Letter: Move your money
After watching the bailout of Wall Street and the constant criminal charges brought against big banks, I have learned to distrust big banks. In the wake of the financial crisis of 2009, our news, our government representatives and our parents have informed us that irresponsible banking practices played an enormous role in the recession we are still clawing our way out of. After all, big banks like Wells Fargo hold responsibility for the economic crash in 2008. And, though they received billions of dollars worth of bailout from taxpayers, they continue to foreclose on homes of the very people whose money allowed them to continue functioning.
By contrast, smaller local banks and credit unions invest more in small businesses and are less likely to unjustly foreclose on families because community members can actually hold them accountable. Changing banks seems like an ethical no-brainer.
On Wednesday, Feb. 27, colleges from all over the state will be hosting Move Your Money day. Moving your money involves discontinuing your bank accounts with big banks like TCF or Wells Fargo and instead, banking with a local credit union or non-profit bank. For example, we are urging people to begin banking with a non-profit bank like Bremer or the local credit union, Riverwood Bank, that both put its customers as its top priorities.
Moving my personal money out of a corporate bank may not harm the bank in and of itself. Changing banks enables me to say, loud and clear, that I do not agree with big banks’ practices. When you move your money, you will be making a moral stand.
Join thousands of other Minnesotans who are fed up with corporate banks!
Stand up and move your money!
Though changing banks may be a purely symbolic act with little monetary weight, it still sends the message that the practices of big banks are unacceptable and that we will not stand by and let it happen. You can be a part of this symbolic day by finding out how easy it really is to move your money, and pledge to do so.