One of SHTF Plan’s regular contributors, Greg, posted a recent comment where he brought up the silent revolution that is taking place across America.
I listened on DemocracyNow! this morning about how there is a grassroots movement beginning urging people to move their money from “too-big-to-fail†banks to local or regional smaller banks. If you can’t get Washington to offer real reform on Wall Street you can take direct action and move your money out of those banks. I’m already with a smaller regional bank. I urge everybody to research the smaller, FDIC-insured banks in your area and move your money to them, instead of the bailout banks.
Well, perhaps it’s not so silent any more. The Move Your Money Project Urges People to Transfer Money Out of the Nation’s Largest Banks Into Local Community Banks. (Video posted below)
How do we make Wall Street feel the power of those who are considered powerless? We let them feel it in their wallets!
This is an important question to consider before opening an account at a new bank, especially in these trying times.
Before you move your life savings, be sure you are moving your money to a bank that is on solid footing. Though you will have FDIC insurance at a local community bank, you want to make sure the doors don’t close on you right before the rent is due, so we recommend checking out Martin Weiss’ list of Safe and Dangerous banks.
IMPORTANT READING: How to Check the Safety of Your Bank
Strongest Banks and Thrifts (Data from 2nd Quarter 2009; List updated Dec 2009)
Weakest Banks and Thrifts (Data from 2nd Quarter 2009; List Update Dec 2009)
If your bank is on the Weakest banks and thrifts, we recommend you RUN FOR COVER NOW!
To do a quick search of safe community banks in your area (rated “B” or above) visit the Move Your Money web site at http://moveyourmoney.info/
BOOKMARK THIS PAGE SO YOU DON’T FORGET THE REFERENCE LINKS.
Watch a Video from Move Your Money:
To listen to the Democracy Now interview Greg referenced in his comment, click here.
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If we as a nation, don’t come back to our roots with localized investment and manufacturing, we will fall as surely as Rome…
I’m all for it except I can list at least 3 community banks here in San Diego who have failed in the last year alone. Closed on Friday, re-opened on Monday sporting a Chase, Bof A or Wells Fargo name courtesey of our wonderful govt.! How long before all of them dis-appear? Perhaps a local credit union instead?
EXCEPT:
During a disaster that takes your regional bank out (ex. Katrina immobilized a number of small savings and loans along the Gulf coast), you need to keep an account open in one of the National presence banks.
Bank locally but when you need to bug out transfer your money to the BIG bank.
You won’t need to live on credit as a result and you won’t run out of money in some small town where no one will take the check from the bank out of state that has money in it.
Lloyd Colston
Emergency Manager
Lloyd, excellent post!
We moved our personal and business accounts to a community bank about 15 years ago when a TBTF bank refused to help us in an issue with a local building contractor. The small community bank not only helped us but kept us from financial ruin.
Checking with the moveyourmoney site, I discovered our bank is rated with a B. That was reassuring.Â
mtngem98 I bank at a Credit Union here where I live and by everything I have seen thay are just as vunderable as the big guys!! My CU is closing branches left and right even ones that are doing well . The annual report shows a negative ballance from bad loans of all types . What are we to do ? where is a safe instution to bank at ? I don’t see ANY Body !