Friday, January 15, 2010

A Reminder: Move Your Money Out Of The Banks

People have asked whether moving your money from your giant bank to a small community bank or credit union will have any real affect on the too big to fails, given that most of their profits come from speculative investments instead of normal banking deposits.

According to the Nation, the answer is yes:

The cynics either do not understand banking or misunderstand the widespread public anger. Dennis Santiago, [influential bank-rating firm, Institutional Risk Analytics'] CEO and managing director, explained that banks compete fiercely for the "core deposits" provided by individual and small business accounts--this stable money is their preferred base for profitable lending. Take away core deposits, and bankers feel immediate balance-sheet stress. Expand the account base for community banks, and they gain greater stability and greater lending power. "Will moving your money have an effect?" Santiago asked. "And by effect, I don't mean making a momentary political statement. I mean making a structural difference to the country's financial system. The answer is yes."
LINK HERE

15 comments:

  1. WWW.MOVEYOURMONEY.COM

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  2. Why someone would keep their money in any bank for 1% is beyond me. That is lunacy.

    Anyday that could be turned to dust. Why trust proven liars? All the while PMs have performed so well and have little risk.

    Old habits I guess.

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  3. It's also a matter of convenience. Most of them are not convinced that aythign will happen to their dollars any time soon and its easier to have their 401ks, bank accounts, and stocks sitting in place where it is, for now, easily accessible. I personally havent had a bank acount for over 2 yrs.

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  4. Most of us need a bank account to function. The key is to only keep enough in there to do your transactions. No bulk savings, IRAs, CDs, etc.

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  5. True nuff. Most also dont know where to move it, and even if they did, they see impending disaster as a very low probability. They are not necessarily stupid "sheep"--not everyone is a NASCAR junkie couch potato-but they are incorrectly confident the way things are now will stay the same, for they have failed to inform themselves well, to their own demise, while all the official reports tell us over and over how things are improving, always proving to be invalid hype.

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  6. ..........rather, www.moveyourmoney.INFO.......(not .com). But we all get the idea (visit the site).

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  7. The last couple of weeks glossy solicitations have come from BOA and Wachovia to open 'free' checking. Disgusting!

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  8. Another idea about moving your money is take it a step further and convert those US Dollars (which are really Federal Reserve Notes) into gold,silver,other and that tells the Federal Reserve what you think of their FRN's.

    It is not just about Big Banks versus local Banks but the Federal Reserve and theirs Notes we call US Dollars.

    Why not move out of the Federal Reserve System as best you can?

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  9. 8:48 excellent post. Ditch their poison.

    Fiat notes = slavery and the end of us all.

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  10. I was speaking to my friend (in rome) which is a archiologist and a history expert, about the fall of the roman empire and what happened. She told me that when the roman empire fell...money had no value...even gold or silver (unfortunately - since the romans were stamping fake silver coins at the end). People went back to bartering for many many years.
    Search history of the fall of the roman empire and you will notice the similairities

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  11. That is why the people who think they can lock themselves in a closet with a stack of silver and gold and lots of ammo are gonna be in for a bit of a surprise. They may actually have to get along well with others.

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  12. eat drink and be larryJanuary 15, 2010 at 7:34 PM

    Good grief another bunch of mattress stuffing idiots here I guess....HELLO the FDIC has you insured for a lot of money morons,take it home and hope like hell you don't get robbed or that Fido don't take a liking to the taste of cold hard cash.
    Money talk, BS walks, and pm's ain't money, even though they are purdy.

    This whole "get some coins" is a FARCE you idiots, you can't eat them and most people want COLD HARD CASH and not some coin with a friggin eagle on the front, they look at you like you are on crack

    Keep a few hundred bucks at home to pay the babysitter, else it's a waste of time and shows you are all pantywaists

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  13. 434 is the a hole who comes knockin saying you have any food, and I blast him in the face. he cannot fight because he has nothing

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  14. 4:34 is just a troll but in the off chance he believes what he is typing .... are there really people this ill-prepared and naive? Almost funny.

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  15. 6:18 is the guy that locks himself up in the house with his guns and ammos shooting first and asking questions later = a no-brained paranoid cretin.

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Everyone is encouraged to participate with civilized comments.