Posts Tagged ‘banks’

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National “Move Your Money” Day

October 28, 2011

by Richard Wong, a member of First Church Berkeley

National Move Your Money Day is November 5th—A way to participate in the Occupy Wall Street Movement.

Move Your Money logoOn October 13th about 30 people from FCCB, the GTU community, and local clergy met to discuss how people of faith can support the Occupy Wall Street movement. One idea was to encourage people to move their money from major banks to more local options. This is not a new idea. It was first proposed by Arianna Huffington in December 2010 as a New Year’s resolution to address the excesses of the banking industry and the havoc they have played in the housing market and in the economy at large. This idea has now gained national momentum because of Bank of America’s debit card fee and the Occupy Wall Street movement.

On October 25th, Jody and I completed transfer of our bank accounts from Chase to First United Services Credit Union. We did this to align ourselves with the National Move Your Money campaign, which has declared November 5th as the day to move your money from large banks to credit unions and local community banks. We feel that we can make a difference in a concrete way by this action. We are standing with “the 99 percent.” So far, over 45,000 people have pledged on Facebook to participate. For more information on the ‘Move Your Money’ campaign, visit online at www.moveyourmoney.info.

The “Big Six” banks, JP Morgan/Chase, Citibank, Bank of America, Wells Fargo, Goldman Sachs and Morgan Stanley have evolved in the past few years to become the institutions “too big to fail.”  Why do we have this situation?  In 1990, the six largest banks accounted for 9 percent of all U.S. deposits.  By the end of 2010, the six biggest banks accounted for 36 percent of deposits.  This concentration of deposits into the major banks was the result of 37 regional/national banks (remember Security Pacific Bank?) in 1990, merging from buyout, acquisition, and bankruptcy to become only four in 2009 (Citibank, Bank of America, Wells Fargo and JP Morgan/Chase).  Add the investment banks, Goldman Sachs and Morgan Stanley and we have the Big Six.

The result of this shift was that the largest and most profitable banks have moved away from being traditional lending institutions and have become speculative trading entities.

This collective mismanagement has resulted in the foreclosure crisis, record high levels of unemployment, and the American and world economies in turmoil. It is time to reverse this trend.

Jody and I invite you to join us in the Move Your Money campaign as a concrete way to “do something” in the face of our current economic crisis.

To find a local credit union go to www.findacreditunion.com, submit your address, and a listing of credit unions in the area will be given.