The canaille likes to bitch that big banks haven’t been punished enough, so why not put your money where your mouth is? That’s the premise behind “Move Your Money” which encourages everyone to withdraw their savings from the pockets of the pimps of Wall Street and redeposit with well-rated community banks.
Type your zip-code at moveyourmoney.info and they’ll give you the contact info for local community banks that scored a B or higher in the Institutional Risk Analytics (IRA) database. The IRA assesses credit rating and risk metrics.
What’s the big fuss? The site says, “Community banks are typically more conservative about how they manage their money, they’re more closely connected to the people and businesses who live near them, and they’re more inclined to make loans they know will get paid back. In other words, they have the values that more people would want banks to have.”
Unfortunately, credit unions, another great alternative to a bailed-out national bank, do not disclose financial data in the same way as as FDIC-insured banks and so aren’t included in the website’s results. Also, the whole project started at an Ariana Huffington dinner party, so, depending on what kind of person you are, that might make you mad.
What do you think? Worthy endeavor or populist clap-trap?
MoveYourMoney (Thanks to Jason!)