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Stop the Abuse: It's Time to Break Up With Your Big Bank
Hello, I'd like to take a moment to address the millions and millions of you all across America who are currently stuck in an abusive relationship.
Now I know what some of you are thinking: Who is Bill Maher to give me relationship advice?
But that doesn't mean I don't know a dysfunctional relationship when I see one. Especially when it's staring me right in the face.
You know who you are. Those of you staying in a relationship long after it's turned bad. Sticking around despite the abuse -- even as it's gotten worse and worse over the years. Sticking around only because it seems easier than breaking up -- and besides, where else are you going to go?
That's right, I'm talking to all of you that keep doing your banking at the giant, too big to fail, Wall Street banks that brought our economy to the brink of disaster, were rescued by trillions of dollars of our taxpayer money, then paid us back by using that money to hire lobbyists to convince our lawmakers in Washington to kill financial reform.
They took our money... but cut back on lending.
They took our money... and made record profits -- and paid themselves record bonuses.
They took our money... then returned to the risky behavior that led to the worst financial crisis since the Great Depression, with record unemployment, bankruptcies, and foreclosures.
They took our money... but kept on with all the greedy, abusive, ruthless, and cold-blooded practices that have earned them untold billions of dollars a year -- year after year after year. Things like charging you outrageous fees for anything and everything, jacking up your credit card interest rate to 30 percent for being late on one payment (it's a good thing sodomy is legal!), and refusing to renegotiate your mortgage after the housing bubble they helped create burst.
These big banks, deemed "Too Big To Fail" by our Wall Street-friendly leaders in Washington, are convinced that they can get away with anything -- because they always have.
But here's the thing. You don't have to put up with this nonsense. You don't have to stay in a loveless, abusive relationship with your Big Bank.
In fact, it's easy to get out -- and into something much, much better.
My friend Arianna Huffington has started a campaign designed to convince people to move their money out of these big banks and put them into smaller, local, community banks and credit unions that are more likely to see you as a person, not as an account number... and also to reinvest in the community where they are.
It's a pretty simple idea: If enough people who have money in one of the Big Six banks -- that is, JP Morgan/Chase, Citi, Wells Fargo, Bank of America, Morgan Stanley, and Goldman Sachs -- move it into a local community bank or credit union, then collectively we, the people, will have taken a big step toward fixing our broken financial system.
It's easy, and painless, and will send a powerful message to Wall Street and to our leaders in Washington.
Face it: Real change is not going to come from Congress. It's not going to come from the White House. And it's certainly not going to come from the lobbyists Wall Street hires to make sure their special interests keep beating out the public interest.
We've got to do it ourselves. And moving your money is a great way to start.
This is not a conservative idea or a liberal idea. It's not left or right. It's populism at it's best -- and it's already attracted people from all walks of life who are sick and tired of the Big Banks and are ready to do something about it.
So it's time to go break up with your banker and get the hell out. Go to MoveYourMoney.info and see just how easy it is to end your abusive relationship and find true banking love. Or, at least hot, sweaty, monkey, banking sex.
MoveYourMoney.info. Tell 'em Dr. Bill sent you...
To watch a video of Bill on Moving You Money, click here.
52 Comments so far
Show AllI love this advice! The simplest and most powerful remedy available: send your money somewhere else. The best way to disagree with interest rates, fees, etc, etc, is to refuse to subsidise them with your paycheck every two weeks or your credit card business.
Since they are getting as much interest free money as they want from the Federal Reserve and will be bailed out if they fail, the too-big-to-fail banks have a competitive advantage over the other banks and credit unions and have therefore been offering cash incentives for new accounts and higher interest rates on deposits.
If this continues the too-bi-to-fail banks will drive many local banks out of business.
In the interest of suggesting proper due diligence, double check the results the MoveYourMoney.info search engine comes up @ www.bankrate.com.
If Glenn Beck was actually the populist he pretends to be, he would be inspiring his teabaggers to jump on Maher's idea...lining up at the counters of the big banks wearing their teabag hats as they close out their accounts.
This Article has produced more unanimity of opinion than anything I've seen written on this site. I'm new, however. I like reading the posts more than the article. I'm gonna spread this word.
thanks bill is this because your ready to start your season?
bill while your here today maybe you could use some advice
screen your guests better! your beginning to look like
just another schill from cnn or another of the cable
stations. some of your recent guests are really shady
but you didn't do your fact checking! if your not careful
you could end up looking like wolf blitzer or some other
corporate clown. been a long time fan but it seems like
sellout is getting to be an appropriate label. get back
to basics and don't be so slick its not you!
whatever happened to the Sherman Anti-trust law?
Can we EVER gett that thing enforced again?
I doubt it.
for example the comcast deal w/ NBC is a freaking joke! How can the sherman anti-trust act NOT be used against this!
The damn demoncrats are further right than the republicans were 40 years ago.
How far we've fallen.
And isn't it obscene to have Bush and clinton deliver aid to Haiti - after the job they did destroying any sort of hope that the haitians had. The reason the buildings all collapsed is because of extreme poverty. AND the USA has been the main cause of the poverty and misery in Haiti.
THE USA has never met a dictator it didn't like or a populist, freely elected president it didn't hate!
Sherman anti-trust (and the other 20th century regulations that enabled the US middle class to exist in the 20th century) have been dismantled starting with allowing securitization of mortgages in 1978.
Until many Americans stop buying the myth the Obama Regime, Congress and the corporations are spreading that the 20th century financial industry regulations are "outdated, antiquated and not relevant", the economic fortunes of the top 1% will continue to vastly improve at great expense to the rest of us.
"whatever happened to the Sherman Anti-trust law?"
probably ran off somewhere and eloped with Posse Comitatus.
Actually, nihilistic bullsh*t.
Many of the current practices---such as 29.9 per cent usury on credit-card debt---used to be illegal because recognized as bad for the Common Weal. The Congress deregulated financial institutions, effectively leaving us each to our own devices.
What Maher is proposing is that we give up our collective redress of grievances and atomize our behavior instead.
From the article:
"Face it: Real change is not going to come from Congress. It's not going to come from the White House. And it's certainly not going to come from the lobbyists Wall Street hires to make sure their special interests keep beating out the public interest.
"We've got to do it ourselves. ..."
This is feel-good abdication.
-30-
Bullshit back at ya. We must not participate in their kind of "economy". They would have us all slaves. Our elected officials for the most part are game players and money men. They're funded by the big corporations. We must not just re-regulate. We must destroy it all. Or it will destroy us.
I'm not accusing anyone of bullshit, just pointing out that this won't affect some big banks because they don't rely on consumers. No one has a Morgan Stanley checking account or goes to a Goldman Sachs ATM. Maybe Wells Fargo would notice --- maybe, since they have other lines of business --- and maybe Bank of America. But if they don't rely on checking accounts and savings accounts and individual auto loans or home equity, they won't care if anyone moves their money.
Sorry, but this will require government action, hard as that is to achieve. Regulate them like utilities or break them back into the separate corporations they were before they were allowed to merge. I don't see a non-government alternative.
Unfortunately, credit unions (I belong to one) and local banks have become just as abusive as the big banks where fee and I-rates are concerned. De-regulation has screwed us all, no matter which avenue we choose to seek relief.
Wow.. You must have a really crappy credit union.
Credit Unions are member owned, there's really no reason for that sort of self-destructive behavior at any credit union.
Perhaps you should shop for a better credit union.
"...this won't affect some big banks because they don't rely on consumers."
The likes of Morgan Stanley and Goldman Sachs certainly want to be able to remain investment houses but also take deposits, offer checking accounts and make consumer loans. See: http://www.nytimes.com/2009/10/21/business/21volcker.html
We heard more about this last year than currently. After what they've gotten away with, even if they've been rebuffed for now, they will never give up. They will keep pounding on the doors of government until they get what they want.
The big consumer banks that Maher writes about would also like to be able to change the rules of credit unions, the same rules that keep credit unions a safe place to put your money, and would like to be allowed to buy and merge credit unions.
I agree with him that if everybody just takes their money away from the big consumer banks, it will weaken those banks and make a big enough statement to begin turning the wheels of real change, and for the moment, credit unions are marginally safer than banks anyway. There's no point in giving up when there is still something that people can easily do, and which will benefit them.
After the ENRON experience and it's fictitious "Raptor Funds" (cooked books), it's clear to me that as long as the overall market goes up, banks or "investment funds" don't need a single customer to stay in business doling out 100 million dollar bonuses to their boardroom. The taxpayer will always wind up holding the bag.
If you transfer your money via check or electronic means to another bank, I suspect nothing really happens. Just a bunch of fictitious ONEs and ZEROs flies down the telephone wire between computer register memories and that's it. You have not hurt the bank until the bag-holder shows up and they reconcile their books. (They will be shocked, SHOCKED, that accounting irregularities [gambling] have been going on in their establishment!).
Maybe a better strategy is to remember what our grandparents did: DEMAND CASH. Banks hate it when you do that since they don't keep any reserves at all any more. Stuffing it in the mattress IS REAL POWER since they can't cook the books if you physically remove the demand notes.
Over One Hundred banks went out of business last year.
Not a depression???? (At 22 percent real unemployment!). That's the biggest sting on the American public I've ever witnessed. We most certainly are in a depression, and to declare a "jobless recovery" is the boldest lie I've ever heard this government tell.
They just keep getting bigger and bigger. What Chutzpa!
TJ
"All tyranny needs to gain a foothold is for people of good conscience to remain silent." - Thomas Jefferson
It is only abdication, if one sees it through the lens of Denial-ism. The writing is on the wall. It's a done deal. The cat is out of the bag. These Banks, Military and Security contractors, the Insurance companies, the MSM, OWN Congress, Republican or Democrat (save Dennis Kucinich), and our spare-Change president. I think it is time for end-run actions big time. Of course, if it would make you feel good, you could move your money AND call a Senatorial office staffer, AND send more money to so-called Progressives. Walk and chew gum (sweetened by ADM) at the same time, so to speak.
Just noticed your follow-up post. Good points. However, if a mass movement of money from depositors did occur, it would do more politically to affect members of Congress to do the very thing you are correct needs done. As it stands, the people have no voice above the Banks. Whatever reforms survive will be useless, in the current political landscape. I think a mass movement, should it occur, of people away from the big banks is a very effective and practical means of getting attention. It is all about being political and taking action.
I dont need to move my money; my bank has already gotten rid of it for me.
While assisting an extremely stressed community member at a food pantry on Monday, she related that because of her outstanding balance with Capital One her Social Security Disability check had been taken for payment in December. A letter received said that she would receive part of her usual SSI payment, but in fact, she received nothing.
How is it that these private banks are allowed to seize government checks that are the sole safety net of private citizens???
Quis custodiet ipsos custodes? (Who will guard the guardians, watch the watchers, etc?)
Hello Purrsun,
Remember the "golden rule". He who has the gold rules. Banks are the government and don't you forget it.
caseyf5 January 14th, 2010 3:50 pm
"We have nothing to fear but fear itself", I ain't skeered.
Look up the laws for garnishment, it is illegal and there is possibly a remedy.
Agreed. We may have been disenfranchised at the ballot box but we have votes that still count: the dollars in our wallets. Every single dollar that you spend (or park at a bank, etc.) is a vote for the entity providing that service or engaging in that practice; every dollar that you don't spend is a vote "no". In our society today only money talks.
http://theplenty.org/about
http://www.opednews.com/articles/Move-Your-Money-by-Theresa-Paulfranz-091230-830.html
Now, I imagine there are people on this site with more than two pockets for their money. Great Start, we can go farther. This is where the rubber meets the road.
We can become the Citizen envisioned by our Democracy and guaranteed by our Constitution.
Are the naysayers here hired bloggers by the Big Banks? Though not a silver bullet, direct action by the consumed against those consuming them, makes perfect sense.
YEAH!!!!!!! Great advice! And while you are at stop buying all corporate crap. Walmart, McDonalds, Nike and Coca-Cola would be destroyed in a month if everyone just stopped buying their crap. We don't need a big government to stop corporations, we can do it ourselves. The people do have the power in a free market to stop lying, cheating, robbing corporations, you simply get everyone to stop buying crap from them. Where people do not have power is when the government takes over an industry, then your money is seized from you by the government through taxation and they give it to whoever they want. But luckily we aren't completely socialist yet and we can still fight back by not buying corporate crap.
Well said.
And don't forget to dump your big insurance parasites, insuring THEMSELVES at your expense. !Basta! Unka Bomb and DEMiserepublicans got their economic/class warfare RIGHT here! US "boomers" have voluntarily saved and are debt-free. We have much other elective
"insurance". We can cancel those policies, take the cash "value"
and invest it instead for SELF INSURANCE (or NOT!): Maybe just
stick it in a mattress or safe (since the Wall Street-walking
Bernanksters are neither lending nor paying sufficient interest,
in any case)! Going down? And O, (Won't) See you, come November!
Sell THAT to your BC/BS bank-rollers!! THEY LOSE!!! (And what
about Harry?).
Enjoyed the article. Funny, honest and empowering. Thank you for lobbying on principle. I haven't left by big bank yet, but I promise I will, soon, very soon. Shhhh, don't tell them, but for the moment I'm using them. I have to prep my get away plan. Don't worry, by nature I'm a giver, not a taker.
An called on Ed Schultz's program yesterday (1/13/10) made a point. He owns a small business and was suffering at the hands of a big bank. He expressed that the banks really don't care if they lose our business, they've got so much money that they won't miss us.
Well, eventually, when enough of us leave these banks (its a numbers game), "we" will make a difference. What most of us have to get out and learn, is do credit unions offer most of frills big banks offers (pay on line, direct deposit, etc., debit/credit cards). Is anyone talking about creating a (national, but local) logo, a symbol for a credit union/ community bank, so that people can put on their business cards, on their signage, email sites if they're use a community bank. Something like a BBB symbol, recycle, etc. I think businesses that use this could attract customers. It takes time for these things to catch on, but I think the time has come.
PS I'm headed out the door. I'm going to the Credit Union to pick up info.
I broke up with the bully (Wachovia) last week. Lemme tell ya, I gotz me a sweet deal. I went to a small community bank which was only founded a few years ago by a collective of local businessmen who now manage and operate the insitution. They only employ people in the community & have two branches. I have a free checking account with no minimum balance and no service fees which also pays interest (regardless of the balance). Two boxes of free checks per year, and ATM or debit card and a credit card if I wish. Up to $10 of reimbursed 'foreign' ATM fees. A discounted safety deposit box. Bill payer on line. Free travelers checks. And I even got a hand-written thank you note a few days later for transferring my money there! Sweeeet! The only drawback is that they truly keep banker's hours: M-F, 9-5.
I couldn't be happier!
Then how do they sustain themselves?
Probably the way banks used to do before they got all rapacious about banking fees and whatnot.
Remember?
They took our money; paid us interest for the use of it, and then invested it to make money of their own.
Worked great until Greed took over.
Now they take our money, pay us nothing, make a ton of money off the use of our money, charge us exhorbitant fees to access our money, pay all that money out in big fat bonuses a hundred times what any of us earn and when we ask for a loan to expand a business that would contribute something real to the economy, they tell us the money's all gone.
This is banking today.
Too big to fail? Don't we have anti-trust laws?
For anyone interested in learning about real economic woes, the federal reserve, etc - then you all need to sit down and read some books by Ron Paul, Tom Woods, Ludwig Von Mises and Murray Rothbard.
These guys know what they are talking about when it comes to money and banks.
I mean where do you think Bill Maher got these ideas from? Even though he didn't credit him here. It wasn't from the mythical Obama, whom Bill Maher is still waiting for to come around and be the character who was in the primaries trying to gain all your support. Nope, it was RON PAUL, the man who always speaks economic and foreign policy truth.
Maher himself said it, the best response ever for a politician, especially a Republican on his TV show. Ron Paul.
Do yourselves a favor people, read and learn this stuff these greats have to offer. Economically it will be the ONLY way to save this country and the World with us.
If we don't get together and do things like this, all that's left of our voices is the voting machine, and that translates many of us into silence.
Every mass action like this, and changing our voter registration from Democratic to a third party and boycotting Walmart, Coke, Nike etc, will send a message that we're mad and not taking it any longer (a quote from the past but a good one).
The Move your money campaign has already gotten a lot of media attention, they know about in DC and on Wall Street, and I don't think they're laughing.
They are getting the message and are fighting back. I got a $100 gift card in the mail today from Chase bank. All I have to do to use it is open a Chase Checking Account and make five purchases with my debit card. I'm sure there'll be a lot of people that go for it.
My money has been in a Credit Union since '79, and I've been trying, unsuccessfully so far, to get my kids to switch over. I'm not giving up though.
Thanks, Bill and the H. Post. I'm glad the movement is picking up speed. But Catherine Austin Fitts has been advocating dumping the big banks and moving to community banks and credit unions for years. Anyone interested in learning more about creating a new financial world based on integrity and investments that yield real human progress and security should check out solari.com. Catherine is an amazing woman who offers both insight and vision into an improved financial universe.
So, Hit 'em where it hurts! Take your money out of the big banks and put it into community banks and credit unions. Going local makes all the difference. I switched to a credit union from Chase/Wamu in October last year and have closed credit card accounts with HSBC, Cap 1 and Wamu. I now have a higher credit limit with sweetheart terms and I am now getting my debt under control. Screw the big banks!! The "bank local" movement is gaining steam. Be a part of it by voting with your dollars.
Regarding the outrage that we are all experiencing at the blatant arrogant conceit of the big banks, insurance companies and other financial institutions, channel that anger into something productive. Here are a few suggestions:
Contact your state legislators and urge them to reconsider the state's relationship with the big banks that write the bonds and collect huge fees from the state. The banks are also draining our state coffers. This curbing the money at a legislative level could also have an impact, although it may be a long shot. Get your legislators to push for a moratorium on foreclosures. Stop allowing the banks to evict people from their homes. I agree, let people stay/squat in their homes. Everyone can't be evicted. Start lobbying for campaign reform!!! No more unlimited contributions from big businesses that expect quid pro quo or return on their investment into a politician or political party. Get involved in local community gardens, farmers market, and barter groups and keep your money local.
On March 20, get out into the street and protest!!! against the wars, the banksters, for real health care reform and for an end to the corruption in our government that allows such white collar, criminal activity to persist.
There are innumerable ways to strike significant blows against the empire and its beasts. Get creative!!! But be cautious....if civil unrest turns violent, martial law could be imposed or worse.
We liberated ourselves from our Wells Fargo mortgage recently and refinanced with our credit union at a substantially lower rate. What a relief to know our hard earned $ was no longer going to one of the too big to exist financial corporations running roughshod over what is left of our economy. It was not easy to refi, took three months but was ultimately worth it. If'n your credit is still good and your income steady, consider a refi with your credit union or community bank. Keep it local!
86't Wells-Fargo a decade ago for local Credit union. Never regreted it.
Bring Back Glass-Steagall
Delbert
Won't the big banks just borrow operating capital for their gambling by getting money from the federal reserve? If our representatives will not break up the too big to fail banks we should deny them another term in Congress. That includes Barney Frank who operates out of a "safe" district. Perhaps some real primary challenges to members of the banking committe would help to put some teeth in the Congress's financial reform. Come on, these guys are easy targets.
I'm pleased to see real discussion with a minimum of name calling. People with poor service from credit unions can even do something about that--as they have local consumers on their Board of Directors--so change those hours, or whatever else you don't like. My credit union (which I've belonged to since their member numbers were under 1000) is open on Saturdays, has ATMs all over, and has recently closed branches to keep costs down.
The accounts are insured with a different body also, so I believe your money is actually safer in them.
When I discovered Bank of America and Wells Fargo were denying friends loans for their small businesses while sending money to dictators in Chile and other S. Amer. countries, I knew we must not put up with their arrogance and greed any longer. Keep your money local, get it put to work locally, stop giving your money to large corporations who spit on you.
Seaseal
Nice piece.
I left my big bank once, and would again if I could do so without going back first.
Would I had more money of which to deprive them! But at least they don't get to collect on my debt!
I'd say a better tact would be for everybody to pull ALL monies out of savings accounts. The small banks still are underwritten by the bigger ones so the proposed action would only wound, not cripple the biggies. BUT, by taking away all the savings monies that banks rely on to lend out, until such time that the interrest is again raised to five percent or more, would put things back into a realistic perspective. To me, one of the real insults is to be told that they can only give me two percent interest, and they turn around and pay CEOs millions.... it ain't fair I tell ya.
In 1954 I was an electical engineer with a good salary but the bank of nova scotia would'nt lend a cent to to buy a new car. So I jioned a small credit union and eaily got the money I needed. I've been member ever since was even President in one. I'm now a member of one the largest credit unions in Canada. They now have cosiderable influence in the financial comunity . The media regularily ask CREDIT UNION ONE for financial advice. We also have a Third Party (Left Wing) which has been elected to Government in Five of the Ten Provinces and one of the Three Teritories. They were the first to bring in Public Medicare. My medical premiums and drug costs are less than 1% of my total personal expenses.
In the USA You need a Third Party (Left Wing)
We've never had a Left Wing Federal Government but they do have some infuence like when there is a minority Government
And 'they' also took the brains...'cause nobody seems to be able to think past their noses. BOYCOTT! Go to a credit union. Stay away from the big banks as if they were (and are) the plague.
Unfortunately my small bank thinks it's a big bank!
Capitalism is the issue,
the rest is diversion.
I have came to realize that this irrefutable truth that all this host of self destructive behavior, our species has been engaged for millenarian ages, have a sole and unique origin and cause, not other than the belief without evidence in a supreme entity used to be call god.
May be, in the dark times of the dawn of our enlightenment, when the Natural phenomena terrified our Paleo ancestors, this belief was right, after all, where that killer Nature manifestations: earthquakes, lightings, storms, landslides, hurricanes, volcano eruptions, floods and so on would come from? It was "right" to think that an invisible entity was, from some where, messing up our world.
Surely, not perhaps but for sure, some one in the tribe was taking advantage of our terror and getting control of the majority lives telling them that he/she knew where it came from, from then on we were sold to her/his imagined power. The priest, concept and person, was born out of a Big Lie. Then, the priest joined the chief of the tribe and this mighty couple took control of the tribe's way of life. From then on no body has been free and there has been two classes, the self appointed leaders and the masses, the formers rule and the later obey.
And this very old model of society has come to us as, advertised as the perfect model of society, a model based in a Big Lie; it is time to change it, we are infinitely more informed that our Paleo ancestors, we don't have ANY reason to believe what the priest and the chief of the tribe - we are now a giant tribe of billions - say, they speak for themselves not for us, they always cheat on us to take advantage of us.
They are atrocious guys, just by business reasons, they send our youth to kill and be killed, and us working hard to destroy the environment buying all sorts of garbage to keep their factories running, and telling us that this is a perfect model of society, that it can't be changed because we all will pay a big price for if we do so. And we, gullibly, believe that because the priests have tamed us with the BS that there is a god that will send our soul to the hell if we do so. They terrorize us as their ancestor did thousands years ago.
We MUST liberate our mind from such a Big Lie if we are going to make it up, otherwise we are damned to self extinction by destroying our environment.
Today, in addition to the concept of god as the source of the authority, a main point of the Big Lie is that we can live without: love, beauty, honor, god, justice, decency ...... and so on BUT WE CAN NOT LIVE WITHOUT MONEY and that the money is in the market, the Wall Street market. Think About.
Act Now. I'll see you enjoying the freedom of the near future.
It was Slick-Willie Clinton who teamed up with George H W Bush
to give us Nafta, WTO, and Globalization...that has ended up outsourcing our industrial base to China and in turn made
us working slaves. Slick Willie and the CIA man, Bush Senior, should be kept out of the Haitian problems as they had their chances years ago, and Haiti ended up like us, Slaves..