Friday, October 28, 2011

Via Buzzflash: Perhaps the Best Way to Occupy Wall Street Is by Pulling Our Money Out of Big Banks


MARK KARLIN, EDITOR OF BUZZFLASH AT TRUTHOUT

Perhaps the best way to occupy Wall Street is by pulling our money out of big banks.
Sure, it's a big inconvenience to find a credit union or local bank that then doesn't have thousands of branches around the country. But if the banks that are "too big to fail" collapse because of a lack of consumer confidence in their ability to financially serve the nation, a new system that is based on rebuilding the American economy and customer service might emerge.
In, for instance, dissecting just some of the reasons (ten) to leave Bank of America, Nomi Prins writes for Truthout that we can choose where we keep our money:
Without being broken up via a new, strong Glass-Steagall Act, when banks need to find ways to make money, they resort to extorting it from their sitting ducks, er - customers. Meanwhile, that's where credit unions, which are not-for-profits owned by their members and not by outside shareholders, come in. They generally don't engage in crazy derivatives trades, or charge unnecessary fees for holding your money or for letting you pay bills with it, or for online banking. In terms of personal attention, among other economic reasons, the credit and smaller community banks are a much better bet.

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