Surrender to Potter

Move your money. That's the message today in a Huffington post and YouTube video. The only way to deal with Wall Street is to take your money out of the big banks and give to your local banks and credit unions.

I spent the afternoon with the kids at the movie theater watching Alvin and the Chipmunks. When I got back, Steve slowly got around to telling me that there was a bomb scare in Times Square today and that this video went viral today.

Steve claims that he was saying the same thing just yesterday, when he was complaining about the 40 cents per month we get from our old Chase account in the city.

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4 thoughts on “Surrender to Potter

  1. By the same logic, you shouldn’t buy a car from GM or Chrysler. However, I recommend against making political statements which no one will hear: with your money, do what’s right for you financially, and with your vote, vote for what you think will be best for you, financially and otherwise.

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  2. I put my money is small, local banks all the time. Doesn’t stop the statements coming from Bank of America within six months after they buy it up.
    I know socially the owner & CEO of one of the small, local banks around here. It’s his third one, and he views it like people used to think about internet start-ups — build up a client base by playing on the sympathies of those who want local support for local business (“Come to Hyperlocal Bank! We live here too, and love you, and will probably walk your dog if you ask us!”). . . and then sell it at a huge profit to Citibank. It’s what he did with the other two, and he is very rich from it.
    I am very pessimistic in people affecting social change through individual decisions. The way to stop banks from becoming too big to fail is to break them up like Ma Bell and preventing them from merging — not by moving your thousands (or millions) elsewhere.

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  3. I’d generally agree with Ragtime. Also, there’s a real cost in doing this if it means you have a much harder time finding a free ATM and so not paying lots of ATM fees. One of the two reasons I went with Chase when I had to change banks last time (my old one wasn’t in NYC) was that there are Chase ATMs _everywhere_ in NYC, so I basically never paid an ATM fee. That was very nice. (The other reason, which was more important at the time, was that they didn’t ask for a lot of stupid info that I didn’t have [utility bills and the like- I’d just moved] and then claim it was “required after 9/11” [a blatant lie] like Commerce bank did, or tell me that they would hold the certified check from my old bank for 3 weeks and not let me get any money like Washington Mutual did. At Chase it was just IDs and immediate access to the money, so they got the business.)

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