Boycotting Big Banks
I do not have any New Year’s resolutions. Of all the New Year resolutions I have seen so far, the most novel idea that makes sense to me is to boycott big banks and move your money to smaller banks such as credit unions and community banks.
My family always banked with credit unions and a small community bank. The last time we put significant money in a large national was almost ten years ago – with Wachovia.
Calls for boycotting big national banks are coming from the left and the right. The idea is to show ‘our appreciation’ to the likes of Bank of America, CitiBank, Wells Fargo, State Street by moving our money our money out for screwing our lives with their brilliant Ponzi schemes.
Makes sense to me.
There is an interesting article in Christina Science Monitor on the same topic. Here is the link.
There is a grass roots movement to move money out of the big insitutions into smaller regional backs or coop’s.