16 October 2011

Sounds Good To Me

The OWSers finally have a good idea:

The social uprising — called "Bank Transfer Day" — encourages bank customers to take their cash out of big banks and put it in smaller banks and credit unions instead. The movement is ostensibly in response to aggressive fees institutions are rolling out to recover profits lost from new financial regulations, notably Bank of America's (BAC - News) decision to stick debit card users with a $5 monthly fee and Wells Fargo's (WFC - News) $3 test of the same.

Of course, one need not be a pot-smoking leftist to think that putting one’s money in a bank that doesn’t charge you usage fees is a good idea.  And one need not view opening up a checking account with a cheaper bank as a way to show solidarity or prove one’s radicalism.  Going to a cheaper bank is simply good business.

At any rate, if you’re going to bank, you may as well bank with an institution that hasn’t perpetrated massive fraud against its customers or the American people.  To that end, I also recommend putting your money in a credit union; I’m very happy with mine.  I haven’t gotten ripped off, and no one who works at my credit union has been arrested on fraud charges, nor is anyone calling for such a thing.

Better yet, transferring your money from one of the big banks to a local bank or credit union strikes me as a way to a) end the “too big to fail” nonsense once and for all and b) strike back at the criminals running the major banks.  In the case of the former, taking your money elsewhere means that any future bailouts will ostensibly be used for fat cat traders who didn’t have enough foresight to cover their risks, since the “little people” with bank accounts will be elsewhere.  In regards to the latter, it will considerably harder for the major banks to turn a non-fraudulent profit if they have no customers.

I’m with the OWSers on this.

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