are taking another look. November 5, 2011 has been designated as Bank Transfer Day, with tens of thousands of people pledging to close their accounts at mega-banks like Bank of America, Chase, Citibank, and Wells Fargo.
Image by Occupy Design »
Massive account closures could send a powerful message, but if you close your account, where should you put your money? Under the mattress is not our recommendation. In extended discussion, we found that some members of False Profit, LLC have already divested from large corporate banks and are now handling their finances at:
- New Resource Bank, a local, B-Corp, FDIC-insured bank with a focus on the environment.
- SF Fire Credit Union, open to all residents of San Francisco, San Mateo, and Marin counties.
If you’re wondering about the differences between banks and credit unions, this blog post from Mint is a helpful place to start.
If you’re ready to go, take a look at the Move Your Money Checklist for a clear, step-by-step guide to be sure you don’t miss any important parts of the process.
Will this really make a difference? That depends in large part on how many people participate. What we do know is what the banks themselves say about how consumer banking relates to their overall business.
“Bank of America’s Deposits segment includes the results of consumer deposit activities, which consist of a comprehensive range of products provided to consumers and small businesses. Deposit products continue to be a key driver of funding and liquidity for the bank.” (Bank of America, 2nd Quarter 2011 Investor Fact Book. Emphasis ours.)
A key driver. That’s you. If you’re unhappy, vote with your dollars!