Move your Money
Can moving your money make a difference?
You may have heard about a viral movement on mainstreet. It is known as Move Your Money. It is what I would call an empowerment for Joe Average. For a long time we have felt at the mercy of the big banking and felt powerless to do anything about it. We paid high fees, we didn’t like it, but we paid nonetheless. Then we had drive-thru fees and ATM fees and Teller fees and Online fees and Check Cashing fees, etc. etc.
It appears that the debacle of the government giving our hard earned tax dollars to big banks in order for them lend back to us and keep the economy growing was not reciprocated to mainstreet. Large banks took the money and bolstered the bonuses for their management and employees. They used the money to lobby our Congress in order to prevent banking reform and it appears to have worked. Now when Joe and Jane Average and small businesses approached the banks in an attempt to get a loan, the banks slammed the door in their faces.
Imagine the outrage? Imagine the resentment from mainstreet that these banks that were considered “too big to fail” got to have their cake and eat it too. All the while mainstreet is scrambling trying to make ends meet. Small businesses are forced to close their doors because they couldn’t get the financing to keep their business going for another year or two?
The concept of Move Your Money lies in the fact that a community bank or a credit union is going to care a little bit more about you as an individual and as a small business. A community bank or credit union knows that as you grow your business and services, maybe you hire an employee or more and they open an account and they, the community, in turn grows. This relationship is the key that is usually missing when dealing with a big bank. Big Banks have one thing in mind, profit motive. They care about the bottom line. It is possible that in a situation where a community bank or credit union understands you as an individual, and knows your circumstances…may have been willing to lend you that extra $10,000, which might have been the difference between your business failing and succeeding. The general perception is that Big Banks who only knows you as a number might likely have said “NO”, under those same circumstances.
So, this is your chance to take back your power, if enough people move their banks, maybe banking will become more personal again. Maybe, Big Banks will out of fear of losing their financial power, start to evaluate people and esteem them as opposed to seeing them merely as a number. Maybe, the Joe and Jane Average and small businesses everywhere will get a little more respect and consideration…maybe…just maybe.