http://moveyourmoneyproject.org/

The Move Your Money project is a campaign that aims to empower individuals and institutions to divest from the nation’s ‘Too Big To Fail’ Wall Street banks that wreaked havoc on our economy and created the worst financial crisis since the Great Depression, and move their money to local financial institutions like small community banks and credit unions. 

What started out as a Christmas dinner conversation between Arianna Huffington and a few friends, became an overnight sensation, with coverage in more than 150 media outlets and millions of unique visitors to our website and social media sites. People became enamored with the idea of taking action into their own hands by personally moving their checking and savings accounts from Wall Street banks that were largely responsible for the financial crisis, and into small community banks and credit unions.

We are helping nurture a more diverse, competitive, responsible and community-oriented banking system by promoting local financial institutitons, which are generally more willing to reach out to customers, offer lower interest rates and fewer fees and lend to businesses (the primary engine of job growth) at significantly higher rates. All the while, we are encouraging consumers to vote with their dollars by no longer supporting ‘Too Big To Fail’ banks, who through gross negligence, fraud and greed, wreaked havoc on our financial system, propelled our economy into the worst recession since the Great Depression and resulted in the American taxpayers footing a $700 billion bailout. 

Now a year and a half since we launched our campaign, over 4 million accounts have moved from the nation’s largest Wall Street banks according to Moebs Services, an economic research firm in Lake Bluff, IL, with an additional 12 million predicted to do so in the next two years. This mass-exodus from the big banks is by no means accidental and shows the overwhelming, yet untapped energy of the American populace who have grown disillusioned in the face of a government that was unwilling or unable to enact true, meaningful financial reform. Our campaign is the only effort that has given people something concrete to do: Move Your Money. 

Our message has not only lead to millions moving their accounts from the ‘Too Big To Fail’ banks, but has inspired local and state governments to take a stand against Wall Street in defense of main street. Recently, Massachusetts State Treasurer Steve Grossman announced a “Move Money” initative that will allocate $100 million to go to community banks who in turn must loan money out to small local businesses. This follows the previous Treasurer who pledged to divest $243 million out of Bank of America, Citi and Wells Fargo. Also in Massachusetts, John O’Brien, head of the Southern Essex County Registry of Deeds, has asked State Treasurer Grossman to move the county’s $50 million operating budget out of Bank of America and into local community banks to protest their involvement in the recent MERS scandal that has defrauded local government of millions in mortgage transfer fees. In 2010, the city of Los Angeles passed an ordinance that ties the bank’s involvement in the community such as number of mortgage modifications and loans to small businesses to contracts for the City’s operating funds and pension programs worth up to $28 billion dollars. The Village of Hempstead in New York closed its accounts with JP Morgan Chase and New York City Councilman Jumaane Williams recently stormed a local Chase branch and closed his personal account; both actions were made to highlight the banks dismal record of home loan modifications, particularly in minority areas. Our movement has also encouraged state legislators to propose bills in New Mexico and Maryland to move state operating funds and pension accounts to local fiancial institutions. View our Success Stories page to see a more updated list of actions being taken across the nation.

Take Action

We are fighting back against Wall Street’s abuses by taking action into our own hands. Below is a list of ways you can get more involved in the financial reform movement:

1. Move Your Money

Use our bank-finding tools to find a new local bank or credit union that will give you personalized service, lower rates and fees and on average, contributes more to your local economy. Use our handy checklist to make sure the process is as smooth as possible, and don’t forget to submit your story!

2. Join Our Community

Join the lively conversations by taking part in our forums. You can also find us on Facebook and Twitter, or subscribe to our newsletter for all the latest news in the banking reform movement.

3. Attend Local Events or Plan Your Own

We are told regularly about local and national events held by citizens just like you! Want to attend an event? Head on over to our calendar page to see how you can get involved. And please, send us any leads or event invitations to moveyourmoneyproject@gmail.com.

4. Educate Yourself

Here at Move Your Money, we believe knowledge is power. Visit our Educate page [coming soon] and explore a wide-range of topics. We add new content to the site regularly so check back often!

5. Spread The Word

We have a lot stacked up against us. The big banks have the financial resources and the political connections to water down nearly every legislative attempt at reform. Yet the one thing we have more then the banks? The collective power of you and me. So spread this site, far and wide, tell your friends your own personal story, follow us on Facebook and Twitter and invite all your friends! 

“Be the change you want to see in the world.” – Mahatma Ghandi

 

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